LOAN CONVERSION.
Position of the City Council. NO FINALITY REACHED. No finality lias yet been reached by the Finance Committee of the City Council regarding the question of a loans conversion scheme under the Local Authorities Interest Reduction and Loans Conversion Act. The principal question yet to be determined is the desirability or otherwise of carrying out a conversion scheme, and the Rev J. K. Archer, chairman of the Finance Committee, said yesterday that until a decision was reached on that point, no action in regard to the preparation of a scheme would be taken. “Personally,” he added. “I have not yet been convinced as to the desirability of carrying out a conversion scheme but I am not expressing a final opinion on the question.” In the meantime the City Treasurer and the accountant of the Municipal Electricity. Department are reviewing the whole position of the council’s loans and collecting information for the guidance of the Finance Committee. A report from these officers was submitted to the committee at its meeting on Tuesday, but consideration was deferred.
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Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20278, 12 April 1934, Page 5
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177LOAN CONVERSION. Star (Christchurch), Volume LXVI, Issue 20278, 12 April 1934, Page 5
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