MUNICIPAL MONEY.
RAISING THE WIND. Per Press Association. Gisborne, Last Night. A novel method of rnising the wind was brought forward by the Mayor (Mr. J. R. Kirk), at last night's meeting of the Borough Council. The scheme briefly was that the ratepayers should be invited to deposit their savings with the Council, as with a bank,, the Council paying four per cent, interest at call. He pointed out that depositors could only obtain 3% per cent, from the post office. The Council was paying 5% per cent, interest on its overdraft, and if it could raise a thousand or two in small sums, it would be able to >»ave V/g per cent, interest. Power to do as he had suggested was conferred upon municipalities by the Municipal Corporations' Act. On Mr. Kirk's motion, the matter was referred to the Finance Committee, with power to enquire into the legal aspect of the proposal.
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Taranaki Daily News, Volume LVI, Issue 9, 11 June 1913, Page 8
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153MUNICIPAL MONEY. Taranaki Daily News, Volume LVI, Issue 9, 11 June 1913, Page 8
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