May 19.]

for the purpose of meeting the Council's share of the cost
of erecting a bridge over the Whakataki Stream, re-aligning
the road, and acquiring land necessary for such purposes
has complied with the provisions of the Local Government
Loans Board Act, 1926 (hereinafter called “the said Act”),
and it is expedient that the precedent consent of the Governor-
General in Council as required by the said Act should be
given to the raising 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 said Act, 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 consent to the raising in New Zealand
by the said local authority of the said loan for the said pur-
pose up to the amount of two thousand five hundred pounds
(£2,500), and in giving such consent doth hereby determine
as follows:—

(1) The term for which the said loan or any pary thereof
may be raised shall not exceed twenty-five (25) years.

(2) The rate of interest that may be paid in respect of the
said loan or any part thereof shall be such as shall not
produce to the lender or lenders a rate or rates exceeding
three pounds ten shillings (£3 10s.) per centum per annum.

(3) The said loan 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 instalments shall be paid out of loan-
moneys.

(5) The rate payable for brokerage, underwriting, and pro-
curation fees in respect of the raising of the said loan 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.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/477/6.)

Varying the Determinations in respect of the Newmarket Borough
Council's Loans of £5,500 and £11,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 11th day of
May, 1938.

Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS by Orders in Council made on the tenth
day of June, and the eighteenth day of August, one
thousand nine hundred and thirty-seven, and subject to the
determinations as to borrowing and repayment therein set
out, consents were given to the raising in New Zealand by
the Newmarket Borough Council (hereinafter called “the
said local authority”) of the sums of eleven thousand pounds
(£11,000) and five thousand five hundred pounds (£5,500),
respectively, by loans to be known as “Street Improvements
Loan, 1937,” and “Sarawia Street Reserve Development
Loan, 1937,” respectively (hereinafter called “the said
loans”):

And whereas the sum of eight thousand two hundred
pounds (£8,200) of the Street Improvement Loan of £11,000
and the full amount of the Sarawia Street Reserve Develop-
ment Loan of £5,500 have not yet been raised, and it is
expedient to vary certain of the determinations in respect
of these sums:

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 sums by prescribing as follows:—

(1) In lieu of the terms of twenty (20) and thirty (30)
years respectively specified in clause one of the said Orders
in Council the terms shall in each case be ten (10) years.

(2) In lieu of making provision for repayment of the
said sums by establishing sinking funds in respect thereof
as specified in clause three of the said Orders in Council
the said amounts shall be repaid as follows:—

(a) By twenty equal payments of two hundred and eighty-
six pounds fifteen shillings and fivepence
(£286 15s. 5d.) and one hundred and ninety-two
pounds six shillings and elevenpence (£192 6s. 11d.),
respectively, one of such payments to be made at
the end of every half-year commencing from the
date on which the said respective sums are raised.
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 in each respective case 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 tenth year from the
date of the raising of the said respective sums of
a sum equal to the amount to which the principal
has been reduced in each respective case in accord-
ance with the preceding paragraph (a) hereof after
payment of the aforesaid twenty (20) respective
half-yearly payments.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/186/13/14.)

Varying the Determinations in respect of Portion (£8,450) of
the Waitaki Electric-power Board's Loan of £30,000.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 11th day of
May, 1938.

Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.

WHEREAS by Order in Council made on the twenty-first
day of December, 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 Waitaki Electric-power Board
(hereinafter called “the said local authority”) of the sum
of thirty thousand pounds (£30,000) by a loan to be known
as the “Extension Loan, 1937”:

And whereas the authority conferred by the said Order in
Council has not been fully exercised, and it is expedient to
vary certain of the determinations aforesaid in respect of
the sum of eight thousand four hundred and fifty pounds
(£8,450) (hereinafter called “the said sum”):

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
sum by prescribing as follows:—

(1) In lieu of the term of twenty-five (25) years specified
in clause one of the said Order in Council the term shall be
ten (10) years.

(2) In lieu of provision being made for the repayment of
the said sum by the establishment of a sinking fund in respect
thereof as specified in clause three of the said Order in Council
the said sum shall be repaid as follows:—

(a) By twenty equal payments of two hundred and ninety-
five pounds ten shillings and threepence
(£295 10s. 3d.), 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 pay-
ment 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 tenth 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 twenty (20)
half-yearly payments.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/416/4.)