STATE GUARANTEED ADVANCES.

Nelson Evening Mail, Volume XLV, Issue XLV, 21 March 1910, Page 3

STATE GUARANTEED ADVANCES.

LOANS FOR NAPIKR AND HASTINGS.

/ [United Press Association.]

NAPIER. Sunday

Tlic Mayor has received the following telegram from the Primo .Minister : "With regard to the Napier Borough Council's application under the State Guarantee Advances Act. the Hoard has provisionals approved of the loan of £35X00 fur drainage. The other applications from Napier cannot he entertallied til present, with the numerous applications for roads, bridges, drainage. ■md water from various parts of the country, it is not possible to entertain the electric tramways and such of loans just now.—J. 0. Ward. The Hastings Borough Conned have been advised by the Government that their loan for sewerage and water supply has been granted, subject to the usual conditions.

MEETING OP THE BOARD

WIDESPREAD APPLICATIONS,

WELLINGTON, Monday

Tn an interview with a newspaper representative, the Prime Minister. ??,r Joseph Ward said that the State I Guaranteed Advances Board had met [ during Saturday. Sir Joseph oresided. and the whole of the m'-'i'''- ' bers (Messrs Poynton, Warburtou, SalmoiuL and Kember, and Dr. titehett) were present). A large number of loans lo local public bodies for carious purposes were considered, aril loans were provisionally approved to the extent of £612.000. Preference was tfiven to local foodies applying for iitonevs for roads, -bridges, sewerage, drainage, and water purposes, and those focal .bodies meeting back block requirements were first considered. Where the securities were right the applications in each case were granted. Sir Joseph also stated that the whole of the loans were granted at 3 ; i/i; per cent, interest, with a sinking i'uiid, as provided under the Act. The Prime Minister mentioned that some idea of the. value of the new system to the local public bodies might be gauged from the fact that the amounts authorised at the Board meeting totalled more than three times 'ho whole amount granted during any one year under the old system of the Loans to Local Public Bodies Act. The loans authorised ranged from £3OO to £6OOO. These amounts, when expenr.■\l bv the various local bodies in their centres, will mean the provision of mauy necessary works, and will add lo the'comfort and convenience of the people in different portions of the dominion.

The local bodies dealt with covered the whole of th e dominion from the north of Auckland to the Wallace district in the far south. The various public bodies will be advised forthwith of the result of their applications.