LOANS TO LOCAL BODIES.
NO MONET FOB "LUXURIES."
It has been decided by tho State-Guar-anteed Advances Department that in future no loans shall bo'granted to local bodies which ibave either had a loan previously or have borrowed up to JjyOp. The Department points out that already the amount of funds available is not surficicnt to fulfil the requirements, and in consequence- the above course has to- be adopted. The office is still refusing to lend money for the purpose of paying off debts. It points out that tho locsl bodies in New Zealand wo .£16,000,000 apart from what they have borrowed from.tlw Government, and if loans were granted by the Department for tho purpose of discharging those liabilities , the amount required would be greatly in excess of tho amount that the Departments eon lend annunllv. Further, no loans aro made for electric light, tramways, or , other municipal luxuries, and is confining jta loans, -ns far as possible, to such useful works as tracks, roads, bridges, drainage, and water supply.
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Dominion, Volume 5, Issue 1442, 17 May 1912, Page 6
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169LOANS TO LOCAL BODIES. Dominion, Volume 5, Issue 1442, 17 May 1912, Page 6
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