LOANS TO LOCAL BODIES
NO MONEY FOR "LUXURIES."
It has been decided by the State Guaranteed Advances Department that In future no loans shall be granted to local bodies which have either had a loan previously or have borrowed up to £SOOO. The Department points out that already the amount of funds available is not sufficient to fulfil the requirements, and in consequence the above course has to be adopted. The office is still refusing to lend money for the purpose of paying off debts. It points out that the local bodies in New Zealand owe £16,000,000 apart from what they have borrowed from the Government, and if loans were granted bv the Department for the purpose of discharging those liabilities, the amount required would be greatly in excess of the amount that the Department can lend annually. Further, no loans arc made for electric light, tramways, or other municipal luxuries, and it is confining its loans, as far as possible, to such usefulworks as tracks, roads, bridges, drainage and water supply.
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https://paperspast.natlib.govt.nz/newspapers/TDN19120518.2.53
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Taranaki Daily News, Volume LIV, Issue 276, 18 May 1912, Page 5
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172LOANS TO LOCAL BODIES Taranaki Daily News, Volume LIV, Issue 276, 18 May 1912, Page 5
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