THE LOAN PROBLEM.

Pukekohe & Waiuku Times, Volume 1, Issue 16, 26 June 1912, Page 1

THE LOAN PROBLEM.

♦> SHORT DATED DEBENTURES SUGGESTED. Finance was again a prominent subject at the deliberations of the Councillors on Wednesday night. First of all the Committee, who were appointed to get information regarding a loan were asked for their repoit. Cr. Comrie said he had gone to Auckland, but Cr. Lawrie had not " turned up." " Well, I didn't think it was any use putting the Council to expense, for my time is valuable—two guineas a day," jocosely explained the Councillor who had not " turned up." Cr. Lawrie explained that in conversation with the manager of the local branch of the Bank of New Zealand he had been informed that there was no cbjif>, culty in getting a .'oan rate of interest was high enough Furthermore, the manager jlornted out it would well to find oufiji the people wanted a loan before arraSng. The Mayor remarke I he had-.-flpo seen the banker. The banker thojiijfc the Bank could raise the muuifl A or | per cent at a rate of interJH 5 per cent. The speaker might be well if the Bank woul I undertake to negotiate the loan. Th j y could raise it on three, four, or five years' debentures, and they would redeem them when money was easier. " Money wo must have if we are to pay our accounts. There is no getting away from that. As soon as we get Mr Patterson's report we can see what we owe." He favored raising the money at 5 per cent provided it was for a short term. He thought under the circumstances the Committee did f Well 1.-j uu\, ;; ; o, .'.,-, mcO. I .V ,:.;ti< . ~i; ;.