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OOBURG BORROWS £15,000.
Interest Rate Excites Comment.
Coburg council lias decided to borrow
£15,000 hy the issue of debentures for the
purpose of liquidating part of the amount
duo to the Commonwealth Bank ad
vanced by overdraft and current account.
At the council meeting Cr. Duggan said
Id, lirJinvp/l if. UMiu fhrt rtftninnl
to borrow £30,000.
The Mayor (Cr. Campbell): That is so.
But we reduced tho amount because we
thought tho interest charge was excos-
sivn.
Cr. Duggan Baid it wua far from satis
factory to have to borrow £15,000 in ordar
to repay oilier borrowed money at a
higher rate of interest tlinn that charged
for tho first advance. The council's over
draft called for OVi per cent. The present
loan was at 0% per cent. There must be
something wrong when Air. Love (for
merly of the Chnrities Board here) could
come across from Sydney .and in a day
raise £750,000, i presumably at less than
0% per cent. Savings Bank's de
posits did not lend color to the cry that
there was 110 money in tho country. Whv
should' the ratepayers of Coburg be com
pelled to pny such n rate ?
Tho Mayor (Cr. Campbell): IVe are not
nlone in this. Others have to pay the
increased rate of inlorest.
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