HOUSING LOANS

New Zealand Herald, Volume LXXV, Issue 23117, 16 August 1938, Page 12

HOUSING LOANS

POWER BOAKD'S MONEY LEGISLATIVE AUTHORITY BILL AT .PRESENT SESSION Legislation dealing with the raising of 3 per cent housing loans by electric power boards is to be introduced by the Minister of Justice, the Hon. H. G. R. Mason, in the Statutes Amendment Bill, to bo brought down in the present session, as the result of a request made by the Minister of Finance, the Hon. W. Nash. Advice to ihis effect was received by the Waitenia ta Electric-Power Hoard yesterday from the .Electric - Power Board and Supply Authorities Association. "At the present time," Mr. Nash was reported to have told the association, "power boards have no authority under which housing loans may ho raised without taking a poll of the ratepayers, but I have approved of legislation being promoted authorising the raising of loans of this description by special order. On August 8 the Hon. the Attorney-General was requested to include in the Statutes Amendment Bill to be brought down this Session a provision to this effect. "Until the legislation has been enacted, however, it is not possible to proceed with these loans, as the power boards could not execute debentures, and the State Advances Corporation could not advance them money. The majority of the power boards, however, have ample margin in their revenue account for financing the small amount required for housing purposes, and could arrange immediately to proceed on this basis."