THE HUNUA LOAN.

Pukekohe & Waiuku Times, Volume 2, Issue 118, 12 August 1913, Page 1

THE HUNUA LOAN.

Sum of £ISOO Granted. This matter was dealt with at Thursday's meeting of the Franklin County Council. The Deputy Superintendent of the State - guaranteed Advances Office acknowledged application for £L>OO loan for widening - , forming and metalling certain roads. "In reply, the Boaid has resolved to provisionally approve the same at the rate of 4\ per centum per annum, exclusive of sinking fuud. The half-yearly instalment in respect of principal and interest will be £2 lGs Id for each £IOO of the loan, less the percentage (1 per cent) provided by sub-sections .'! and 4 of section 9 of the New Zealand Stateguaranteed Advauces Amendment Act, 1912."

The Public Trust OfhV, which had been approached, advised its willingness to entertain the loan at 5 per cent, plus 1 per cent sinking fund, for 36 years. The offer of the State-guaranteed Advances office was accepted, and the application papers were forwarded.

In explaining the arrangements that had been made Cr Campbell said that the rate struck to cover the required money was one-third of a penny, but since the loan had beeu raised upon such favourable terms only one-eighth of a penny would require to be collected, which would be a saving of 2.5 per cent. The chairman said the money was very satisfactorily raised at the present time. Ho moved, That Cr Campbell's action be approved. Tnis was seconded by Cr Wilcox and carried.