LOCAL BODY LOANS
LOWER BORROWING
SURVEY BY MINISTER
H (p er Press Associiition.) DUNEDIN, this day.
Reference to the loan debts incurred by local bodies was to-day made by the Minister of Internal Affairs, the Hon. W. E. Parry, addressing the Municipal Association’s conference. After stating that the Local Government Loans Board was fully satisfied with its creation, he stated that since its operation the loans sanctioned had been consistently lower. During the current year £2,650,000 had been authorised for new works. An abnormal increase had been shown for two classes— power and hospital boards. The first was caused by the unprecedented demand and the second by buildings requiring replacement or additions. The Minister spoke on the benefits of loan conversion. Notwithstanding additional borrowing, the gross debt which, at present stood at £72,500,000 six years later had dropped to £68.500,000 despite the fact that meanwhile loans of £20,000,000 had been sanctioned.
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Bibliographic details
Poverty Bay Herald, Volume LXVI, Issue 19883, 9 March 1939, Page 7
Word Count
151LOCAL BODY LOANS Poverty Bay Herald, Volume LXVI, Issue 19883, 9 March 1939, Page 7
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