LOCAL BODIES’ BUDGETS
ADJUSTMENT OF SINKING FUNDS.
BRITISH PLAN NOT APPLICABLE.
By Telegraph.—Press Association.
Wellington, Last Night.
The Minister of Finance (the Hon. W. D. Stewart) was asked in the House of Representatives to-day by Mr. H, G. R. Mason (Lab., Auckland Suburbs) whether he had noticed that the latest Budget of the Imperial Parliament was reported to have been balanced by making adjustments in respect of sinking fund payments, with great satisfaction to financial critics, and whether he would make such provision as would enable New Zealand local bodies to balance their budgets bf similar means. Mr. Stewart replied that the Imperial arrangement did not affect contractual sinking funds but only made free provision for debt redemption over and above any con-, tract. The sinking funds of local bodies in New Zealand were generally included in contracts under which the lender subscribed to the loan and interference with these contractual liabilities could only be detrimental to the credit of the local bodies concerned.
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Bibliographic details
Taranaki Daily News, 24 March 1932, Page 4
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164LOCAL BODIES’ BUDGETS Taranaki Daily News, 24 March 1932, Page 4
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