£22,700,000 LOAN

Waikato Times, Volume 125, Issue 20886, 18 August 1939, Page 6

£22,700,000 LOAN

STATE FINANCE PUBLIC WORKS PROGRAMME DEFENCE EXPENDITURE £3,500,000 HOUSING PROVISION (By Telegraph.—Press Association) .WELLINGTON, Friday Authority for the Government to borrow a total of £22,700,000 for public works and housing is contained In the Finance Bill which was introduced by the Governor-General’s message In the House of Representatives today. This money Is required chiefly to carry out the public works programme outlined in the budget. Ofie clause empowers the Minister of Finance to borrow £15,000,000 for public works. This is to be borrowed against the security of the public revenues ol' New Zealand, and is to bear interest at the rate prescribed by the Minister. It is to be used as follows : Construction of railways and additions to open lines. Additional rolling stock. Telegraph extension. Construction and improvement of roads, tracks and bridges. Construction of irrigation works. Erection of public buildings includ • ing schools and oilier public works 'including administrative charges). Defence Items A clause also covers expenditure on defence purposes, including the acquisition and improvement of land ami aircraft armaments, vessels equipment, stores and other requirements. The Bill empowers the Minister to borrow £2,200,000 lor the construction ol’ main highways; £3,500,000 for housing purposes; and £1,000,000 for electric power works.