BOROUGH FINANCE.

Taranaki Daily News, 14 February 1922, Page 5

BOROUGH FINANCE.

\ • SEVERAL LOANS ON HAND. DIFFICULTY OF FLOTATION. Borough finance was touched on by the Mayor (Mr. F. E. Wilson) in replying last night to a Westown deputation which asked for an additional ’bus to meet the growth in the population of Westown. Mr. Wilson said none of the deputation had attempted to show how the council was going to secure the money. Mr. A. L. Ross had suggested that the council might as well secure a. loan of £160,000 as £140.000. The latter loan, however, was being raised only because it was a necessity, and the council had obtained permission to go outside the Dominion for the money, because they thought it could not be secured in New Zealand. A further point was that if another sum was to be procured each loan would have to stand separately, and the experience of other local authorities in New Zealand had proved that it was no use going on the London market for small loans. The Mayor continued that the council was absolutely “up against it” in the way of borrowing money, and they could not float authorised loans. They were not in favour of going on the market for further loans at high rates of interest while the present loans were not raised. They were carrying o» the hydro-electric works, and the loan for this undertaking had not been floated. When this money was raised the council of the day might go to the ratepayers for further authority. The couneil. a,t any rate, would not seek the authority till then, at least not with •his sanction.