LOANS TO PUBLIC BODIES.

Otago Witness, Issue 2883, 23 June 1909, Page 12

LOANS TO PUBLIC BODIES.

SPECIAL EFPOETS TO BE MADE IX

LONDON.

(Fbom Oub Own Coreespondent.) WELLINGTON, June 15.

A return which was presented to Parliament to-day gives the applications made by local authorities for loans during tlie past year. The amount applied for iras £246,948. Tlie new loans advanced amounted to £38,975, and the loans of 2""evious years to £207,874. The total amount borrowed up to Ma<rch 31 las>t was £3,178,000, and tlie total amount repaid to the Public Works Fund £80,000. The total amount advanced to local bodies is £2,506,000.

When the return was presented, Mr T. E. Taylor asked the Colonial Treasurer whether it was not passible for him to facilitate some of the financial transactions which local bodies were endeavouring to arrange for Christchurch and district. A number of the local bodies were quite unable, owing to the .stringency of the money market, to get off small loans that had teen atithorised by tlie ratepayers. If the Government could make airangement<s for temporary advance^ on these loans it would a^s-ist the unemployed trouble. The Prime Minister would realise that local bodies were having a rough time just now, and he urged that it was better policy to carry out works that had to be carefully considered and authorised by the ratepayers than to rush | into temporary works with the money of the colony.

Tlie Prime Minister said he fully recognised the very gre-il importance of money being obUdii&d for the local bodies to enable them to cany on public works, and he had already mentioned that he intended when in London to anaiye fcr the notation of these local bodies 10-ins at a low rate of interest. Tlie machinery of the High Commissioner's office wouM be used for N that purpose. By representations to the financial authoiities in the Old Country they" should be able to get most of the money needed by lo:al bodie«, provided these bodies showed that they had the proper security. He had during the la*t month or two mads representations to the financial institutions at Home, but they were so far away that, except in the ca«es of laige municipal or haibour loars, tliey Mere not conver^a'it with tlie system in this country. That was one direction in which he hoped to be able to do good work at Home. He recognised the tremendous importance of the matter, whicli would be given the closest attention.

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