That £10,000,000 Loan

Manawatu Times, Volume LIV, Issue 7190, 23 June 1933, Page 6

That £10,000,000 Loan

NO FURTHER BORROWING, SAYS FARMERS’ UNION Per Press Association AUCKLAND, Last Night. Tho executive of tho Auckland Farmers’ Union to-day questioned the action of tho president (Mr. 11. O. Mcllsop) in associating himself with the Mayor’s recent deputation to the Rt. Hon. J. G. Coates, vbftn presenting tho £10,000,000 loan scheme. After discussion they approved his action but expressed opposition to any further borrowing by Now Zealand. Mr. Mcllsop explained that he had joined tho deputation because the Mayor had said his main object was to get something done. He also said that one or two of the principles of the proposals were in line with the union’s beliefs. He added that he supported tho idea of flnancc repayment by means of costless credit when a currency board had been established. Members generally were strongly against any further borrowing. One said that present problems would not bo solved unless the prieo level for exports were raised and costs reduced by 50 per cent. Development by Private Enterprise WELLINGTON SUPPORTS AUCKLAND PLAN Per Press Association. WELLINGTON, Last Night. By ft unanimous decision a largelyattended meeting held in the Dominion Farmers’ Institute to-night decided to support tho National Reconstruction Association which has been formed to attack unemployment by seeking a plan for the development of private enterprise. A provisional committee was appointed to co-operatc with the Auckland section in an organised effort to co-ordinate all practical schemes towards the reconstruction of business and tho restoration of prosperity in New Zealand.

The meeting, which was representative of practically every section of the community, was presided over by Mr. Ji. Bucklcton. The main speaker was Mr. .J. McMillan, who said that thTt 'association had no philantrophic motive, but aimed at a national business effort at restoration through the development and reorganisation of business. Auckland to Raise Big Works Loan Per Press Association AUCKLAND, Last Nignt. Resolutions authorising the raising of a loan of £121,450 for unemployment relief works w r ere adopted by the City Council, tho period not exceeding 33 years, with interest at 4J per cent. The works include drainage, waterworks, and street improvements.