LOCAL BODY FINANCE.
RAISING OF LOANS.
POSITION OF GOVERNMENT.
The question of local bodies' finance was again considered by tho Manukau "County Council yesterday. With reference to the raising of loans to pay off overdrafts under the new Local Bodies Finance Act, the council's suggestion that the Government should raise one loan to liquidate all the local bodies' debts haß been considered by the Prime Minister, whose reply was received at the council's meeting yesterday. Mr. Massey stated that it was not possible for the Government to raise such a loan, but it would bo prepared, if necessary, to render every assistance to local bodies in raising their own loans for the different sums required at a reasonable rate of interest. He did not think the raising of the loans by local bodies themselves would have any disturbing effect on the financial position. It should be borne in mind that moneys had already been borrowed in New Zealand, and that it was possible for the local bodies to raise from the same sources, on the security of a special rate, the various loans required to repay the antecedent liabilities. In such a case, no fresh loan money would be required.
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18016, 15 February 1922, Page 8
Word Count
200LOCAL BODY FINANCE. New Zealand Herald, Volume LIX, Issue 18016, 15 February 1922, Page 8
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