THE PUBLIC DEBT.

Manawatu Standard, Volume LVIII, Issue 121, 22 April 1938, Page 9

THE PUBLIC DEBT.

REDUCTION IN CITY. A statement showing tlie manner in which the indebtedness of the city has been reduced was included by the town clerk (Mr J. R. Hardie) in his annual financial review, which was presented at last night’s meeting of the City Council. The total had been reduced, Mr Hardie pointed out, to the extent of £17,000 in 1937 by the loan of that amount reaching maturity on June 1. “Under the terms of the conversion order, the further sum of £IB,OOO of loan debt matures on June 1, 1938,” Mr Hardie added. “This does not confer any advantage on the special rate account as the sinking fund payment for tlie current financial year will be increased by payment thereto of 4J per cent on tlie debentures, amounting to £47,980, which matured up to June 1, 1937. A further sum of £947 13s lid was also repaid in respect of conversion loan No. 2, which now stands at £33,825 6s 2d, having been reduced from £36,975 in 1934. ‘During the year just ended a poll of ratepayers was taken on a sewerage loan of £IO,OOO to enable the council to' relay the main sewer in College Street West, Botanical Road and Ferguson Street, and to purchase all materials required in connection therewith. This was carried, 330 ratepayers voting for the proposal and 168 against. Efforts are being made to raise the whole of this sum on an instalment-repayable basis over a period of 20 years with an interest rate of 3 J per cent per annum from the State Advances Corporation, and the Minister of Finance has announced the availability of the corporation’s funds at tliis rate to local authorities which cannot raise loans on such a favourable basis privately,” added the town clerk.