LOCAL BODY LOANS

Nelson Evening Mail, Volume 77, 23 October 1942, Page 4

LOCAL BODY LOANS

A CTIVITIES R EVIEW E D Wellington. This Day. Activities ol the Local Government Loans Board lor the year ended 31st March. 1942. are reviewed in 4 he annual report of the board presented in the House of Representatives. it states that during the year the board considered applications from local authorities to borrow sums totalling £4,589,653. Of this sum £2.576.05U represented new applications, and the balance of £2,013.603 represented amounts which had previously been leferred back or declined. The report states that of tne total amount considered the board sanctioned the raising of loans totalling £1.898.096 for new works and £1,391.728 for the redemption of existing loans. The balance of £1.299.8159 was referred back for various reasons. The applications for sanctions to new loans showed a net decrease >i £811.409 over the figure for the precious year. Borrowing for hospital purposes continued at a high figure, and indicated the degree of expansion in building for hospital services. Tables in the report show that the gross local body debt of the Dominion now amounts to £67.974.687, Of ‘ sum £55,885.451 is domiciled in NV ■ Zealand. £9.893.025 in London and £2.198.211 in Australia. The report states that the extraordinary condit'ons arising out of the war have eflected a curtailment in local authority activities in many directions, and this is noticeable in the sphere < f works requiring loan moneys as evidenced by the reduced number and j value of applications for sanctions to | borrow submitted to the board FA. j