LOANS BOARD

Timaru Herald, Volume CXXXIX, Issue 20146, 28 June 1935, Page 5

LOANS BOARD

MR A. D. PARK’S RETIREMENT Bs Telegraph—Press Association WELLINGTON, June 27. At a meeting of the Local Government Loans Board, 13 applications for sanction to raise loans totalling £214,316 were dealt with. Loans amounting to £194,845 were sanctioned, including £132,940 renewals and £61,905 for news works. The balance, viz., £19,471 was partly referred back to the local bodies concerned for further consideration, and partly declined. The progress of local body debt conversion was also continued, -when applications pursuant to the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and amendments, from 12 local authorities were dealt with. Existing securities totalling £419,092 were affected, and after utilising the sinking funds, and adding premiums where appropriate sanction to conversian into new securities to a total of £409,408 was given. The Board congratulated Mr A. D. Park, chairman, on his appointment as one of the Managing Directors of the Mortgage Corporation, and Mr G. A. Lewin on his appointment as Director of the Corporation. Members expressed regret that Mr Park would be severing his connection with the Board, and placed on record their apreciation of his services as Chairman of the Board.