LOCAL BODIES' LOANS.

New Zealand Herald, Volume LII, Issue 15964, 8 July 1915, Page 9

LOCAL BODIES' LOANS.

ONE MILLION WANTED.

NUMEROUS REQUIREMENTS.

MONEY IN THE DOMINION.

It is estimated that the local bodies of Auckland require about £1,000,000 for improvement purposes, the bulk of which may be raised on the local market. Some local bodies have decided upon road improvements, drainage, water supply, and other works, but, in view of the conditions prevailing at the present time, the pruning knife has been applied, and in some instances the local authorities are preparing to face the prospect that needed improvements may be unavoidably delayed.

Below is given a list of local bodies and their loan requirements.

The Auckland City Council is authorised to borrow £230,000, which with additions of 10 per cent, on certain loans, and £10,000 to be raised for Grey Lynn requirements, makes a total of £255,000. The Auckland Harbour Board proposes to spend £100.000 on the construction of the first portion of the Central Wharf.

The borough of Mount Eden tecently passed a loan of £135,000, of which £115,000 is for drainage, £10.000 for roads, and £10,000 for waterworks. This «- pendHure is to be spread over a number of years, and only about £25,000 is likely to be asked for this year. The Takapuna Borough Council is likely to ask for £52,000 or £53,000 for reading purposes, with a drainage loan to follow later. About. £5000 will be needed for the acquisition of a paik. Onehunga's Roads. A sum of £150,000 is required by the Onehunga Borough Council for road work. The council almost agreed to the loan proposal, but, on account of the condition of the money market, the matter was deferred. The Epsom Road Board requires between £50.000 and £60,000 for road improvements throughout the district. This proposal has not been placed before the ratepayers yet. The Point Chevalier Road Board proposes to go in for drainage and water supplv schemes. The amounts involved are in the neighbourhood of £10,000 and £8000 respectively. A sum of £17,000 is needed by the Waiuku Town Board for road improvements. The New Lynn Town Board desires to spend £10,000 on road improvements and £8000 on a water supply. > The One-tree Hill Road Board requires £6000 for road improvements, machinery, and purchase of land. A sum in the neighbourhood of £1500 is wanted by the Mount Albert Borough i Council for certain storm-water drainage at Edendale. This proposal has not received the sanctiou of the ratepayers. A small loan of about £1000 is wanted by the Otahuhu Borough Council for sanitary purposes. The Mayor Optimistic. The Mayor of Auckland, Mr. J. H. Gunson, remarked that it was impossible for any statement to be made on behalf of the. City Council at the present time in connection with financial arrangements, and it might be a week or two before anything could be made public. The demand from local bodies was fairly extensive, but there was money in the Dominion, and he had no doubt that, the wise course of advancing to keep legitimate local body work going would be adopted by the larger money-lending institutions in this coun try. That was a sound policy, and wher» the heads of those institutions knew that the local bodies were well administered there should be no hesitation whatever Co-operation of Local Bodies " Tt is a great city." commented Mr A. M. Pickford, Mayor of Devonport, '" that'the various local bodies do not get together and borrow as one powerful concern, instead of continuing with the nresent piecemeal method. One large loan could, perhaps, be floated in London when the war loan has been raised. I alsp think that the local market should he tested by the formulation of a scheme to attract the local investor."