WANGANUI CITY
£121,475 LOAN FLOATED
WANGANUI, May 24
Strong 'exception to a suggestion t~.. Wanganui was approaching bankruptcy and to coupling the name of Wanganui with that of Thames was .taken by the mayor, Mr N. G. Armstrong, at a meeting of the Wanganui City Council to-night.
During the di'seussion on a motion to reduce salaries of highly-paid officers in the city service, Mr Armstrong said he considered that Wanganui was one of the few local bodies which had succeeded in the negotiation of a loan in London within the past few weeks. The city was prob ably in a better condition than any other city, town or borough in Ee>. Zealand.
Reports of the Auckland riots when received in England had retarded the underwriting of the loan, but with some readjustments! the loan of £121,475 had been completely underwritten, and this after 'the bank and Ircasuiy had stated that in view of the recent experiences of other local bodies the loan would probably not be negotiated. Tile motion was lost.
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Hokitika Guardian, 28 May 1932, Page 3
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171WANGANUI CITY Hokitika Guardian, 28 May 1932, Page 3
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