SHANNON BOROUGH.

Shannon News, 10 March 1922, Page 3

SHANNON BOROUGH.

MEETING OF THE COUNCIL

A meeting of the Shannon Borough Council was held on Tuesday night. The Mayor (Mr W. Murdoch) presided, and others 1 present were: Crs. Hook, Spencer, Gardner, Rlchn r.un, Fargher and Murray.' CORRESPONDENCE. A communication was received from the Deputy Chief Inspector of Explosives asking that the Borough Council adjust their by-laws according to the new Dangerous Goods and Explosives Act. It was decided to reply that this matter would be attended to when the whole of the by-laws were under revision at the end of the month.

Messrs. Peters and Co., of Levin, wrote offering to supply concrete blocks for use as building material in erecting the six cottages under the houing scheme in hand by the borough.—The letter .was referred to the Building Committee. THE BURDEN OF OVERDRAFTS.... in a circular letter from the Napier Borough Council it was pointed out that banks in New Zealand were acting in occord in the direction of practically nullifying section 45 of the Finance Act. When a local authority took advantage of the authority given by the above section the bank either reduced the overdraft limit or inserted in the letter granting the overdraft a proviso “that this limit must not be used for the repayment of. moneys transferred irom special loan accounts to the general account.” Local bodies were thus penalised by having to pay 7 per cent -interest on overdraft while the bank rate lor money lodged on fixed deposit is 3q per cent for three months and 3? ner cent- for six months. On these grounds support was asked for in Hie following resolution: — “That the Government be asked to introduce 'legislation providing Uia» credit balances of local authorities on loan accounts shall be set off by the banks against debit on ftthei accounts as regards payment of :n----terest on the'latter accounts. The Council decided to leave the matter for full consideration by the Finance Committee.

GENERAL BUSINESS

Authorisation was given for *he raising of a loan of £BOO for the erection of a dwelling for use by the borough roadman. The offer of the Horowhenua. County Council of 3d per yard for all metal carted over the borough streets was accepted, providing 'that tyres were used in accordance with the tegulations laid down in the borough by-

laws. Accounts amounting to £43 4/10 were passed for payment. The Council went into committee on the subject of the ruling rate of pay for borough employees, but no action was decided on for the present.