LOCAL BODY FINANCE.

Taranaki Daily News, 30 November 1920, Page 5

LOCAL BODY FINANCE.

DEBENTURES NOT ATTRACTIVE, CHRISTCHURCH EMBARRASSED. By Telegraph.—Press Assoolntion. Christchurch, Last Night. The reluctance of the investing public to take up City Council 5* per cent: debentures at par, is likely to cause very serious embarrassment shortly in the matter of carrying out various authorised works. The value of the unsold debentures is £129,430 It was pointed out at to-night's meeting of the City Council, that unless the position were faced there would probably come down a report that the number of men employed should be reduced. The Council was already up to the lult in the matter of expenditure and must call a halt. At the rate things wero going, the ratepayers would have.to face something like aOO per cent, increase in rates neat year.

WELLINGTON'S DIFFICULTY. NO RESPONSE~TO ITS LOAN. ' Wellington, Nov.' 29. ~ 1 lie Wellington City Council is meeting with no Response to its £260,000 loan. The money is urgently required m order to begin tiie water supply extension. Under power given in the last days of the session application has been made to the Government for permission to increase the rate of interest above 51 per cent.