Vol. 3 No. 30
For the Minister of Finance I move:—
"That a sum not exceeding £470,000 be granted to complete the sum necessary to defray the charge which will come in course of payment for the year ending 31st March, 1924, for the provision of capital for the Local Loans Fund, and to make repayment to the British Government in respect of Local Loans outstanding on the 1st April, 1922." £235,000 already voted on account.
I would like to know if it is possible for local authorities to get the balance that may be due to them from former loans that were granted. I would also like to know whether it is possible for the Government to make advances under this head to local authorities for the purposes of waterworks, drainage, and so on, as have been given in the past. I know that certain local authorities have been held up and inconvenienced to a great extent by not being able to borrow money as hither to under this Local Loan Account. I would be glad if some information could be given to those bodies concerned in this matter, and whether any grants will be available for those purposes in the future.
We had to stop the issue of loans out of this fund this year by reason of the fact that we had to borrow so extensively in order to make up the deficit between expenditure and revenue. I would not be in a position to answer the Deputy definitely until after the issue of the loans which we intend to ask the people to subscribe to. If there is a generous response and it is possible to extend the area of operations we will be willing to do so, but until we are in a position to see how we stand with regard to the issue of the loans, I could not give any undertaking regarding the extension, or the continuance, of the policy with regard to local loans or loans for any purpose at all.
