BOROUGH AFFAIRS

New Zealand Herald, Volume LXXV, Issue 22984, 11 March 1938, Page 14

BOROUGH AFFAIRS

POSITION AT THAMES GOVERNMENT'S INTENTIONS [nY TELEGRAPH —SPECIAL KKPORTKII] WELLINGTON, Thursday An explanation of the Government's attitude iji regard to the position at Thames wag given by the Minister of Internal Affairs, the Hon. W. E. Parry, after the Thames Borough Commissioner Amendment Bill had come before the House of .Representatives yesterday. The bill, which was read a first time, extends commissioner control of the borough for three years. Mr. Parry explained that the bill was intended purely as a temporary measure until the Government could soeuro a full investigation of the position by a commission which it was proposed should be sot up in the coming year. The commission would bo required to recommend to the Government what value should be placed on tho debentures of Thames Borough and Thames Harbour Board, and what rate of interest should be payable.

The commission would bo sot up us soon as possible, so tlinfc arrangements could bo made regarding interest rates before the expiry of the term mentioned in the bill. Pnrliamont -would at a later stage be asked to confirm a new arrangement on the basis of the commission's report. "The main idea of tho Government," added Mr. Parry, "is to secure finality in regard to the position at Thames." Under tho bill the period of operation of tho special valuation roll is extended from March 31 this year to March 31, 1941, while tho period during which interest and sinking fund on Thames borough loans lias been reduced by one-tliird is extended from July 1/3 this year to a similar date three years ahead. Tho reduction of interest on Thames harbour loans is to applv until April 1. 1939. Originally this reduction would have expired on April 1 this year.