EARTHQUAKE LOANS

Gisborne Herald, Volume LXVI, Issue 19987, 12 July 1939, Page 16

EARTHQUAKE LOANS

NO FURTHER RELIEF REPLY TO LOCAL BODIES AY AIR 0 A’S REQUESTS (Special to the Herald.) WAIROA, this day. The following advice in connection with it'he representations of the Wairoa Harbour Board and other local bodies ithat the Minister of Finance should further review the question ol the repayment of the earthquake loans, was received from the acting Minister of Finance, the Rt. Hon. M. j Savage, at the monthly meeting of the Wairoa Harbour Board yesterday:— “With reference to your letter of May last 'addressed to the Minister of Finance, I have pleasure in informing you that your representations regarding the * loan granted to your board under the provisions of the Hawke’s Bay Ear.tnquake Act, 1931, have been considered by the Government, which has reviewed the several requests made in relation to -all the loans advanced to local bodies under that Act. “With a view to granting some relief on the annual payments, the Government hias decided to allow these loans to be repaid over the original repayment periods, with the stipulation, -however, that no such term is to exceed 25 years. So far as your board is concerned, therefore, the loan of £4OO will be repayable in or/ instalment of £2B 11s 7d on July 28 next, and in 13 half-yearly instalments thereafter of £2B 11s ad each. These repayment dates are in accordance with the letter of April 5 last forwarded to you by Mr. Nash.”