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Southland Times, Issue 21191, 18 September 1930, Page 8

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PRESENT SESSION OF PARLIAMENT. WASHING-UP BILLS INTRODUCED. (From Our Parliamentary Reporter.) Wellington, September 17. An indication that the end of the session is not far distant, was given in the House of Representatives this evening when the Washing-Up Bills (Reserves and Other Lands Disposal Bill and Local Legislation Bill) were introduced by Governor-Gener-al’s Message. The Bills deal with usual local matters and the only item of interest to the Southland district is contained in Clause Nine of the Local Legislation Bill whih will validate certain irregularities in connection with the raising of a loan of £42,500 in 1929 by the Invercargill City Council. The loan was raised for the purpose of paying off part of the Invercargill City Tramways No. 1 Loan of £75,000. Owing to the rising" tendency of the money market the council decided to proceed immediately with the raising of money in order to obtain the lowest possible rate of interest. The money was raised at 5} per cent, and the' following month the rate of interest rose to 51 per cent. Owing to’ the urgent action necessary to take advantage of the market the council omitted to obtain the sanction of the Local Government Loans Board and precedent consent of the Gov-ernor-General-in-Council, together with certain other details and steps necessary to the raising of loan money. The loan being a renewal one, no poll of ratepayers was required, the necessary steps having subsequently been taken. The clause will validate the action of the council. The Bills were read a first tint'