ANOTHER MILLION.

Wairarapa Age, Volume XXXII, Issue 9609, 1 October 1909, Page 5

ANOTHER MILLION.

LOAN OBIAINED BY THE PREMIER. NEW ZEALAND'S FINANCIAL th POSITION STRONG. By Telegraph—Press Association. 18 AUCKLAND, September 30. P c "In London," said the Premier, cc I obtained a million of monay and tc ad it sent out to New Zealand. m 1500,000 of this amoun: is for the Ir advances to Settlers Department, 01 nd £600,000 for public works. The b noney was obtained without the asistance of Government bankers in jondon, and I am very glad to be ible to say that our financial position here stands as stmng as ever. I also aid the basis for obtaining in Lon : ton all the money required by local jublic bodies in New Zealand at the rate of about 3£ per cent. These g sums, however, will only be obtain- e able in sums of £IOO,OOO and over, \ and for that reason legislation of a t special nature will be required. J Such legislation will be covered in proposals which I intend to submit c to Parliament during the coming J session. It will enable the grouping " of local public bodies' requirements , so as to have loans for each included in one big sum, which can be floated in London at the rate I have men- 1 tioned. When this iB made possible , by legislation, we will Have no difficulty in obtaining all the money we may require, at a low rate of interest, in the Old Country. If existing legislation had permitted grouping into amounts of £IOO,OOO or more I cduld have obtained while j in Londofl another £500,000 or £1,000,000, and sent it out at once. As soon as Parliament meets, arrangements will be made to get the j necessary legislation through. I want to make it clear, however, that public bodies' will not be encouraged to go in for wholesale borrow • ing; where money is obtained it must be for legitimate purposes. It will be necessary that this should be thoroughly understood if my proposals are to be satisfactorily arranged and the work carried out from I year to year as circumstances re- ,| quire." .