SINKING FUNDS ADMINISTRATION

Wanganui Herald, Volume XXXXIV, Issue 12703, 24 February 1909, Page 2

SINKING FUNDS ADMINISTRATION

(Per United Piece Association). DUNEDIN, February 23. A deputation from the Finance Committee of the City Council waited on Hon. J. A. MiTiar to-day, to object to the provision in the Local Sodies Loans Act, whereby sinking funds muat be administered by the Public Trustee. The Minister replied that the Government brought down the Bill with the idea that by getting fairly large loan on behalf of local bodies consolidated and Government guaranteed, better terms could be obtained from Jenders. If the House desired it, the whole Act could be repealed. From one point of view he would be glad to see this done, as under the Act Government contributed £ per cent, per annum to the sinking fund. The Government would not guarantee loans, unless the sinking funds thereof were paid to the Public Trustee. In his capacity of member for the district, he would place the Corporation's views before the Cabinet as strongly as he could. In whatever decision Cabinet came to thereafter, he would, of course, be bound to uphold them. If the City Council petitioned Parliament, the matter would be gone into by the Government, who would be influenced in any subsequent action by the report of the Public Accounts Committee.