PLAINS MACHINERY LOAN

Hauraki Plains Gazette, Volume XXXIII, Issue 4412, 10 May 1922, Page 1

PLAINS MACHINERY LOAN

THE COUNCIL’S POSITION.

The present state of affairs existing in connection with the Hauraki Plains County machinery loan was explained in a letter from 'the County Olerk, Mr E. Walton, to a business firm. The letter was as follows :

“The present position with regard to our machinery loan is that the petitioners against the, loan have moved in the Supreme Court at Auckland for a mandamus to the magistrate to direct him to hear the petition, which he dismissed because he accepted my argument that the same was not filed within the period allowed by the statute for that purpose. I have endeavoured to get the motion heard as soon as possible, but no judge will be available until well into next month. You will agree that it would be improper to take steps to borrow the money while the petition is not finally disposed of. I have in meantime applied for and obtained the Gover.nor-Genera.Ts consent to borrow the money, and have also applied for authority 'io raise the money at a rate of. interest not exceeding 6% per eent. By the time the motion for mandamus is disposed of, and assuming the decision is in our favour, we should be in a position to go upon the market for the money.”