LOCAL BODY LOANS
-Press Association.) .
Fixed Rate of Interest Unacceptabie
(By. Teleeraph
DUNEDIN, Last Night. It was reported to ' the Harbour Board last night that • flnancial eccommodation for • local body loans - at 3i : per cent., the intere,st" rate fixed, was .. unacceptabie; to flnancial _ institutions, and the chairman stated that ' if 1 tha Loans Board insisted on the 3i per cent. rate the Government should make provision for funds for local bodies, whose securities were sound. Mr. J. B. Waters stated that tha board had made exhaustive inquiries to get lenders to -consider the proposition, but had to make a temporary arrangement with . the Bank of New Zealand at 4i per cent. to tide them over till they could raise the money. The only way the rate for large borrowers could be kept down to 3$ was for the Government to make provision with the Eeserve Bank for _special funds . for local bodies.
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Bibliographic details
Hawke's Bay Herald-Tribune, Volume 81, Issue 2, 25 September 1937, Page 3
Word Count
152LOCAL BODY LOANS Hawke's Bay Herald-Tribune, Volume 81, Issue 2, 25 September 1937, Page 3
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