A BOROUGH LOAN.

West Coast Times, 7 September 1909, Page 3

A BOROUGH LOAN.

BANK OF NEW ZEALAND

IN EVIDENCE.

[1;? TELEGRAPH — PER PRESS ASSOCIATION.] J

ASHBURTON, Sept. 6.— The Borough Council was authorised by a vote of the ratepayers 16 months ago to raise a loan of £15,000 at 4£ per cent, for the purpose of the installation of a high water pressure supply, but up till the end of last month their efforts to secure money on satisfactory terms in the Dominion or the Commonwealth were unavailing. At a meeting tonight, however-, they received an offer from the Bank of New Zealand to advance the whole of the sum at 97£, provided the loan was secured by a special rat(* of scvenpence in the pound, and that the Council transfer its business from the Union, Bank as at present to the Bank of New Zealand, etc. The offer was accepted in toto and the necessary special orders were passed, and it is expected that the work will be put in hand at an early date. The question of the appointment o fan engineer, etc., bctfng under consideration.