THE GOVERNOR-GENERAL.

Taranaki Daily News, 22 November 1920, Page 4

THE GOVERNOR-GENERAL.

THE VISIT TO TARANAKI The Governor-General and Lady Jellicoe will pay their first visit to Taranaki this week. In view of the New Plymouth visit being postponed the original programme has been somewhat altered. The ViceRegal party will now reach Hawera at 5.53 p.m. on Wednesday, staying there over-night, and leaving for Eltham at 10.30 a.m. on Thursday. The party will arrive at Eltham at 10.55 a.m., remaining till 11.30, when they leave for Stratford,'where the remainder _pf the day will be spent. PREMIUM BONDS.

FOR LOCAL BODIES' LOANS. The Gisbome Borough Council wrote to the Eltham County Council on Saturday forwarding a resolution asking co-operation in urging the Government that, in view of the difficulties at present attending the raising of moneys by local bodies for public works, the introduction and adoption of a system of premium bonds, in respect of local bodies loans, be approved. s The Council put this forward as % means of overcoming the difficulty and at the same time offering an attractive investment to the public. As an illustration of the possibilities of this scheme the Council cited the case of a loan of £1,000,000 on which the interest as allowed by the Act at SJ'per cent would amount to £55,000 per annum. This would allow an assuied annual interest of 4 per cent or £40,000 to the investors, whilst the remaining It per cent or £IO,OOO would be allocated each year by ,way of cash bonuses, as follows: Five at ',£looo, !>0 at 100, and 100 at £.")0. These would be allocated by ballot yearly, the investor being allowed representation in the ballot in proportion to the size of his investment. Air. MeWilliam said he understood the Government had turned down the proposal, as the method constituted a lottery. The chairman said he did not see* why counties should not have 1 power to borrow money' with the backing of the whole ratepayers, similar to dairy companies' procedure. After discussion the Council merelyreceived the letter.