UNEMPLOYMENT.

Hokitika Guardian, 22 April 1922, Page 4

UNEMPLOYMENT.

CHEAP MONEY EASES SITUATION.

WELLINGTON, April 20

The shadow of unemployment which had commenced to loom heavily in Wellington is being lightened bv the prospects of cheap money, making il possible to proceed with active work on much needed public improvements. The .Mayor of Wellington has received a cable from London bankers stating that the eoi poration loan of £oß,') f'oo whieli lias been iiiilcrwritteii. will I. issued this week at £1)8. The rain of interest is fit per cent, which the .Mayor suggests justifies the corporation's delay in placing . the loan on I!,:: market, as it was originally decided to pay up to lit per cent:, hut a reduction had been made possible by last session’s legislation. It is intended also to raise £70,000 locally at (it per cent in instalments, which will be used for constructing an important new road giving quick access to Khnn(lallali. a bill'suburb now reached with difficulty by rail. It will be possible h.v a, short hill road and a eahki tramway to bring a large area of new country, mostly unbuilt on within fifteen minutes’ ride of the city. The great bulk of the expenditure will lie on labour, and the co-operative contract system will he followed with the idea of utilising unemployed. A co-operative works office has already been established. Another work of magnitude is the new electric power house on the bar) hour site.