LOCAL BODIES
INVESTMENT OF CREDIT (Per United Press Association ) Christchurch, April 4. The possibility of investing credit balances held by local bodies and using the interest to offset the interest due to be paid by local bodies was suggested by Mi- W. Machin at a meeting of the Riccarton Borough Council. Mr Machin said the matter might fie carried far enough to include a national scheme. There was an enormous amount of money to the credit of local bodies for the greatest part of the year which carried no interest at all. The Mayor, Mr H. S. Kyle, M.P., said the same state of affairs obtained with the Government, and while some accounts were in credit others were paying out on overdrafts.
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Southland Times, Issue 21983, 5 April 1933, Page 4
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122LOCAL BODIES Southland Times, Issue 21983, 5 April 1933, Page 4
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