TUAKAU.

Pukekohe & Waiuku Times, Volume 6, Issue 255, 2 March 1917, Page 1

TUAKAU.

TOWN BOARD'S DILEMMA. LOAN MONEY UNOBTAINABLE TheTuakau Town Board has been placed in an unenviable position by finding it impossible up to the present to raise the £12,000 loan, or any part of it, as recently sanctioned by the ratepayers. The loan, it will be remembered, was designed and voted on as for 36 years at 5] per cent interest plus one per cent sinking fund and it was thought that those terms would not have been attended with the difficulty that had occurred over the Pukekohe loan, in which case the Borough Council was informed that the Government could not advance money on a ten years' loan at 5-]- per cent but could do eo on a long-dated loan.. Indeed a provisional promise was given the Tuakau Town Board that the money would be found by the Public Trust Office. However, when formal application was made the Department's reply was that noney was not available. Then after unsuccessful applications in one or two other quarters hopes were entertained that the loan would be forthcoming from the A M.P. Society but information has now been received that the Directors of that Society are unable to entertain the proposal. The position of the Board is that certaiu liabilities have been incurred in anticipation of the loan money being available and unless some portion of it can be secured the Board is faced with the prospect of finding itself in excess of its legal overdraft at the end of the current financial year, viz , on the -31st inst. Further, the works as authorised for Ryder's road are urgently necessary. A sum of £2OOO would suffice fur requirements for some little time and in the hope that under the circumstances such sum may be obtainable from some Government source MrDynes Fulton (the chairman of the Board) is to pay a visit to Wellington.