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NAPIER REQUIREMENTS.

MONEY FOR PUBLIC WORKS.

Some time ago the A.M. P. Society offered to lend the town of Napier certain sums which the ratepayers had authorised the; council to borrow for drainage and other necessary works, including sewage anu a water supply for Napier South, but the Government would not permit the council to pay the rate of interest 0 asked for, namely, 5 per cent., including sinking fund. A few days ago Sir Joseph Ward, Minister for Finance, was interviewed by Mr. J. Vigor Brown, M.P., who desired to know if there was any possibility of Government permission being granted for the borrowing of the money at the terms offered by the society. Sir Joseph Ward replied that the Government had made up its mind not to agree to any public body borrowing money at more than 5J per cent. He would advise the council to apply to the Public Trustee for the loan of the required cash. Mr. Brown has since applied to the Public Trustee, and considers that there is a reasonably good chance of raising the loan in the way suggested. ',

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/NZH19160426.2.55

Bibliographic details

New Zealand Herald, Volume LIII, Issue 16213, 26 April 1916, Page 8

Word Count
186

NAPIER REQUIREMENTS. New Zealand Herald, Volume LIII, Issue 16213, 26 April 1916, Page 8

NAPIER REQUIREMENTS. New Zealand Herald, Volume LIII, Issue 16213, 26 April 1916, Page 8