JULY 7.] THE NEW ZEALAND GAZETTE. 1603

(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 exceeding three pounds (£3)
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 instalment shall be paid out of loan-moneys.

(5) No amount shall be payable for brokerage, under-
writing, or procurement fees in respect of the raising of the
said loan or any part thereof.

(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. 49/427/14.)

Consenting to the Raising of a Loan of £17,000 by the Gisborne
Fire Board and prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 5th day of
July, 1938.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the eighteenth
day of March, 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 by the Gisborne Fire Board (hereinafter called “ the
said local authority ”) of the sum of thirteen thousand
pounds (£13,000) by a loan to be known as “ Reconstruction
Loan, 1937 ” :

And whereas by Order in Council made on the twenty-third
day of April, one thousand nine hundred and thirty-seven,
the said determinations were varied to provide for repayment
by equal half-yearly instalments of not less than three
hundred and seventy-five pounds (£375) :

And whereas by Order in Council made on the twenty-
fourth day of November, one thousand nine hundred and
thirty-seven, the said determinations were further varied to
provide that in lieu of a term of seventeen and one-half
years (17½) the term of the said loan shall not exceed twenty
(20) years, and in lieu of repayment by equal half-yearly
instalments of three hundred and seventy-five pounds (£375)
the said loan shall be repaid by equal aggregate annual or
half-yearly instalments of principal and interest over the
said period not exceeding twenty years :

And whereas by Order in Council made on the twenty-
fourth day of November, one thousand nine hundred and
thirty-seven, and subject to the determinations as to borrow-
ing and repayment therein set out, consent was given to the
raising by the said local authority of the sum of four thousand
pounds (£4,000) by a loan to be known as “ Reconstruction
Loan (Additional), 1937 ” :

And whereas the said loans of thirteen thousand pounds
(£13,000) and four thousand pounds (£4,000) have not been
raised, and it is expedient to authorize the said local authority
to raise the said loans in one sum of seventeen thousand
pounds (£17,000) (hereinafter called “ the said loan ”) subject
to the terms and conditions hereinafter set out :

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 consent
to the raising in New Zealand by the said local authority of
the said loan for the authorized purpose up to the amount
of seventeen thousand pounds (£17,000), and in giving such
consent doth hereby determine as follows :—

1. The term for which the said loan or any part thereof
   may be raised shall not exceed ten (10) 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 exceeding three pounds ten
   shillings (£3 10s.) per centum per annum.

3. The said loan, together with interest thereon, shall be
   repaid as follows :—

(a) By twenty (20) equal payments of five hundred and
ninety-four pounds ten shillings and sixpence
(£594 10s. 6d.), one of such payments to be made
at the end of every half-year commencing from the
date on which the said loan is raised. Each such
half-yearly payment shall be applied first in payment
of interest 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 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 loan of a sum equal
to the amount to which the said principal sum has
been reduced in accordance with the preceding
paragraph (a) hereof after payment of the aforesaid
twenty (20) 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-
   moneys.

5. The rate payable for brokerage, underwriting, and
   procuration 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. 49/569.)

Consenting to the Raising of a Loan of £2,875 by the Manawatu
County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government House at Wellington, this 5th day of
July, 1938.

Present :

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Manawatu County Council (hereinafter
called “ the said local authority ”) proposes, pursuant
to the provisions of section three of the Main Highways
Amendment Act, 1928, to borrow the sum of two thousand
eight hundred and seventy-five pounds (£2,875) by a loan to
be known as “ Roxton Beach Main Highway Reconstruction
and Sealing Loan, 1938 ” (hereinafter called “ the said loan ”),
for the purpose of paying its proportion of the cost of recon-
structing and sealing the Roxton Beach Main Highway :

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 consent
to the raising by the said local authority of the said loan for
the said purpose up to the amount of two thousand eight hundred
and seventy-five pounds (£2,875), and in giving such consent
doth hereby determine as follows :—

(1) The term for which the said loan or any part thereof
may be raised shall be ten (10) 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 exceeding three pounds ten
shillings (£3 10s.) per centum per annum.

(3) The said loan, together with interest thereon, shall be
repaid by equal aggregate annual instalments extending over
the term as determined in (1) above.

(4) 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. 49/353.)