UNISSUED CITY LOANS.

New Zealand Herald, Volume LXI, Issue 18692, 24 April 1924, Page 9

UNISSUED CITY LOANS.

CONSOLIDATING MEASURE. AGGREGATE OF £826,000. A proposal to have all unissued loan authorities consolidated by legislative enactment during the forthcoming session of Parliament was adopted by the City Council at its special meeting last evening.

The Mayor, Mr. J. H. Gunson, "n his annual memoranda accompanying the estimates, said that during last year the council issued the following loans:— £17,000 on drainage account, £9600 to redeem maturing loans and '£250,000 in London, in November last, for the Zoo,, streets improvements, tramways and libraries. There remained authorised but unissued at date, the following: abattoirs; £81,000, street improvements; £280,000, tramways; £300,000, waterworks £120,000, drainage £10,000, quarry; and £25,000 on account of Drainage Board. Total, £826,000. The Mayor explained that objection had arisen in London on account of several separate loans being grouped under one issue and. to avoid a recurrence in connection with the next sale he recommended that the provisions of the Consolidated Loan of 1921 be applied to the unissued authorities. These, he said, had proved a valuable facility in dealing with the loan as a whole, while preserving the identity of the, respective authorities in the application of the money.