Antecedent Liabilities.
JOINT LOAN PROPOSAL FAILS. AVELbINGTON. June To. A proposal that tho local bodies of New Zealand should combine in trying to obtain a joint loan for the purpose of paying off their liabilities existing as at March 31st, 1922, was discussed at ft conference of representatives of borough councils held here to-day. The conference was convened by the Patca Borough Council, and the Mayor of Paten presided. The local bodies reported to favour the scheme, with the amount of their antecedent liabilities, are:—Patea, £7200: Dargaville £13.764; Petone £16.357; Te Kuiti £12.196; Feilding. £9545; Kltliam, £7,258; Te Arohn, £7000; Piikekohe, £2901; AA’estport, £4,400; AVaihi, £6290; Green Island, Cl 300.
The bodies represented at the conference were;—Puton. Dargaville. Petone. AA'estport, and Te Kuiti.
The chairman said that the Government had decided that, local bodies should henceforth live within their means, but had taken action in that respect at tho worst period in the country’s history. "It was stated that there was no chance of the Government guaranteeing any local body’s loan, hut that, the Public Trust Office, would he ready to assist in advancing money to "allow local bodies to meet their antecedent liabilities. Tlie conference adjourned in order
that representatives of local bodies might interview the manager of the Bank of New Zealand. AA'hen the conference resumed, it was reported that as a result of information gained from tho general manager of the Bank of New Zealand as to the high rates of interest ruling in London, there was nothing to gain by going on the London market for a combined loan, which would be for less than £100,090.
Mr llornblow said lie thought the best thing to he done was to close the conference with a view to the local bodies taking individual action to borrow from the Public Trust Office.
Mr McEwan said it was apparent the most important local bodies were going to art on their own, therefore it was useless talking about combined action.
Mr Tlornblow’s motion was carried and tho conference closed.
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Hokitika Guardian, 20 June 1922, Page 1
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338Antecedent Liabilities. Hokitika Guardian, 20 June 1922, Page 1
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