EARTHQUAKE LOANS

Hawke's Bay Herald-Tribune, Volume 81, Issue 44, 15 November 1937, Page 6

EARTHQUAKE LOANS

Harbour Board Asks For Remission . BURDEN ON RATEPAYERS The Napier Harbour Board. , at its mnnthly meeting to-day, passed a resolution authorising the chairman, Mr T. M. Geddis. to discuss the earthquake loan indebtedness of the board with the Government. . - This action followed the receipt „of advice from the Minister of Ifinance. the Hon. Walter Nash, tnat the Government was unable to make any remission of the loans, totalling £30,500, but that inierest would be reduced. frona 4 per cent. to 3^ per cent. Mr Geddis presided over Messrs A. E. Jall. R. McLean. E. J. Herrick, T. L. Gordon, H. R. Peacock. E. Williams, L. E. Harris, R. D. Brown, P. E. Higgins, L. Stephenson, J. Barker and N. P. Eriksen. ' ' The loan moneys were devoted to the .restoration of earthquake damage, inciuding £8.500 bank over'draft incurred for the saine purpose," stated Mr Geddis. "While admitting that 'the Government is entitled to require the loans to be v xepaid in . accordance .with the original arrangements, I feel justified iii saying that these arrangements were made at a time when. the emergency eonditiens 'then ph/vailing rendered -it imperative. that finance should be made available immediately to the local bodies alfected by the disaster, and that the terms then imposed were an ex-^ pedient to proteet the position, pending i'ull and proper' consideration of the circumstances.' "I'believe it was the intention to review these loans &ympathetically at the end of the interest-free .period, and, having regard to. tiie magnitude of the misfortune s-uffered by the local bodies in common 'with th'e individual, I feel it would be an appropriate and gracious gesture on the part of the Government if it decided to". reli'eve the ratepayers of this reinaining earthquake burden."