TE AWAMUTU AFFAIRS.

New Zealand Herald, Volume LXI, Issue 13747, 28 June 1924, Page 13

TE AWAMUTU AFFAIRS.

IMPROVEMENT OF STREETS.

NEGOTIATIONS FOR FINANCE..

fBY" TELEGRAPH.—OWN CORRESPONDENT.]

TB AWAMUTU. Friday.

At the postponed meeting of the Te Awamutu .Borough Council the Mayor, Mr. L. G. Armstrong, reported on his visit to Wellington in connection with raising loan money for the streets improvement scheme. Ha stated that the State Advances Department was unable to make an advance, and that the Public Trust Office could only arrange for a limited portion of the loan, with interest at 6 per cent, plus 2 per cent, sinking fund. That was too high. A private brokerage firm offered to cover the £40.000 at 5? per cent, over: a period of from 20 to 56£ years, interest payable in Australia free of exchange to the lenders, the brokerage fee to be 1 per cent. After considerable discussion regarding the advisability of accepting a long term loan it was decided to telegraph asking the brokers whether they were prepared to advance £20,000, which would enable the Council to make a start on important works.

The question of metal supply was discussed, and the works committee reported its negotiations with the Tirohia Quarry Company for supplies of meta! during the winter months. The Mayor remarked that he had questioned the Wellington City Council's engineer regarding the c.se of To Kuiti limestone fcr roading purposes, and he had expressed himself most favourably thereon, especially when used for bitumen streets. Mr. J. Archer, the borough foreman, forwarded his resignation, having accepted a position with the Whangarei Borough Council. Mr. Archer was complimented upon his appointment. A sub-committee reported that arrangements had been made whereby the Plunket Society would look after the proposed ladies' rest room and maintain it at an expenditure of 30s per week, the society to have the use of two rooms free. Plans are to be prepared and tenders called for a suitable building.