CITY RELIEF WORK

New Zealand Herald, Volume LXXIV, Issue 22819, 28 August 1937, Page 14

CITY RELIEF WORK

THE COUNCIL'S SCHEME AUTHORITY FOR LOAN £16,500 TO BE RAISED Authority to borrow £16.500 for the purpose of putting in hand the balance of the works already decided upon to absorb a large number of the unemployed in the city has been received by the Auckland City Council from the Local Government Loans Board. A meeting of the council will be held next Thursday to pass the special order necessary for the raising of the money. The council agreed about two months ago to provide work for 310 njen under the relief proposals put forward by the acting-Minister of Labour, the Hon. P. C. Webb, who offered a subsidy of £4 a week a man. These works were estimated to cost £44,300, of which £26,408 was to bo provided by subsidy. Tho council was able to start a number of works absorbing 63 men for periods varying from seven weeks to five months. The remainder of tho works were estimated to cost £37,245, of which the council had to provide £16,277, but these could not bo started until the council had raised its sharo of: the money. Application was therefore made to tho Loans Board for sanction to borrow tho sum of £16,500, and this authority lias now boon received. Tho stipulation of the board is that tho rate of interest is not to exceed 3£ per cent, with a sinking fund of not less than 5.2 per cent. Tho.- loan is to bo for a period of 15 years.