Our Member
»» In the debate on the Government Loans to Local Bodies Bill, Mr Macarthur, the member for Manawatu, pressed on the Ministry tho desirableness of allowing Local Bodies, who had borrowed under the Roads and Bridges Construction Act, repaying the money in 15 years at nine per cent., to come under tho provisions of the new Bill. At first Sir Julius Yogel was inclined to refuse this, but he has now introduced an amendment in the order . paper to convert these nine per cent, debentures to 4£ per cent, debentures under the new Act. This will enable the Manchester Road Board, if the amendment is carried, to reduce its special rate of one and a sixth of a penny to half that amount. That Board borrowed £18,083 for district roads and the new provision for conversion will therefore be a great relief if passed, enabling the Board to reduce their special rate from £1600 to £800 per annum.
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Bibliographic details
Feilding Star, Volume VIII, Issue 10, 6 July 1886, Page 2
Word Count
159Our Member Feilding Star, Volume VIII, Issue 10, 6 July 1886, Page 2
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