NAPIER MUNICIPAL LOAN.

Dominion, Volume 3, Issue 656, 5 November 1909, Page 3

NAPIER MUNICIPAL LOAN.

AN ADVANTAGEOUS DEVELOPMENT. . iliy Tclccraph.-Surcial .CorrcsDondnnt.) * ■ Napier,' November i, Last year, amidst cousiderable Municipal "; ■< 6itbukiMM';o,th«i.titißpiyers^of!.Napi«.;/aUtho*^.' ; ,V: : .' tsed a loan of JS13$;000 for tho purpose of aa:;..cloctrieal lighting ar>d tramway scheme, niuni« cipal theatre,; and' Other ptiblio. improvements; The loan- «#*• placed for. flotation'in the hands'-": of tho-Bitik ibt Now;.Zcalaild,' but/for variofis; ■"?.'■■■! reasons, it , has not yet been placed* on tH# . " London market; . As events havo turned' out* this has 1 proved d. financial'- blessing in'' dis-'O"-guise. ' f v At. a meeting of-, the Borough Council last evening, ..tho Mayor; (Mr. IJ. -Vigor Brown, M.P.) stated that .ho had : interviewed i.Sir.i/:,Joseph. ,Ward sin regard to -tho loan being dealt*: with under .the State Guaranteed Advances :rv; i Bill." Tho Pnmo. Minister: had, then' stated i that, as far nsrho'could see,- the: matter could [bo dealt, .ftitfc.by. .tho Goverhmcnt.o Ho '■ also interviewed the bank authorities, who) ; : i wero quito- walling- to fall in < with anything*-' ' that* was for -the.'benefit: 9f:.the %orotwh;. Tho I bank had been placed 111 charge of the flota- . I tion, but did not wish to hold tho oouncil to' 1 that. The: Mayor pointed out -that.-'tho'bankf: .A authorities', estimated ~that .the loau.'wbuld ba vSy floated. 111! London at: JE97 10s.; with' 4p per cent, intemti but, undeK' tho 1 Government scheme. tb'e i: moncyi would bo raised ■ at.: par> • t -y. 1 with 31- pei' 1 cent, interest, and- J per cent.' ■: sinking fund. -This "would -'molb in < a?. »(*»•«« siderablo benefit'to'the borough. It was deflided to write.to tho bank thanking,■■ ■: them for tho offer made to.the-M&yor.to ,,rot;< t ; !! cedo from■ tho .• position in regard lx> tho. rais-- ■■ v. mg of th&Mfcaa ..until aftor tho :Mayor hadi ' again interviewed tho Government regarding it,: