INVESTMENT OF SINKING FUNDS.

Dominion, Volume 2, Issue 424, 5 February 1909, Page 5

INVESTMENT OF SINKING FUNDS.

"COLLAKED" BY THE GOVERNMENT ■ . .At the meeting of 'the: Miramar Boroueh ment Aot IWR Tisr« a J- Bodles • ] V oans •Amend-fh»HSiJ.;-i'ii.v provided that, after 100 passing of the Act, the Public Trustee alone "j*?," I MjPOfted•'the".commissioner of the T ?nn\ nS R ' t any «* oan undfer The Local Bodies Loans Act, 1908, and- that the moneys of such funds might only be invested in' i T ed ■ W'Govern* ment. .The oounoil Was of opinion that the pro. vision .was unpecossary, and- would operate pre-' judicially m the interests of local bodies, as sinking funds could be .invested on pevfeotly sound securities at, considerably higher rates interest than were paid by the Government, and that the -power, to sinking, fund commissioners other than the Public Trustee should bo restored. The council asked if the Miramar Council would co-operate in endoa. youring to obtain amendment or repeal of the .eeotion during-next session of Parliament .Th* Mayor (Mr. C. J. .Crawford) remarked that lie considered the general tendency to our. tail the' powers of local authorities-was quite a l wr6ng pdlidy, and this had been the tendency for some years. The opinion which he held was the same as that which had been expressed tflpeatedly in all parts of the country. Ho saw no reason why each municipalitv ehould not manage its own sinking funds, arid lie wns iu favour of extending the powers of muniepialities, not of curtailing thern.- He looked upon it as nothing, more or less than a dodge on.the part of the Government to' collar all. tho. sinking funds. The council would agree with tho 1 suggestion of the Christchurch Counoili aid expressed its willingness to co-operate with other municipalities. ' ■ ; A motion to this effect was carried.