LOAN REQUIREMENTS.

Poverty Bay Herald, Volume XLVII, Issue 15319, 15 September 1920, Page 3

LOAN REQUIREMENTS.

._. —-. mm WELLINGTON, this day.. "Tlie Government do not expect to have any difficulty m raising loans at a reasonable rate," declared Mr. Massey, as the result of a suggestion from Mr. Hanan that the Finance Minister should, not leave his loans too late, m. view of the rush for loans being made by local bodies. Mr. Massey added that he had been informed that the Wellington City Council had iw> difficulty m raising a large amount at 5£ per cent., so that if a local body could do this tbe Government ought to bo able to get its money at an even lower rate. -Tie had the Loan Bill ready, and would introduce it next week. — Parliamentary Reporter. \yANGAiprS - DIFFICULTY. WANGANUI, last night. Tlie unsatisfactory response m regard to tho efforts to raise by debentures the sum of £140,000 for tramway purposes was discussed by the Wanganiii Borough Council last night. It was pointed out that, many local bodies m the Dominion were 'endeavoring to raise money by the same mean* and it'is believed 'that, the fact that local bodies are limited hy statute to s£. per cent, as the rate of interest makes local body .debentures an unattractive form .of ' investment m view of the considerably higher rates. of interest offering m 'other directions. It was decided to circularise the local ! bodies of the Dominion with "a view to holding a conference to. discuss the advisability of approaching the Government to arrange that m. addition to money required for Dominion needs to provide by loan sufhVent to meet the needs, of all local bodies. — Press Assn.