BOROUGH LOANS.

Taranaki Daily News, 16 November 1920, Page 6

BOROUGH LOANS.

NOT BEING TAKEN UP RAPIDLY. The General Manager reported to the New Plymouth Borough Council last evening:— The position of this matter has not altered to any material extent since my last report. Very little money is being received, and there does not appear much chance of the position being relieved in the near future. This will not. have any immediate effect upon the working of the hydro-electric extensions there being approximately £IB,OOO available at present. and arrangements have been made for advances up to £44,300 against unsold debentures. This should be sufficient to keep the works going for from six to eight months, an 1 possibly more, according to Hie progress made. Every effort must be made, however, in the meantime to sell debentures in order to preclude the possibility of the work being held np,iit,a critical period. The position in regard to the £57,000 'loan for street works, water and sewerago extensions, etc., is more difficult, inasmuch as it is inadvisable to obtain advances | against imsgld debentures in a loan of\ this kind. Works.in this loan, therefore, will only proceed as the dcbenturesWe actually sold.

The allocation of the amount raised between streets, works, plant, water extensions and sewer extensions was shown in last month's report. The position is very little changed except that sufficient money has come in to enable the metalling of six streets (mainly short lengths) in "Dartmoor and two in Vogeltown to 'be authorised. Unless more debentures are sold much-needed improvements will have to stand over.