Cromwell Argus, AND NORTHERN GOLD-FIELDS GAZETTE. Cromwell : Tuesday, May 4, 1875.

Cromwell Argus, Volume VI, Issue 286, 4 May 1875, Page 4

Cromwell Argus, AND NORTHERN GOLD-FIELDS GAZETTE. Cromwell : Tuesday, May 4, 1875.

It is matter for congratulation to be able to announce that the Cromwell Waterworks debentures have been negotiated, the buyer being the recently established Colonial Bank, a branch of which institution has been established here. While congratulating the residents on the successful issue, so far, of the much-needed water scheme, praise is likewise due the banking corporation which thus gives evidence that its name is no misnomer—that its assistance is freely accorded to aid in carrying out works which have a local as well as colonial importance. Of course the transaction will be a profitable one to the Bank, but none the less does it relieve the Town Council, and those whom that body represents, from the apparently far off chance of securing the funds necessary to carry out a public work, the want of which has each succeeding year been intensified. It is but just to mention, however, that another Bank also made offer to take up the debentures, but not on terms so liberal as those secured. These terras a word or two will make clear. The debentures have a nominal value of £SO each, and are forty in number, thus representing, a sum of £2OOO. These debentures run for a period of 30 years, and, as negotiated, carry interest at the rate of seven per cent., one percent, being allowed to cover all charges. The Corporation having accepted £43 10s. for each debenture of £so—payable in thirty years—at seven per cent., is buying money actually at eight per cent., as an annual payment of 70s. for the loan of £43 10s. is almost equal to a payment of £8 for £IOO borrowed. Of course, there s this difference to be borne in mind—fiat at the expiration of thirty years the Corporation will have to pay £SO for what it is now parting with for £43 10s. Tie Council may, if it has the means, buy up any or all of the securities before the expry of the term for which they are issued. Altogether, we are of opinion the Corporation have got good value, and it spetks well for the future of Cromwell to Audits securities commanding such a satisfactoy figure. It is an index that the stabiity of the district is considered beyond queston.

Having been so far fortunate, we hope to seepur Town Council proceed judiciously to work in carrying out the object for which the money has been secured. It will require their utmost care and economy to accomplish the work to which they have set theuselves ; and a good deal will depend ortheir preliminary operations. The securing of a suitable water supply was of necessity a primary step. At last meeting members decided to accept the offer made by one o' the owners of water privileges in Firewmd Creek, and although the price may at frst sight appear heavy, yet we think theietermination to secure the right at the figrre named was a wise one. It may be tiought by some that it would have been better to use the compulsory powers given under the “ Municipal Corporations Waterworks Act,” and leave the compensation to arbitrators ; but the experience of a neighboring town shows this is not always a politic or profitable, though apparently eisy, method to adopt. It does not necessarily follow that because an Act of Parliament confers certain powers, therefor*} ther can be tyrannically or unjustly exercistd : and those here referred to are probally only meant to apply to cases where no* equitable arrangement can otherwise be irrived at. We therefore think tie Coined acted wisely in this its first step, and ve sincerely hope that another year will see the completion of a work tie importance and value of which to Croiiwell wih be inestimable.