HOKITIKA HARBOR.
QUESTION OE A LOAN
[PER PRESS ASSOCIATION.] HOKITIKA, Jan. 26
A special meeting of the Hokitika Harbor Board was held last night to consider the loan pronosals in connection with the improvement of the harbor. It was resolved that a fresh poll (the previous one had been carried) of the ratepayers in the Hokitika Harbor district be taken in connection with the loan of £25,000, and that when necessary the abdication he made under the State Guaranteed Advances Loan Act, 1909, for the required amount. This, providing the loan is sanctioned by the Government, will enable the Board to procure the amount of the loan at 3.V per cent, interest and sinking fund, whereas if the money had been raised prior to the recent legislation, which empowers local bodies to borrow from the Government, the Board would not have secured the money for less than 6 per cent, in the way of interest and reduction of principal. The rating required as security for the loan will be substantially reduced as a result of the Board’s decision, in view of which it was resolved to return the tenders and deposits recently received in connection with the contract.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/GIST19110127.2.70
Bibliographic details
Ngā taipitopito pukapuka
Gisborne Times, Volume XXIX, Issue 3129, 27 January 1911, Page 7
Word count
Tapeke kupu
198HOKITIKA HARBOR. Gisborne Times, Volume XXIX, Issue 3129, 27 January 1911, Page 7
Using this item
Te whakamahi i tēnei tūemi
The Gisborne Herald Company is the copyright owner for the Gisborne Times. 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 the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in