MOUNT ALBERT'S LOAN.

New Zealand Herald, Volume L, Issue 15236, 25 February 1913, Page 8

MOUNT ALBERT'S LOAN.

«»■ „. "CANNOT BE ENTERTAINED."

The Mount Albert Borough Council last month endeavoured to obtain a further loan of £3000 from tho New Zealand Stateguaranteed Advances' Office, for tho purpose of carrying out works in the borough. At a meeting of the council last night a reply was received from the Prime Minister, the Hon. W. F. Massey, in which he stated that he had made inquiries from the superintendent, and regretted that he could not place the council's application before the board until the whole of the original loan (£30,000) had been entirely and exclusively expended upon the works for which it had been raised. In any case, it could not be granted until the Department was again in possession of funds. Under these circumstances the council's application could not bo entertained at present. The letter was received, and was referred to the council's Finance Committee, with a view to again approaching the Government to secure the loan. It was explained that if the Government could not see its way to grant the loan it would be raised privately, as tho council was determined to push forward with its work. The loan, it was explained, could be raised without the necessity of taking a poll of the ratepayers on the question* as the council was within its rights in raising an additional loan to the' extent of 10 per cent, of the original loan.