BIRKENHEAD LOAN WORKS

New Zealand Herald, Volume L, Issue 15262, 28 March 1913, Page 4

BIRKENHEAD LOAN WORKS

"■• ' • THE ADDITIONAL LOAN. i v 1 '"^SI ' GRANTED BY DEPARTMENT, | .* '" V '.' V- ' : ;V : , '*• .• /*s Thb Birkenhead Borough Council ' time ago borrowed from . the teed Advances Department a £25,000 for the .purpose of installing* water supply for the district, and the improvement of various roads. Finding t a farther sum was needed to. satisfactorily complete the works,"application was made - to the State-guaranteed Advances Offlb" | for an additional' 10 per t cent.. of] tin | original loan, thus obviating the ' neccfrsity ,of taking a further- poll;'' Difficulty J was experienced in inducing ' the Department to entertain ! the : application,' on j account of the heavy commitments toother local bodies, but after considerable negotiation the council's; efforts , have proved cessful, the welcome news being contained ;V in the following letter from Mr. . G C. Campbell, superintendent of the Stateguarantee Advances Department, read at " last night's meeting of the council —" I have to inform yon that your council's ap- ' plication for an additional 10 per' cent. ' loan was placed before the Staie-gwim-/?j§ tee Advances Board on the 18th inst. The board decided to provisionally appiwre , your borough's application at a rate of %VV ( per : cent., exclusive •of sinking fund, consideration of the fact that. on.a 'wmi vious occasion the council had been/lei,.:; to anticipate that the money would be /j I advanced." 7?, The chairman (Mr. A. Bartlefct) said;; the communication was a matter for congratulation to the borough, and would Wilfully appreciated by the residents ? «*>;•s council alike. The terms were very satifr ; - factory, in view of the state of the financial market, as the council would have tod): , v to pay 5 per cent, interest if the money had been obtained elsewhere. ~ The members of the council endorsed thfl|fM chairman's remarks, and it . was - nnanx- - mously resolved to forward a letter of * thanks for the granting of the loan. ' "•. ____________ ' . - : -?M