NOT A BURDEN

Dominion, Volume 7, Issue 2147, 13 May 1914, Page 7

NOT A BURDEN

MAA'QR REPLIES TO OltfffClSM. There Isas alrondv been some criticism directed agftiiisi tho elaborate works programing put forward by tho Mayor (Mr. J. P. Xuke) on Wednesday last at tlio installation ceremony, on tho score of tho increased burden the payment of tho hstefost on t.lstj loan will entail. In ropjjr to this contention tho Mayor very mtumstieally stated yostefday that ho did not think it likely that tho loan proposals would entail any increase hi--the rates at nil, This assumption Ire based chiefly on the- fact that tho finances of the city would be subject Ui certain easements thts >var, and for the future, which would cottntc.r-hnlanco tho amount required for interest and sinking fund on the proposed loan of £313,0130. One of tlte savings he referred to would be- effected bv the paying off of £25.000 of tho £100,000 city improvements law, which hears interest at the rate of 0 per cent.- This loan, which matures in 1929, has n smliinj? fund, from which a quarter of the 1 loan will be repaid An Scpteniber 1. The sinking fund in connection wWt tho loan ■ (contributed to at tho jateof £700 per nimmn) nmorjutod (.o £"§-,576 Is. 7d. on March 31 Inst year. The repayment of £2;>,0l)f) will mean ft saving of £1 SO'fl per annum to the city. Another casemoot would be the cessation of the pay- . wont of .CtOflO a year to Mr. Hay/ivard , for tlie land tho city had acquired from ■ that'ijenttemnn. That.-amount-had been ■ wiped out nsid the eitv now' had the ; nropeity free of any fninuciid hicritnbraitoti.' Other new sources of rovofluo ■would bo thfl increased rents from city- ; owned properties, a saving in maihten- : itiief" on those mnendaiiiised streets that , are proposed to be wijod-hlortel: an in- , crease in the revenue isntieipitted to_rcsfjJt from the revslnatmn of the: city;; ' whilst th>Json prsfliisocf to aVydop into i <m revejma-froduciiiß &' s:!et to tho city, {j