£750,000 LOAN FOR CITY
TO BE PLACED ON LONDON MARKET
THE COUNCIL’S DECISION The City Council, at its meeting last night, decided to go upon the London market for a £750,(W0 loan. The deci-' eion was reached in committee. When the council resumed in open meeting, and it was moved that the committee business should bo confirmed, Councillor Forsyth complained that the Finance Committee had failed to bring down any report on the matter, and that no details of the loan schedule had been given to councillor. Councillor H. D. Bennett moved tho following amendment: "That confirmation of the report of the council in committee in so far as it relates to th* question of the amount of the loan to be placed on the London market be postponed to a special meeting, to be called by the llaybr in order that full information as to allocation of such amount may to provided." Councillor C. J. B. Norwood said that the only point in the discussion was whether the council should borrow £750,000 or £500,000. This depended on what councillors thought about the probable value of money in. two, three, or foul years' time. Councillor Luckie asked whether it was not better to ask the Finance Committee and the engineer to prepare their allocation on a known basis of what the council was going to borrow than on an unknown basis.
Councillor H. D. Bennett’s amendment vlis lost by ten votes to three. The business done in committee was confirmed.
The Mayor stated at the conclusion of the meeting jhat he intended to ask the city solicitor to proceed at once with the drafting of the necessary resolutions and the prospectus for transmission to the London market. Then he would call a meeting of the Finance Committee as soon as he received from the city engineer the latter’s recommendations for the expenditure of the money! The Finance Committee would consider tho recommendations and would either confirm or amend them. Then the committee would submit its report io a. special meeting of the council. I
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https://paperspast.natlib.govt.nz/newspapers/DOM19210722.2.14
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Dominion, Volume 14, Issue 255, 22 July 1921, Page 4
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344£750,000 LOAN FOR CITY Dominion, Volume 14, Issue 255, 22 July 1921, Page 4
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