borrowing in New Zealand by the said local authority of the
said sum or any part thereof for the purpose for which the
said loan was authorized, and in giving such consent doth
hereby determine as follows:-
(1) The term for which the said sum or any part thereof
may be raised shall be twenty (20) years.
(2) The rate of interest that may be paid in respect of the
said sum or any part thereof shall be such as shall not produce
to the lender or lenders a rate exceeding three pounds ten
shillings (£3 10s.) per centum per annum.
(3) The said sum or any part thereof together with interest
thereon shall be repaid by equal aggregate annual or half-
yearly instalments extending over the term as determined in
(1) above.
(4) The payment of such instalments shall be made in
New Zealand, and no instalment shall be paid out of loan-
moneys.
(5) The rate payable for brokerage, underwriting, and
procuration fees in respect of the borrowing of the said sum
or any part thereof shall not in the aggregate exceed one-half
per centum of any amount raised.
(6) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.

A. W. MULLIGAN,
Acting Clerk of the Executive Council.
(T. 49/308.)

Consenting to the Raising of the Balance (£10,000) of the
Dannevirke Electric-power Board's Loan of £49,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 15th day of
July, 1937.
Present:

His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the sixth day
of June, one thousand nine hundred and twenty-
nine, consent was given to the raising by the Dannevirke
Electric-power Board (hereinafter called "the said local
authority") of the sum of forty-nine thousand pounds
(£49,000) by a loan to be known as "Reticulation Loan,
1928" (hereinafter called "the said loan"), of which the
amount of ten thousand pounds (£10,000) has not been raised:
And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the authority conferred by the said Order in Council was
revoked in so far as it had not been exercised, and it is not
now lawful or competent for the said authority to borrow
any moneys to which the said Order in Council relates except
in accordance with the provisions of an Order in Council that
may be made under section eleven of the Local Government
Loans Board Act, 1926:
And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of ten thousand pounds (£10,000) (hereinafter called
"the said sum"), being the balance of the moneys to which
the said Order in Council relates:
Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, and by section nine of the Local
Authorities Interest Reduction and Loans Conversion Amend-
ment Act, 1934, and of all other powers and authorities
enabling him in this behalf, doth hereby consent to the borrow-
ing in New Zealand by the said local authority of the said
sum or any part thereof for the purpose for which the said
loan was authorized, and in giving such consent doth determine
as follows:
(1) The term for which the said sum or any part thereof
may be borrowed shall be fifteen (15) years.
(2) The rate of interest that may be paid in respect of the
said sum or any part thereof shall be such as shall not produce
to the lender or lenders a rate exceeding three pounds ten
shillings (£3 10s.) per centum per annum.
(3) (a) The said sum together with interest thereon shall be
repaid by thirty equal payments of three hundred and forty-
nine pounds fourteen shillings and fivepence (£349 14s. 5d.),
one of such payments to be made at the end of every half-
year commencing from the date on which the said sum is
borrowed. Each such half-yearly payment shall be applied
firstly in payment of interest computed at the rate of three
pounds ten shillings (£3 10s.) per centum per annum on the
amount of the principal for the time being outstanding at
the beginning of each such half-year and the balance of such
half-yearly payment in reduction of such principal.
(b) By a payment at the end of the fifteenth year from the
date of the borrowing of the said sum of a sum equal to
the amount to which the said principal has been
reduced in accordance with the preceding paragraph
(a) hereof after payment of the aforesaid thirty (30)
half-yearly payments.
pounds ten shillings (£3 10s.) per centum per annum on the
amount of the principal for the time being outstanding at
the beginning of each such half-year and the balance of such
half-yearly payment in reduction of such principal.
(b) By a payment at the end of the fifteenth year from the
date of the borrowing of the said sum of a sum equal to the
amount to which the principal has been reduced in accordance
with the preceding paragraph (a) hereof after payment of
the aforesaid thirty (30) half-yearly payments.
(4) The payment of such instalments shall be made in
New Zealand, and no such instalment shall be paid out of
loan-money.
(5) The rates payable for brokerage, underwriting, and
procuration fees in respect of the borrowing of the said sum
or any part thereof shall not in the aggregate exceed one-half
per centum of any amount raised.
(6) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.

A. W. MULLIGAN,
Acting Clerk of the Executive Council.
(T. 49/266/1.)

Varying the Determinations in respect of the Otaki Borough
Council's Loan of £7,000.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 15th day of
July, 1937.
Present:
His EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.
WHEREAS by Order in Council made on the seventh day
of July, one thousand nine hundred and thirty-
seven, and subject to the determinations as to borrowing
and repayment therein set out, consent was given to the
raising in New Zealand by the Otaki Borough Council (herein-
after called "the said local authority") of the sum of seven
thousand pounds (£7,000) by a loan to be known as "Muni-
cipal Theatre Loan, 1937" (hereinafter called "the said
loan"):
And whereas the authority conferred by the said Order in
Council has not yet been exercised, and it is expedient to
vary certain of the determinations aforesaid in respect of
the said loan:
Now, therefore, His Excellency the Governor-General
of the Dominion of New Zealand, acting by and with the
advice and consent of the Executive Council of the said
Dominion, and in pursuance and exercise of the powers and
authorities conferred on him by section eleven of the Local
Government Loans Board Act, 1926, as set out in section
twenty-nine of the Finance Act, 1932 (No. 2), and of all other
powers and authorities enabling him in this behalf, doth
hereby vary certain of the determinations aforesaid in respect
of the said loan by prescribing as follows:-
(1) In lieu of the term of thirty (30) years specified in clause
one of the said Order in Council the term shall be fifteen (15)
years.
(2) In lieu of repayment as specified in clause three of
the said Order in Council the said loan shall be repaid as
follows:-
(a) By thirty equal payments of two hundred and eleven
pounds four shillings and fourpence (£211 4s. 4d.),
one of such payments to be made at the end of every
half-year commencing from the date on which the
said sum is borrowed. Each such half-yearly
payment shall be applied firstly in payment of
interest computed at the rate of three pounds
ten shillings (£3 10s.) per centum per annum on
the amount of the principal for the time being
outstanding at the beginning of each such half-year
and the balance of such half-yearly payment in
reduction of principal.
(b) By a payment at the end of the fifteenth year from the
date of the borrowing of the said sum of a sum equal
to the amount to which the said principal has been
reduced in accordance with the preceding paragraph
(a) hereof after payment of the aforesaid thirty (30)
half-yearly payments.

A. W. MULLIGAN,
Acting Clerk of the Executive Council.
(T. 49/345/3.)