COUNTY LOANS

New Zealand Herald, Volume LXXII, Issue 22215, 16 September 1935, Page 11

COUNTY LOANS

BASIS OF CONVERSION POSITION IN TAURANGA [BY TELEGRAPH OWN CORRESPONDENT! TAURANGA. Sunday In his monthly report to the Tauranga County Council, the clerk, Mr. H. Lewis, stated in connection with loans conversion that it was essential that the council should announce its decision either to convert or leave the interest rates as they now applied to loans. At an interview with the Local Government Loans Board it was clearly indicated that consideration would not be favourably given to conversion other than under one conversion scheme or schemes for each riding's loans, that is, six conversion loans, the exclusions being those loans raised below the convertible rate and overseas loans. It was intimated that the No. 2 road water supply loan might also come in on a separate conversion. Separate conversion schemes in respect of any of the special area loans within the Waimapu and Te Puna ridings would not be sanctioned.

The question of conversion on a county basis with differential rating in each riding was raised, and it was agreed that further information be obtained on that point. Mr. Gane moved that the council advise the Loans Board that it was prepared to convert its loans on a riding basis. This was carried, Mr. J. Darragh dissenting.