STATE GUARANTEED ADVANGES.

Gisborne Times, Volume XXVIII, Issue 2764, 19 March 1910, Page 5

STATE GUARANTEED ADVANGES.

THE FIRST BATCH OF LOANS GRANTED. [Per Press Association.] WELLINGTON, -..arch 18. In an interview with a "New Zealand Times’’ representative this evening tne Prime Minister, Sir J. G. Ward, said that the State Guaranteed Advances Board had met during the day. Sir Joseph Ward .presided and the whole of the members, Messrs Poynton, V arburton, S'almond. Kembler and Dr. Fitehett were present. A large number of loans for local bodies ior various purposes were considered and loans were provisionally approved to the extent of £612,G00. The preference was given to local bodies applying for money for roads, bridges, sewerage, drainage and water purposes, and those local bodies meeting backblocks’ requirements were first considered. Where the securities were right the applications in each case were granted. iSir Joseph also stated that the whole of the loans were granted at 34 percent interest, with a sinking fund as provided under the Act. The Prime Minister mentioned that some idea of the value of the new system to the local public bodies might be gauged from the fact that the amounts authorised at to-day's Board meeting totalled more than three times tlie whole amounts granted during any one year under the old system of t!»e Loans to Local Public Bodies A-ct. The loans authorised ranged from £3OO to £60,000. These amounts, when expended by the various local bodies in their centres, will mean the provision or many necessary works and will add to the comfort and convenience of the people in different portions of the Dominion. The local bodies dealt with covered the whole of the Dominion from the north of Auckland to the V allace district- in the far South. The various public bodies will be advised tomorrow of the result- of their applications.