CITY FINANCE
£40,000 FOE THE TRAMWAYS; Speaking of finance at last nigbt'l meeting of the City Council, the Mayor (Mr. J. P. Luke) said that arrangements had. been made to obtain £40,000 for the tramways undertaking, and the money would be available at any time during the next two years. The council's liability for interest would be in proportion to the amount of money taken up. _ The money would not affect the ordinary overdraft-, and with this £40,000 and the ordinary overdraft they wore going to keep within the confines of the Act. They wore about to experience a, strenuous time, and the council and the people would have to reconcile themselves to the postponement of a. lot of works which, in other circumstances, would be considered necessary. It would be absolutely impossible to carry out such works. As far as the tramwaj6 were concerned, however, the finance was assured for the nest two years, and the system oould be kept efficient. It was subsequently stated that the £40,000 would be raised from the bank on the same terms a 6 the. ordinary overdraft.
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Dominion, Volume 8, Issue 2497, 25 June 1915, Page 8
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184CITY FINANCE Dominion, Volume 8, Issue 2497, 25 June 1915, Page 8
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