Hauraki Loans.

Thames Star, Volume LXVI, Issue 19604, 9 January 1936, Page 2

Hauraki Loans.

PLAINS COUNTY SCHEME. SUM OF £184,600 INVOLVED. j ROADS, BRIDGES AND WATER. At the special meeting of the llauraki Plains County Council yesterday to give final consideration to the loan conversion proposals which had been under discussion, a scheme whereby loans totalling £184,600 will be converted was approved after brief discussion. Road, 'bridge, and water supply loans will be brought under the scheme which it is proposed should operate in two parts, one involving £138,000 in , respect of roads and bridges and the other for water supply. The former will be in force for a term of 28 years, and the other of £46,600 for 31 years. The interest rate in both cases will be at 4| per cent. Saving of Much Interest. The saving to be effected by the conversion was reported by the Clerk, Mr. E. A. Mahoney, to be £IOOO per year in interest payments and the total saving, as the result of interest reduction legislation, and conversion to be approximately £3OOO per year. The Council has had conversion of its loans under consideration for a lengthy period and several schemes have been put forward by the Clerk, and, ajthough it was decided to convert, certain difficulties arose as to the method which should be adopted.

Recently the chairman, Mr. C. W. Parfitt, and the clerk, when in Wellington placed the Council's position before the authorities, and the outcome was that the clerk's latest latest scheme was acceptable and adopted, as now disclosed.

Machinery will be immediately put in motion for the operation of the conversion orders.