COUNTY LOAN PROPOSALS.

King Country Chronicle, Volume VII, Issue 539, 5 February 1913, Page 5

COUNTY LOAN PROPOSALS.

MONEY FROM PUBLIC TRUST OFFICE* In the present state of the money market it is gratifying to learn that the Waitomo County Council has just received the approval of a loan of £1250 from the Public Trust office. Interest is at the rate of 5 per cent, with a sinking fund of 1 per cent, attached. The loan is for the purpose of metalling the Mangaorino road from the end of the present metal to Hangatiki station, and a subsidy has already been provided for the work. It is understood the settlers in the Kumara rating area at Aria are making application for a loan on similar terms. A subsidy haß been grantd for that district also, and the raising of the loan means that double the amount raised will be available for expenditure on the road. Considering that :)he rate payable on loans from the Government is 5J per cent , interest and sinking fund, the terms offered by the Public Trust Office must be considered highly favourable. In cases where subsidies are provided the ratepayers will only be paying at the rate of 3 per cent of the whole amount provided, and at that rate of interest Bottlers will certainly consider themselves justified in borrowing for roading purposes.