SEWERAGE WORKS
Reiter Loan Response
i In the fortnight since the . Minister of Finance (Mr Lake) announced that the interest rate on local body loans had been increased to 5 per cent., the Christchurch Drainage Board, which has a serious shortage of loan money, has received £50.00C from investors. In the whole of last month, the board received only £2450. and the earlier fallingoff of loan subscriptions led it to decide not to enter into i new commitments, although some were planned and ready to go to tender. Mr T. A. Tucker, the board’s secretary-treasurer, said last evening that the board was grateful to investors for their awareness of the board's difficulties and the importance of its work. The board was not yet "out of the wood” but if the rate of subscription was maintained. it could look aga'n a' a resumption of its development programme to serve the areas needing sewerage. However. there was a lot of leeway to be made uo because of the enforced halt to the board's programme when money became so scarce tha 1 it appeared that even presen' commitments could not be met for long.
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https://paperspast.natlib.govt.nz/newspapers/CHP19610520.2.123
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Press, Volume C, Issue 29518, 20 May 1961, Page 10
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191SEWERAGE WORKS Press, Volume C, Issue 29518, 20 May 1961, Page 10
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