LOCAL BODIES LOANS.
Local bodies’ loans for modern roadmaking are partially expended in the purchase of machinery. The trouble with local bodies in this connection is that theye are like the Admiralty—-road-making machinery, like the great ironclad, is obsolete before the loan is re-paid. We saw the New Zealand scrapped before she was re-paid, and succeeding generations ■ in Britain are paying for warships that, like her, no longer exist. A similar impediment promises to affect our road-making machinery, but the Local Bodies’ Loans Board, acting in the interests of ratepayers yet unfranchised, has stipulated that the period of repayment of a new loan shall be within the life of the asset concerned. The board, impressed with the callous attitude of ratepayers ■ towards loan polls, has substituted a 'procedure that will enforce deeper conI sideration of loan proposals by local bodies. The regulations that have been framed will no doubt be objected i to, as they involve additional work, but they have been formulated in the 'interests of economy and efficiency. — Evening News.
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Bibliographic details
Wanganui Chronicle, Volume LXXXIII, Issue 19867, 15 June 1927, Page 7
Word Count
172LOCAL BODIES LOANS. Wanganui Chronicle, Volume LXXXIII, Issue 19867, 15 June 1927, Page 7
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