THE LOAN BILL.

New Zealand Herald, Volume XL, Issue 12401, 14 October 1903, Page 5

THE LOAN BILL.

PROVISION TO BOBfROW £1,000,000.

MAXIMUM RATE OF INTEREST.

[BY TELEGRAPH. —SPKCI4I. COBHESPONDESX.'J

WgliingtoNj Tuesday.: The Aid to Public Works and Land Settlement Bill was introduced to ; day, and indicates that the Government, will seek to raise money locally on short-dated debentures, paying interest at up to 5 per cent, if necessary. Clause 2of the Bill fixes the amount of authorisation at £1,000,000. Clause 3 provides that until .the loan is raised, short-dated debentures may be raised at a rate of interest hot exceeding 5 per cent, per annum. The. currency of such debentures \s fixed at not exceeding seven years from the date of issue. The loan is to be allocated as follows: —

Construction of the railways : KawakawaGrahamtown, Helensyillo northward, Pae-roa-Waihi, Gisborr..e-Karakaj Egmont branch, Stratford-Kawsikawa, Marton-Te Awamutu, Blenheim-Waipara, Midland, Greyrnouth-Hokitjka, Ngahere-Blackball, Otago Central, Heriot Extension, Catlins, Seaward Bush, Riversdale, Switzers, Orepuki, Waiau, and permanent way or other materials, £450,000. '

Additional rolling stock for open lines, and such other -works and purposes in connection therewith as may be authorised, £150,000. '■' -",'"< *'.

The construction of roads, tracks, and bridges for the purpose of opening up back blocks, and such other works and purposes in connection therewith as may be authorised, £340,000. " For the purpose oil developing the goldfields, £20,000. "'"' V " ' For telegraph extension, £40,000. It will be interesting to note the cutting down of the expenditure as compared with last year, when tiae borrowing of £1,750,000 was authorised. The figures in last year's schedule were : —Construction of railways, £750,000; rolling stock, etc., £450,000; ' roads and bridges, £450,000; developing goldfiqldiS;, £50,000 telegraph extension, £50,000.