THAMES COUNTY LOAN.

Hauraki Plains Gazette, Volume XXXIII, Issue 4377, 13 February 1922, Page 4

THAMES COUNTY LOAN.

& . ADVANCE OF £6OOO. A WELCOME INTIMATION. The visit of the chairman of the Thames County Council (Cr. H. Lowe) and the clerk (Mr H. T. G. McElroy) to Wellintgpn recently on council business appears to be bearing sweet fruit. A favourable recommendation has been made to Partial ment in respect to timber halves, and further evidence of the good worn done by the Councils’ representatives in Wellington came to light at Wednesday’s meeting of the Council al Thames. A welcome letter was received from the Hon. J. G. Coates, Minister in charge ofi the Public Trust Office, in reference to the longstanding £6OOO loan question as follows: “The Public Trustee advises me that he.is now in a position to entertain your Council’s application for an advance of £6OOO, being a portion of £50,000 already authorised by the ratepayers. 1 ‘‘The Public Trustee states that it is assumed that the £6OOO is to be raised for the purpose of purchasing the necessary plant and vehicles to . carry out the various works for which the loan of £50,000 was . sanctioned, although part of the money already received from the State Advances has been temporarily utilised in payment for the machinery in question. i “The questi.on of granting advances . by the Putflic Trust Office is one* that rests entirely' with the Office Investment Board, and the Public Trustee advises me that the application will be placed before that board at an early date, and the Board’s decision 1 duly communicated to you.” | ADVANCE AGREED TO. | A subsequent letter was received i from, the Public Trustee. stating that [ the Investment Board had agreed to advance the £6OOO at 6 per centum per annum, plus ‘2 per cent, sinking fund, for a term of ten years. The chairman j(Mi\ H. Lowe) commented that the fact the loan being short-dated was an advantage, -even though the sinking fund rate was high, for it was possible that, interest would ultimately come down tp 4 per

cent. | The clerk was instructed to apply I for the money. \ ! MAIN ROAD SUBSIDIES. I Cr.. McCormick asked whether pt would be. advisable to approach the I Government for the subsidies for the . main road. I The chairman said that if it were pointed out that the plant, etc., was all in readiness for work, which could be gone on with now that the £6009 was assured, provided that the. subsidies came to hand. He thought the Council could make the road one of, the best in the country.—Application to be made.