NO FURTHER PROGRESS
MASTERTON COUNTY BRIDGE LOAN. LETTER' FROM FINANCE MINISTER. No further progress has been made by the Masterton County Council towards the raising of its bridges loan of A: 14,500. At yesterday’s meeting of the council a letter was received from the Minister of Finance, the Hon W. Nash, in reply to the council request for assistance towards the raising of loan. Mr Nash said he had noted that the council had been unable to obtain finance other than from the State Advances Corporation, which had offered £4,500 for a period of 10 years. With regard to that offer, the council should realise that at the present time the funds of the corporation were being used to maintain interest rates at reasonably low levels. The terms upon which moneys were being advanced by Lie corporation were determined by the board of directors and the funds were being utilised as much as possible to provide loan moneys for as many local authorities as practicable to enable them to carry out current loan programmes. In that case, the offer of £4,500 would enable the council to make an early start with the proposed work. A good number of local authorities al the present time had not all their loan money in sight when commencing works but were prepared to co-operate in making the greatest use of the available funds by taking advantage of offers such as had been made by the corporation' to the council. Mr Nash trusted that the council would give the matter further consideration and when further funds were available every effort would be made to assist the council.
A letter was also received from the State Advances Corporation stating that its offer of £4.500 was the maximum the Board of Management was agreeable to advance. The corporation was unable to confirm, at this juncture, the council’s assumption that the balance of £lO,OOO would be payable when required next financial year. The application would be required to be made next finincial year when it would receive consideration in light of the circumstances then existing.
The correspondence was received without comment.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/WAITA19390118.2.26
Bibliographic details
Ngā taipitopito pukapuka
Wairarapa Times-Age, 18 January 1939, Page 4
Word count
Tapeke kupu
353NO FURTHER PROGRESS Wairarapa Times-Age, 18 January 1939, Page 4
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Wairarapa Times-Age. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in