TONGARIRO HOSTEL.
SUM OF £40,000 AVAILABLE. ARRANGEMENTS FOR FINANCING. [BY TELEGRAPH.—SPECIAL REPORTER] WELLINGTON, Monday. Details of the arrangements for financing the erection of a hostel at Tongariro National Park are contained in the Finance Bill. The Public Trustee is authorised to lend tho park board up to £40,000, the principal and interest being guaranteed by the Government. The board may lend the money or any part of it to any incorporated company to which it has given a lease of any part of the park for the purpose of erecting a hostel. Tho loan is to be secured t>y a mortgage over tho assets of tho company, together with such collateral securities as tho board, with tho approval of tho Minister of Finance, may arrange with tho company. The rate of interest to be charged the company and the terms and conditions io bo inserted in the mortgage are to be approved by the Minister of Finance.
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Bibliographic details
New Zealand Herald, Volume LXV, Issue 20072, 9 October 1928, Page 10
Word Count
157TONGARIRO HOSTEL. New Zealand Herald, Volume LXV, Issue 20072, 9 October 1928, Page 10
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