UNEMPLOYMENT LOAN.

New Zealand Herald, Volume LXVII, Issue 20678, 25 September 1930, Page 12

UNEMPLOYMENT LOAN.

BIRKENHEAD PROPOSAL. SUM OF £3500 FOR STREET WORK The Birkenhead Borough Council last evening confirmed a special resolution to raise a loan of £3,500 without a poll for footpath construction, as a scheme for-providing work for the resident unemployed in the borough. The consent of the Local Government Loans Board . is necessary before the work is pro&A ceeded with. The proposed term of tho loan is 30 years : at a maximum of 6 per •j&> «e, nt - interest, with a sinking fund of •50s per cent. Ihe security for tho loan is to be a rate of 3-16 d in the pound on ~ the unimproved valuo of the whole : borough. ~ Tho Mayor, Mr. J. P. McPhail, said r two objections had been received to the ■ loan proposal, and these would be forwarded to the Local Government Loans Board. Mr.. J. Kerrnish said ifc was hardly the province of the council to encumber t the rates by £3OO a year, as tho Govern:f»~menfc was making provision for such relief. . The Mayor said it was ; possible for a rate to be struck as security and nover collected. By doing the work suggested now tho council would save £3OO a year, °nd it was only anticipating future ex! pendituro. Tho Mayor said the council had agreed to the proposal and it would be proceeded with.