THOUGHTS FOR THE TIMES.
THE BORROWING PROBLEM. In the case of a young country such as New Zealand, when the Public Works policy was initiated, there could oe no doubt about the wisdom of external Lorrowing, and to some extent i.ie same principle applies nowadays in regard to local body finance. But now two new factors have entered into tne financial situations. There are large amounts of local capital awaiting investment but at the same time, if we deplete our financial resources for the benefit of local bodies, the amount of capital available for the purposes of ordinary commercial and industrial development is limited, and the financial stringency so noticeable* to-day is thereby aggravated. The conclusion reached by the E onomic Society, that “it would have been in rue social interest” to raise a larger percentage of our local loans abroad, seems entirey justified, especially ir view of the need for exploiting more vigorously our still undeveloped resources. —Auckland Paper.
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Hokitika Guardian, 6 November 1929, Page 4
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160THOUGHTS FOR THE TIMES. Hokitika Guardian, 6 November 1929, Page 4
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