LOCAL BODY LOANS
Request To Minister
The Christchurch Drainage Board last evening urged the Minister of Finance (Mr Lake) to increase the rates of interest on local body loans by restoring the differential in interest rates between Government and local body loans that applied in the past. The decision was made on the suggestion of Mr G. A. G Connal when the board was considering the shortage of loan money which has forced it not to enter into new commitments. There had been a good deal more interest shown in the board’s loans in the last week, the chairman (Mr F R. Price) reported. “The increase in investments is such that if it is maintained and we receive the £150.000 loan we have sought from the National Provident Fund, we will be able to meet commitments on our current contracts.” he said. "It does not alter the situation for further commitments There will have to be a marked improvement in loan contributions or some improvements in the conditions under which we can seek finance from financial institutions before the programme can proceed at the speed with which it has in the last few years.”
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https://paperspast.natlib.govt.nz/newspapers/CHP19610517.2.109
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Press, Volume C, Issue 29515, 17 May 1961, Page 14
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194LOCAL BODY LOANS Press, Volume C, Issue 29515, 17 May 1961, Page 14
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