Local Bodies Loans

Manawatu Times, Volume 60, Issue 276, 22 November 1935, Page 6

Local Bodies Loans

Per press Association. WELLINGTON, Last Night. A general meeting of the Local Government Loaus v Board was held yesterday. The board dealt with applications for sanction to raise loans from 25 local' authorities throughout. New Zealand, the total sum involved amounting to £207,300. Of this amount the board sanctioned £lll,llO, including renewals of £2OOO and the balance of £90,250 was cither declined or referred back to tho local bodies concerned for further consideration. Approval was given by the board to local authorities to utilise for other purposes capital moneys totalling £074 received by them from the sale of assuts previously purchased out of loan money. The progress of local-body debt conversion was continued, there being eleven applications for approval to conversion which were also dealt with. Approval was given to the conversion of existing securities totalling £805,565 into new securities for £798,232. The position to date is that out of a convertible debt of approximate*ly £48,250,000, approval has been given for the conversion of £43,000,000 aud £3,000,000 has been otherwise disposed of by way of renewal or repayment, thus leaving only £2,250,000 still to be considered. The last date on which Orders-in-Council consenting to these conversions can be issued is December 31, 1935.