LOANS FOE LOCAL BODIES.

New Zealand Herald, Volume LXIII, Issue 19412, 21 August 1926, Page 12

LOANS FOE LOCAL BODIES.

NEW MEASURE FAVOURED. PERSONNEL OF THE BOARD. [BY TELEGRAPH. —PRESS ASSOCIATION.] HASTINGS. Fridas • The Hastings Borough Council yesterday discussed the Locals Government Loans Board Bill The Mayor, Mr. Maddison, said an important feature of the bill was that all local bodies that did not now have to consult their ratepayers in matters' of lean expenditure would have to obtain the sanction of the board. This should, in a measure, safeguard the people ; who had to pay. He did. not contemplate any opposition to safe ahd sound proposals. >to-doubt the smaller centres must .benefit, for .the reason that they would have technical expert advice, which tb-day they could not. possibly pay for. Ho hoped thai, if the measure were passed by Parliament, local bodies from time to time would be enabled to pool their loan requirements and, With the assistance of the Government, to raise them in London under conditions more favourable than by borrowing individually and locally.,. ; Mr. Maddison added that .the, success of the bill turned almost entirely on the{jersonnel of the board, pncl undoubtedly ocal' bodies should have 'representation. The projected establishment of a board of experts, offered > distinct • possibilities to the financial welfare of the country, and it would doubtless' also prove its wprth in: an advisory capacity for undertakings upon which: the : b6st of technical advice might not otherwise be available . It was decided by the council to forward the following : resolution 'to the Government: "'That tb.e- personnel ol the board should consist of the' Secretary of ijhe Treasury, the 'Engineejr-in-Chief of the Public Works. Department, &hd one representative from eaich':of the cities, boroughs,,, counties, power boards ' and hospital . board's, or, preferably, independent bodies of .experts."