Loans to Local Bodies.

Star (Christchurch), Issue 5803, 17 December 1886, Page 3

Loans to Local Bodies.

SPECIAL INFORMATION.

[Per Press Association.]

WELLINGTON, Dec. 16.

The Colonial Treasurersuppliesthefollowi inginformationrespectingthe "Government Loans to Local Bodies Act." A great deal j of attention has been given to this Act. | A precis of two Acts has been sent to every [ local body in the Colony, and it was then determined to invite applications from [ local bodies for loans amounting in all to .£200,000 authorised to be granted this year. Applications were to be eenfc in by Nov. 30. It was resolved, as the i applications were not expected to be in | excess of the total amount, to allow applications to be Bent in for loans for which the local body had only resolved to ask the ratepayers' consent, before that consent was granted. Fortunately the total amount 1 comes just within the total available, and no pro rata reduction has to be made. Otherwise it would have been unfair to place loans unauthorised by ratepayers upon the same footing as those which had received their sanction. The total applications received were for j8286,G67, from which had to be deducted amounts included for Beconti year, amounts asked to pay off overdrafts (which could not be assented to under the Act) and applications not sent in in time. After these deductions were made there remained a total number of formal applications to be dealt with, amounting to £ 199,744 divided as follows :— Counties, £127,764 ; Koad Boards, .£66,3805 Town Boards, .£1400 ; Boroughs, £3200 ; Kiver Boards, .£1000 ; total, JE199.744. It is probable, though these are all provisionally granted, that the ratepayers will refuse to ratify some of | them. The Colonial Treasurer intimated ! to the local bodies whose applications came in too late, that he will consider them if ratepayers reject some of the loans provisionally granted. The whole of the replies to local bodies will be posted by to-morrow.