LOANS TO LOCAL BODIES.

King Country Chronicle, Volume IV, Issue 205, 4 November 1909, Page 2

LOANS TO LOCAL BODIES.

An important i>s]„ :: the : revisions of the A:;vs.r.ces Bkl in regard to ths to. ioc&I todies was discusser. at an :r.:.:••••;:c-tweer. the Prime 31 in inter .. a denotation representing a number of --it." todies in the \Y- hi: ' • •• .. i Mr \v • . :v . ■: • ;•••:. km- : he d;piitat: n -m:: mat . '• r the present a. .i or ." : y I council could "rJ-ir three- terms j of repayment of h:tn interest sr.:. principal, viz.. 2d ymm. at -r . v.. : 32 years at 4 p&r cent. : or 41 years ■<.. 3i per cent. The vheie kk . "ar extinguished at the end of t.tis-:- terror the necessary sinking fttnds teir.g provided by the Government. hrnrinr the year 1907-8 the Govr mntt oontritutior.s to these sinking trnm anttrnted to nearly £40,0C0. krhr the r.etv bill, however, ic seemed that rite .real bodies, in addition to prying 31 per cent, interest. aiso provide a sinking fund of a: Gam 1 per rent for 36J years v. ken the- i-.m work". he extinguished liius h.r ktat term ike local bodies wrr ' r r.y as against 8-r per cent, for 41 yet.:--. • ; a: present. The effect of the kkk it seemeu. -.vculcl be to save the Con?o'.:natc-d Fund st the expense of the koro.l r takes. lie siso referred to the -prestizr. or harbour boards in the inter; retatrtr o.artse of tiie new Biii. "hkmmm" znoiueied "harbour district." h ttt "mca. bodies'' were defined a; running cn.y bodies empowered to rat-o ::rss. Sir Joseph sail it proposed to repeal the prot _rr prrm a.together. There was r.c-\. km :-.i c.-.t-.st intention on the part of tit; Gwernmont to extend the r resent pramme c-j paying the sinkir.c km-t mrgc system which it was pr ptrtr t: tr anzrrate, ar.d which w.ye:.taps ram into Into 1" p ~ in tm_- ttrrse ot a few that had keen asmm: t-r ::y tke toea"