AUCKLAND LOANS.

Dominion, Volume 4, Issue 1132, 20 May 1911, Page 5

AUCKLAND LOANS.

OVER £400,000 TO BE .RAISED. (By Tdczrapti.-SDccial Correspondents Auckland, May 19. The most important business at last jight's meeting, of tho City Council was tho report of tho council in coni.mittee upon tho proposals advanced \ij tho Mayor (Mr. G. .'.. Parr) in tho coarse of bis installation address. The council in committee, adopted tho whole of tho Mayor's proposals with a few Blight modifications, and decided to recomiuoßd tho council to ask tho ratepayers to sanction tho raising of loans to the amount of over £100,000. Last night the council went into committee to further discuss tho details, and resolved that the ratepayers bo asked to sanction loans as follow:— ' Street improvements: £220,000, to ho ■allocated as follows:—£150,000 for pav•ing the main streets, and £75,000 for tho improvement of tho secondary .streets. ■ ' J •_ Waterworks extension: £150,000, to include £0-1,000 for tho Nihottipu Reservoir, £59,820 for new mains, and £20,000 for extending mains. Park: £22,000 for tho purchase of a Ponsonby Park, and tho improvement of the property. t Baths: £20,000, including £5000 for baths at Ponsonby, £10,000 for baths at •iho foot of Hobsou Street, and £5000 for baths at Newton. Branch Library: £3000 for a branch library at the corner of Symonds Street and Mount Eden Road. ' Air. Parr said hi.'; estimate of the increase in the council's income for tho •present voir was £12,500. Ho had askel the City Treasurer to prepare a similar estimate, and tho treasurer bad just reported that the council's revenues woul i 'be increased by £12,987 during the present 12 months, £8'?"7 being"(lorivsblo from increased iablations, £425.1 from increased water profits, and £50(' from rents, cte. This, said .the Mayor, would relieve th© council fron: any ■anxiety in this U'spcct. The /•ouncil only requrred to borrow £800,000 for works for the present year, and to meet interest and sinking fund on that they would not have to pay more than £401). From this it would he seen that they wposos h cTrong iyflniwli yhwfC, w were in an oxtremoly satisfactory position financially, and that it was folly to suggest that any increased burden in the way of extra taxation should be imposed on the ratepayers.