A BIG SAVING
(Press. Assn.-
REDUCTION WILL MEAN £200,000 TO LOCAL BODIES MINISTER'S STATEMENT
— By Telegraph — Copyright).
Wellington, Wednesday. A saving of approximately £200,000 is estimated to result to local bodies in New Zealand from' tbe reduction of interest on local body debentures held in New Zealand. It was pointed out to-day by the Minister of' Finance (iRlt. Hon. J. G. Coates) that local bodies would be able, as with the original stamp duty, to utilise the reb.ate in a reduction of rates to their ratepayers. Actually, at.the conclusion of the major internal debt conversion, the conversion of the indebtedness of "individual local bodies could be undertaken. This would he carried out on the basis of an interest yield of a minimum of 45 per cent. The varying conditions of local bodies in respect of rates of interest, maturity dates of sinking funds and security on which money is borrowed, j especially in special ratdng areas, render it advisable for each local body to formulate its own scheme for con- j version and provision to enable this to be done will be made in the bill. I I
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19330302.2.38.1
Bibliographic details
Rotorua Morning Post, Volume 2, Issue 470, 2 March 1933, Page 5
Word Count
188A BIG SAVING Rotorua Morning Post, Volume 2, Issue 470, 2 March 1933, Page 5
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