CAPITAL CHARGES.
DESIRE FOR REDUCTION. AUCKLAND TRANSPORT BOARD. EMPOWERING BILL PASSED. (By Telegraph.—Press Association.) WELLINGTON, Thursday. The Auckland Transport Board Conversion of Loans Empowering BUI (Mr H. G. R. Mason) was considered by the House of Representatives this evening. Mr Mason said the bill was a desire to secure a reduction of capital charges, and to achieve that end it had been originally proposed to give the Transport Board power to convert Its leans. However, following a conference with the City Council, the board decided that the better way was to reduce charges by reducing the amount of the sinking fund. Actually, ratepayers had voted for only a 1 per cent sinking fund, although the Auckland City Council had paid 2* per cent. Had the matter rested there, the 1 per cent payment might now he reverted to, but according to the constitution cf the Transport Board, It had to continue paying th? same sinking funds as the City Council had previously paid. The higher rate could be paid when revenue was buoyant, said Mr Mason, but In these times the position was not so easy, and it w r as expedient to revert to the amount of the slnkirig fund that the ratepayers 'had originally authorised. The bill was put through all stages and passed.
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Bibliographic details
Waikato Times, Volume 113, Issue 18879, 24 February 1933, Page 5
Word Count
216CAPITAL CHARGES. Waikato Times, Volume 113, Issue 18879, 24 February 1933, Page 5
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