HOKITIKA HARBOR LOAN

Taranaki Daily News, Volume LIII, Issue 223, 26 January 1911, Page 5

HOKITIKA HARBOR LOAN

A CHEAPER SCHEME. By Telegraph.—Press Association. Hokitika, Last Night. A special meeting of the Hokitika Harbor Board was held to-night to consider the loan proposals in connection with the'improvement of the harbor. Ib was resolved that a fresh poll (the previous one liad been parried) of the ratepayers in the Hokitika harbor district be taken in connection with the loan of £25,000, and that, when necessary, application be made under the New Zealand State Guaranteed Advances Loan Act, 1900, for the required amount. This, providing the loan is sanctioned by the Government, will enable the Board to procure the amount of the loan at 3% per cent, interest and sinking fund, whereas if the money had been raised prior to the recent legislation which empowers local bodies to borrow from the Government, the Board would not have secured the money for less than 6 per cent, in the way of interest and reduction of principal. The rating required as security for the loan will be substantially reduced as a result of the Board's decision, in view of which it was resolved to return the tenders and deposits recently received in connection with the contract.