HOKITIKA HARBOUR
__ « FURTHER LOAN SCHEME. PEEBS ASSOCIATION. HOKITIKA, January 2S. A special meeting of the Hokitika Harbour Board was held to-night to consider the loan proposals in connection with the improvement of the harbour. It was re< solved that a fresh poll (the previous ono had been oarried) of the ratepayers in •v,e Hokitika harbour district lie taken in connection with the loan of £25.000, and that when necessary application be mado under the New Zealand State Guaranteed advances Loan Act, 1909, for the required amount. This, providing the loan is sanctioned by the Government, will enable the hoard to procure the amount of the loan at 31 per cent., interest and sinking fund, •**ereas if the money had been raised rrior to the recent legislation, which emnowers local bodies to borrow from the Government, the board would not have secured the money for less than 6 per cent, in the way of interest .and reduction of principal. The rating required as security for the loan will lie substantially reduced as a result of the board's decision, its- vie wof which it was resolved to retnrn the tenders and deposits recently re. velvets' in connection with the contract.
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Bibliographic details
New Zealand Times, Volume XXXIII, Issue 7346, 26 January 1911, Page 8
Word Count
198HOKITIKA HARBOUR New Zealand Times, Volume XXXIII, Issue 7346, 26 January 1911, Page 8
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