LOCAL BODY LOANS
LONDON iIAUKKT ASPECTS. EXPLAINED BV Mll STEWART. < Special to “Northern Ativante.'"i DUNEDIN, Tliis Day. The Don. W. Downic* Stewart, Minister of Finance, addressing tlie Manu-lac-tnrers’ Association here, said that while lie was in London the market for local body loans had reopened. A London financial adviser had told him that the question arose of the accommodation •of local bodies whose loans weie fa I line- due. Borrowers whose loans were due had to be looked after before those whose date of redemption was Jess imminent. The second aspect of the position was largely technical. A loan raised by a. local body in New Zealand did not need to be earmarked for a purpose. It had been stressed that it was sufficient to name a loan as a Dunedin or Wellington loan at a certain rale of interest for a definite period. The purely local question of the purposes to. which the loan money should be devoted did not concern investors in the least, and financial interests at Home would far rather no mention was made of such details.
The Minister had asked the head of the Treasury to take up the matter with the Local Bodies’ Association and he thought something would be done in the matter. It would probably require some legislation, but that could be arranged.
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https://paperspast.natlib.govt.nz/newspapers/NA19321221.2.76
Bibliographic details
Northern Advocate, 21 December 1932, Page 9
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221LOCAL BODY LOANS Northern Advocate, 21 December 1932, Page 9
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