GUARANTEED ADVANCES.

Taranaki Daily News, Volume LII, Issue 343, 19 March 1910, Page 5

GUARANTEED ADVANCES.

«. LARGE NUMBER OF LOANS PASSED. By Telegrnph.—Press Association. Wellington, Last Night. in an interview with a X.Z. Times representative last evening, the Prime 1 Minister (Sir Joseph Ward) said that > the State Guaranteed Advances Board I had met during the day. Sir.loseph | presided, and the .vliolo" of the members (Messrs Poynton, Warburton, Salj niond, Kember and Dr Fkehctt) were present. A large number oi loans for . local public bodies for various purposes were considered, and loans Were* I provisionally approved to the extent of £012,000. The preference was given to • local bodies applying for moneys for roads, bridges, sewerage, drainage and water purposes, and those local bodies ; meeting hnckblock requirements were ; first considered. Where the securities I were rignt the applications in each case , were granted. j Sir Joseph also stated that the whole ! of the loans were granted at 3'/ a per I cent interest, with a sinking fund as | provided under the Act. The Prime Minister mentioned that some idea of the value of the new svstem to local 1 bodies might be gauged'from the met that the amounts authorised at to-day's board meeting totalled more than three times the whole amounts granted during any one year under th<> oil S ysI tern of the Loans to Local Bodies Act. I The loans authorised ranged from j £3OO to £OO,OOO. These "amount*, , , wnen expended by the various local bodiesin tneir centres, will mean the ( provision of many necessary works, and | will add to the comfort and conveniI Tfi. „ the peo P ,( ' in different portions of the Dominion. The. local bodies dealt with covered the whole of the Dominion trom the north or Auckland to the Wallace district in the far sr.uth The i various public .bodies will be advised to-morrow of the result of their anpli- | cations. • F