AKITIO COUNTY LOANS.
The Akitio County Council is having a rather unfortiinate over its loans. It resolved a ,year or two ago to raise a loan of £28,000 for •metalling its', roads a,nd bridging- its rivers.; > After the first instalment of the loan, been obtained from the Government, the Council was advised that ii would Have to pay a higher rate of interest for the balance of the loan. This was a # breach of faith with the ratepayers; but nevertheless, the Council decided to grin and bear it for a time. Legislation was passed last session, enabling the Government to make a rebate of 1 per cent, on loans for metalling and bridge-building in the outlying districts. The Oouncil naturally thought that this would afford it some relief. On making application, however, it is advised that the rebate can only apply to future, loans, and the Act is not retrospective. Hence, the Government can make its charge for -increased interest retrospective, but; the rebate is not allowed on current loans. There is something radically wrong, in .such a' proposition. In our opinion the Akitio County Council has a moral claim upon the Government, and it is the duty of the Prime Minister to see that this | claim i« recognised.
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Bibliographic details
Wairarapa Age, Volume XXV, Issue 10713, 12 August 1913, Page 4
Word Count
209AKITIO COUNTY LOANS. Wairarapa Age, Volume XXV, Issue 10713, 12 August 1913, Page 4
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