RANGITIKEI LOANS.

Dominion, Volume 3, Issue 886, 4 August 1910, Page 4

RANGITIKEI LOANS.

DEPUTATION TO THE/PREMIER. Certain loan transactions were the subjeot of a deputation from • the. Rangitikei County Council consisting of the chairman (Mr. Simpson), the clerk (Mr. 'Richardson),' and the engineer (Mr. Mair) to the l'rimo Minister (Sir Joseph Ward) yesterday. It was explained that loans of d£3200 had been granted to the county under tho Loans to Local Bodies Act. Owing, however, to the statutory limit of JEGOUU in tho case of counties, and the passing of the State Guaranteed Advances Act, the money despite the fact that . the council had been advised that it was available, could not be paid over until the financial year expired. The council asked that it should be granted the sum in question on the old lines, i.e., 3i per cent, and the Government to provide the sinking fund. . . The Prime Minister replied that this case, in common with some others of a like character, • would, as announced in the Budget, bo met in legislation to bo introduced this session.

Sir. Simpson: Suppose the legislation is not approved? Sir Joseph: You might as well suppose that the end of the world may come, for I think that it will be' approved without any difficulty. Members of the deputation also pointed out that the council had taken partial steps under'the old Act for tho iaising of three loans totalling .£BOO odd. Could anything be done to meet such cases? Sir Joseph: I will reply by lettei. :'