STATE GUARANTED ADVANCES

West Coast Times, 19 March 1910, Page 3

STATE GUARANTED ADVANCES

MEETING OF THE BOARD.

£612,000 TO BE ADVANCED,

t DI CELEORAPH—PER PRESS ASSOCIATION.] WELLINGTON, March 18.—In an interview with a New Zealand Times representative this evening, the Prime Minister, Sir Joseph Ward, said that the State Guaranteed Advances Board had met during the day. Sir Joseph presided and the whole of the members —Messrs Poynton, Warburton, Salmond, Kembcr, and Dr Fitchett, were present.z;

A large number of loans to local public bodies for various purposes were considered and loans were provisionally approved to the extent of £612,000 Preference was given to local bodies applying for moneys for roads, bridges sewerage, drainage and water purposes and those local bodies meeting backblocks requirements were first considered.

"Where the securities wore right the applications in each case were granted. Sir Joseph also stated that the whole of the loans were granted at 3£ per cent, merest, with a sinking fund as provided under the Act. The Prime Minister mentioned that some idea of the value of the system to the local public bodies might be gauged from the fact that the amounts' authorised at to-day’s Board meeting totalled more than three times the whole amount granted during any one year under the old system of the Loans to Local Public Bodies Act.

The loans authorised ranged from £3OO to £6000; these amounts when expended by the various local bodies in their centres will moan the provision of many necessary works and will add to the comfort and convenience of the people in different portions of the Dominion.

The local bodies dealt with covered the whole of the Dominion from the north of Auckland to the "Wallace district in.the far south. The various local bodies will be advised to-morrow of the result of their applications.