National Development Loan Announced
[Special to “Northern Advocate ”] WELLINGTON, This Day.
A loan to pro/ide capital for r,ational development is announced by the Minister for Finance (Mr. Nash).
The total amount is not stated, and the closing date is also indefinite. It comprises firstly 3 per cent, stocks issued at £IO3O. repayable in July. 1945, and secondly (VF per cent, stocks repayable in January. 1956 and 1959, and issued at £97/5/-.
The purposes of the loan are explained and include £2,000,000 needed this year for hydro-electric works, under construction, the extension oi railways now nearing completion, and land development and irrigation bearing a close relation to immediate increase in production, and more housing, which is urgently needed to meet present demands and assure accommodation when the troops return from overseas.
The Minis! er pointed out that works being undertaken were essential. Those not essential were being rapidly tapered off, with the result that the additional capital requirement for this financial year might fail to come up to the budget estimate of £15,000,000.
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Bibliographic details
Northern Advocate, 3 January 1941, Page 6
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172National Development Loan Announced Northern Advocate, 3 January 1941, Page 6
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