LOCAL BODIES' SINKING FUNDS

Taranaki Daily News, Volume LII, Issue 26, 24 February 1909, Page 2

LOCAL BODIES' SINKING FUNDS

By Telegrcph.—Press Association. Dunedin, Last Night. A deputation from the Finance Committee of the City Council waited on the lion. J. A. Millar to-day to object to the provision in the Local Bodies Loans Act whereby sinking funds must be administered by the Public Trustee. The Minister replied that the Government brought down the Bill with the idea 01 getting fairly large loans on behalf of local ibodiea consolidated, and Government-guaranteed, better term» could be obtained from lenders. If the House desired it, the whole Act could be repealed. From one point of view, he would bo glad to see this done, u under the Act, the Government contributed >/« per cent, per annum to the sinking fund. The Government would not guarantee loans' unless sinking funds thereon were paid to the Public Trustee. In his capacity as member for the district, he would place the corporation's views before Cabinet as strongly as he could. Ip whatever decision Cabinet name to thereafter, he would ,of course, be bound to uphold them. If the City Council petitioned Parliament, the matter would be gone into by the Government, who would be influenced in any subsequent action by. the report of the Public Accounts Committee.