THE LOAN LIMIT.

Stratford Evening Post, Volume XXXIII, Issue 26, 28 May 1912, Page 4

THE LOAN LIMIT.

The deputation which waited on the Minister for Finance, the Hon. A. M. Myers, to lay before him the ceriousness of the position for many local bodies if the State Guaranteed Advances Office maintained its attitude of limiting advances to £SOOO to anyone local hotly, at least found the Minister candid and plain-spoken. While he was quite sympathetic, he did not hold out false hopes, and frankly told the deputation that there was not much chance at present of lifting the £SOOO limit. The ray of sunshine in his reply was bis statement that the question of guaranteeing local bodies' loans was being considered, with the object of giving them the full benefit of the State's position. The recent Conference at Wellington discussed the question of borrowing pretty fully, and quite reasonably arrived at the conclusion that the powers to borrow should be limited only by a vote of the ratepayers, and failing the advance of any loan from the State it be admissible for the local body concerned to obtain the required loan elsewhere. If the Government will, with proper safeguards, guarantee the local bodies, as suggested by Mr Myers, there ought to be very little difficulty in obtaining any reasonable sums required.