RELIEF WORKS

New Zealand Herald, Volume LXXI, Issue 21983, 14 December 1934, Page 14

RELIEF WORKS

CITY COUNCIL LOAN

APPROVAL BY BOARD ONE EXCEPTION MADE VICTORIA AVENUE SCHEME The City Council's proposal to borrow £SOOO for the re-surfacing of Victoria Avenue, Remuera, has been rejected by the Local Government Loans Board, according to a report received by the council at its meeting last night. The reason given is that the proposed work is regarded as being in the nature of maintenance. The finance committee reported that the Loans Board had sanctioned £68,000 of the proposed unemployment relief loan of £73,600 comprising a number of works to be carried out with relief labour at standard rates of 'pay. The items rejected were the reconstruction of Victoria Avenue, £SOOO, and adjustments, £6OO. As regards £33,000 of the loan, v covering street works, extension of the motor camp, development works at Waikumote cemetorv, and the improvement of Belgium Street extension, the term of the loan was to be 20 years and the sinking fund 3£ per cent. As regards £35,000 for work on the Stone Jug, Gillies Avenue and Blockhouse Bay reserves, the term was to be 35 years and the sinking fund li per cent. The maximum rate of interest had been fixed at 3J per cent. The proposed loan for the renovation of the Victoria Arcade and compensation of certain lessees had been reduced from £29,000 to £27,400, the board regarding £I6OO of the work as maintenance. In view of the nature and age of the arcade building, the term had been fixed at 15 years and the sinking fund at 5£ per cent. The maximum rate of interest was 3£ per cent.