LOAN RAISING BY PROVINCES

Dominion, Volume 13, Issue 288, 30 August 1920, Page 5

LOAN RAISING BY PROVINCES

Sir,—ln view of tho urgent need for the completion of railway? and electric power schemes, I wish you to publish these few lines urging the Government to institute a system of special provincial loans for specific purposes. Say, for instance, Taranaki requires to finish tho Stratford-Ongarue railway, and wants it done quickly, then tho people, through their development leagues, chambers of commerce, and county councils, will call on the Government to float a Taranaki provincial loan for that sppcial purpose. This money will be mainly subscribed in the province where tho work is donu, and the subscribers to the loan will have an added interest in tho work, as their money is in it, and they will see that it is spent as economically as possible, it it is found that all tho money required cannot be 6pent in one year, then the loon can bo floated for tho amount which ca .n be economically spent in one year, with the understanding that tiny iame amount will be called for in each subse9'|cut year till the work is finished. The East Coast might be asked . to father the Waikaremoana scheme and tho Ofisborne-Napier railway. When you get the kick of local interest behind such loans, I think you will find that there will bo few and each district wi'l have an added interest in pushing along important national and public works. ,

Some districts might not be strong enough to carry out tho whole of these works. In that case they might l>e asked to subscribe what portion of the loan it was deemed they could stand, according to the general wealth and development of the province or district. Thero are many instances which I could give you, but this should suffice to bring before the public a scheme for provincial and general national development which I think might easily be carried out.—l am, etc., „ . M. E. MURPHY. Patea, August 26, 1920.