NO POSTPONEMENT
SINKING FUND PAYMENTS
(STATEMENT BY PREMIER.
(Per Press Association— Copyright.)
WELLINGTPN, September 26,
'‘There can be no. doubt that, having regard to the purposes for which sinking funds may legally be used, lenders are entitled to regard such funds as part of their security, and the postponement of the annual contributions could reasonably be considered as a breach of faith with the lenders, unless their concurrence was obtained,” said Mr Forbes, in replying to i -passed—-by- .the Ex». ecutive of tlhe New Zealand C°unt',ei Association, asking fob the postponement the repayment of County Council sinking funds for t' v o yean*, owing to financial stringency among counties owing to the non-payment o» rates. The Prime Minister said that It was usual in tha case of local body loans to include in the loan' proposal voting papers the amount of the sinking fund to be set aside for repayment. The lenders taking up the local body securities would ( to som e extent, he influenced by the provision made.
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Hokitika Guardian, 27 September 1932, Page 5
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169NO POSTPONEMENT Hokitika Guardian, 27 September 1932, Page 5
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