SINKING FUNDS.
COUNCILLOR .M'KENZIE'S SCHEME, Speaking' to a Dominion repressntativa yesterday, Councillor Len. M'Kenzic ex* plained the reasons which actuated him inl putting forward a scheme that tlvo Wellington City Council should enter into negotiations with other municipalities with tho view, of making a reciprocal arrangement so that such bodies may invest their sinkiiig funds in each other's do bentures. "It is quite a new movement far as sinking funds are concerned," said Councillor ll'Kcnzie, "and will take timo for local bodies to consider. If such a schoiac is adopted, we will get money in New Zealand, and the interest will be spent in New Zealand. At present tlw interest on the loan money of municipalities amounts to a large sum, and is all 6p?nt out of the country." Tlio schemo would have more effect in the future, wont oil Councillor M'Kenzie, as local bodies increased in size. Ancleland city,;for instance, was bound to be» coma Greater Auckland; and in that instance, as in others, siiildug funds would grow also. Tho proposal was before the Finance Committeo of tho City Council yesterday: afternoon, and will come before the council at its meeting to-morrow night.
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Dominion, Volume 6, Issue 1809, 23 July 1913, Page 6
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194SINKING FUNDS. Dominion, Volume 6, Issue 1809, 23 July 1913, Page 6
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