RAISING SPECIAL LOANS

Taranaki Daily News, Volume LII, Issue 389, 14 May 1910, Page 7

RAISING SPECIAL LOANS

A SLIGHT TAXGLE. At the Pariha-na Eoail Board meeting on Wednesday, some correspondence wa.; read, which shows that the Department is evidently still in a state of mucMTe in regard to the new method of raising ■loan*. The matter cropped up when the question -of raising the Ihaia road No. 3 loan for £450 was discussed. A letter was received from Mr. B. Dive, M.P., in reply to one from the Board, stating that the delay was due to the usual causes in .starting new business, and also to having to satisfy the AuditorGeneral on the question. A letter was also received from the Superintendent of the State Guarantee Advances Office dated April 19, stating that the loan had been provisionally granted. On A];ril 30 a further letter was received statin:;' that the proceedings under the "Local Bodies' Loans Act, 1908," were unsatisfactory, and ?. rate of 7 / s d in the £ ".vould he needed to guarantee the full amount, Imt the %d rate struck under the special order would be sufficient for a loan of £305. It would also be necessary for the Board to supply a correct, and certified eopv of the spe-

<•!;»! ordi'r a rate and containing ilah-s of adoption ami confirmation. A ire~h I'Tin wa- also lie;nt;' >ent. A further letter was sent on .May 0, stating that the special order levying a special rate in respect for £450 (Ihaia road) was published in the Xew Zealand Gazette oil May 5.