LOANS BOARD

Otago Daily Times, Issue 22609, 28 June 1935, Page 8

LOANS BOARD

CONSIDERATION OF APPLICATIONS TRIBUTE TO MR A. D. PARK (Per United Press Association) WELLINGTON, June 27. At a meeting of the Local Gover* ment Loans Board 13 applications for sanction to raise loans ' totalling £214,316 were dealt with. Loans amounting to £194,845 were sanctioned, including £132,940 for renewals and £61,905 for new works. The balance (£19,471) was partly referred back to the local bodies concerned for further consideration and partly declined. Progress of local body debt conversion was also continued when applications pursuant to the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and amendments from 12 local authorities were dealt with. Existing securities totalling £419,092 were affected, and after utilising sinking funds and adding premiums where appropriate, sanction to conversion, into new securities to the total of £409,408 was given. The board congratulated Mr A. D. Park, chairman, on his appointment as one of the managing directors of the Mortgage Corporation, and Mr G. A. Lewih (Dunedin) on his appointment as a director of the corporation. Members expressed regret * that Mr Park would be severing his connection . with the board, and placed on record their appreciation of his services as chairman of the board. •