CAMBRIDGE LOAN PROPOSALS.

Auckland Star, Volume XXXVIII, Issue 197, 19 August 1907, Page 3

CAMBRIDGE LOAN PROPOSALS.

A public meeting was held at Cambridge on Friday evening, when the Mayor (Mr W. F. Buckland) explained the loan proposals, which are to be submitted to a vote of the ratepayers on Tuesday, 27th inst. There was a crowded attendance Mr Buckland claimed that he and councillors associated with him were fit to carry out any work they took in hand. He had sent round to the burgesses a moderate statement, showing that the past loans were successful and that the proposed loans would be equally so. The people who opposed these, hated success. The Dank overdraft at present was £1400, and its normal state was about £700 Last year's Government subsidy had yet to be paid in, in addition to which very little of the general rates had been paid. He went on to defend the principle of municipal trading for profit, contending that the use of such profit was legitimate when applied to relieving general taxation. The water rate charged at Hamilton was compared with the rate ruling at Cambridge to disadvantage of the former. The gasworks were spoken of as the best revenueproducing source of the whole lot. the prophecy being made that these would iv five years show a profit of from £700 to £1000. He had discovered that a number of properties were underrated, and that would be remedied forthwith. He had been "approached" in regard to every loan raised, and if they had not possessed a Mayor who was bribe-proof, the borough would have been poorer. The present Council was composed of thoughtful. Intelligent men, and should be trusted Instead of being badgered at every turn. The Mayor said no one could foretell what the result of the completion of the Main Trunk railway line would be. Hamilton might in the future be merely a shunting station. As a final recommendation of the proposed loans, the audience waa assured that the gas and waterworks would provide the interest on the whole of the loans.

A resolution approving of the loans was put and carried, about ten or a dozen hands being held up in support.