LOCAL BODY BORROWING
Mayor Expects Difficulties
(N.Z Press Association) AUCKLAND, May 4. The action of the Minister of Finance (Mr Lake) in raising the interest rates for Government and local body loans to the same level had placed local bodies at an even greater disadvantage, said the Mayor of Auckland (Mr D. M. Robinson) today. “Until recently, local bodies had a margin of 1 per cent over Government loan rates.” he said. “In the last Budget, that was reduced by 50 per cent. “It was almost impossible then for local bodies to raise their requirements from the loan market. “Now, I feel that until the margin is restored, it is going to be even more difficult.” Mr Robinson said he believed Mr Lake must soon restore the margin so that local bodies could obtain the finance required for essential works.
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Press, Volume C, Issue 29505, 5 May 1961, Page 14
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140LOCAL BODY BORROWING Press, Volume C, Issue 29505, 5 May 1961, Page 14
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