A BIG LOAN

Dominion, Volume 13, Issue 7, 3 October 1919, Page 7

A BIG LOAN

!TO, RELIEVE THE-DISTRICT FUND. . Tie Mayer (Mr. J. P. Luke), in 'urging at last .-night's meeting of the City Council the nocessity of raising a loan immediately, gave particulars of. tho works, which had. been-paid for out of the district frind. Tho amounts, set out iu the schedule were as follow:— Street widening, .£13,516; drainage of outlying districts, .£15,048; laud acquir. Ed for 'housing, *£17,836;' purchase of Consolidated Dental Company's buildTotal, i£s4,fiOO. In addition to that amount the 'following further amounts had ]jeen paid out of district fund for capital expenditure since 1912: --Lyall Bay land purchase, ,£16,028; Kilmrme Recreation Ground formation, =£9527; Day's Bay purchase, xaiMi} land at Stolro Street, ,£2050; Hall's lease (market reserve), .£1500; Ross's - lease (market reserve), ,£1300; • Ngahauranga quarry, £12fi7; Wilton's, ,£700;. laud .purchased at Island Bay and,Vogeltown, .£2939; total, ,£49,514. Regarding the milk scheme, probably from ,£45,000 to would be required to .finance it. This would mean a 1 total of shout .£IOB,OOO apart from what was required for the milk enterprise. As far as he could , judge, there was not, likely to bo any easement in.tho money market as .regards interest, and' he .thought that the matter of the loan should bo gone into before nex I 'meeting. The council approved of tho .Mayor's, proposal to go forward with-Ihe raising of the loan, which Teally means the .consolidation of a number of nnaller lqunsl