LOANS TO LOCAL BODIES.
APPLICATIONS DECLINED
In view of the large number of special loans for metalling purposes which are projected in the district it will interest the settlers to learn that at present there is little use in applications being sent by the Waitomo County Council. The regulation regarding the £SOOO limit for loans to local bodies which was adopted some time ago is still in force, and until fresh arrangements have been made by the Government the Advances Board will not be in a position to consider applications from local bodies which have already borrowed up to the £SOOO limit. When the system of State-Guaranteed Advances was inaugurated . the applications which were received greatly exceeded the provision which had been made by the Government to meet the demand. The available funds were soon exhausted, and in order to meet the requirements of local bodies, to some extent, it was found necessary to limit the amount advanced to each. The Prime Minister has suggested that the various local bodies shall be classified in order to make adequate provision for those districts which most urgently require money for elementary requirements. If this course is pursued there is no doubt the demands of the back blocks districts will be met more fully than is at present possible. The following letter received by the Waitomo County Council in connection with applications for provisional consent to the Waiteti, Mangarapa and Pungarehu loans will convey an idea of the position:— "I have to acknowledge the receipt of your letter of the 7th inst. covering three applications for loans amounting to £250. The previous correspondence that has taken place with reference to the granting of fresh applications for loans, when a local body has exceeded the limit of £SOOO, must convince ycu of the inutility of these applications being made as the position is unaltered. 1 therefore regret that the three applications must be declined. —J. W. POYNTON, Superintendent."
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https://paperspast.natlib.govt.nz/newspapers/KCC19120824.2.6
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King Country Chronicle, Volume VI, Issue 494, 24 August 1912, Page 3
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324LOANS TO LOCAL BODIES. King Country Chronicle, Volume VI, Issue 494, 24 August 1912, Page 3
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