OLD LIABILITY
FINANCE OF LOCAL BODIES. FURTHER HELP SOUGHT. • (By Wire.—Parliamentary Reporter) Wellington, Last Night. A question of interest to local bodiesi was asked in the House to-day. Mr. W. A. Veitch (Wanganui) asked if when local bodies are rajsing funds to meet their antecedent liabilities they would be allowed to borrow at the same time the cost of the loan, instead of having to meet it out of their general funds. He stated this woukl enable local bodies to spend more money on the relief of unemployment. In Wanganui the unemployment problem was serious, but the local body was unable to do as much as it wished, as it had to conserve its : funds to meet the cost of the loan. The Minister said there was no special hardship in having to meet the cost of the loan out of general revenue, as this was the rule with regard to loans for other purposes. The point had been submitted by other local bodies, but he had pointed out that they were under no immediate obligation to raise a loan;, they could pay off the debt by instalments. The majority of local bodies were dealing with their antecedent liability satisfactorily. He would look into the point raised.
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Taranaki Daily News, 12 July 1922, Page 4
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207OLD LIABILITY Taranaki Daily News, 12 July 1922, Page 4
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