NAPIER MUNICIPAL COUNCIL.

Daily Telegraph (Napier), Issue 3622, 20 February 1883, Page 3

NAPIER MUNICIPAL COUNCIL.

St-ectal Meeting

A special meeting of the Municipal Council AA-as held in the Town Clerk's office last evening at 7.30. Present: His Worship the Mayor (chairman), and Crs. Avail, Price, Ellison, and Cotton. The Mayor explained that the meeting had been convened to consider the financial position of the borough. Subsequent to the last ordinnrv meeting of Council a letter had been received from the Union Bank intimating that the Council's account at the bank must be kept within the legal overdraft— £0000. It was further intimated that from Ist May next the bank would AvithdraAV from the existing arrangement with the Corporation as to amount of overdraft and rate of interest. On rceipt of this communication a. meeting of the finance committee had been called, and subsequently Mr Torre, the local manager of the Union Brink, was Avaitcd upon by the Mayor and Town Clerk, Allien Mr Torre confirmed his previous message to the Council. In consequence of this it Avas decided by the finance committee to make application for terms to other banking companies. An estimate had been prepared by the engineer shoAA'iug that about £900 Avould bo required to complete the Avateiworks : so that, if £2000 Avere boriwed, all that Avas required would be provided for, and he Yvas Avell assured there Avould be no difficulty m obtaining that sum. With this £2000 the Council could carry out the Avorks m hand and perhaps something more. He (the Mayor) and the Town Clerk, acting under instructions, had seen the local managers of the National, New Zealand, and Colonial Banks. One of the banks, the National, after communicating with the head office at Dunedin, replied that it did not feel inclined to negotiate. The decision of the Bank of New Zealand had not yet trauspired, but an ansYver Avas promised next day. The manager of the Colonial Bank had also telegraphed for instructions from head-quarters, aud he (the Mayor) had heard-—not officially, but by ivord of mouth—that there Avould be no difficulty in making the required arrangements, subject to 'certain terms AY'hich he AY-ould be in a position to lay before the Council along AY-ith the ansAver expected from the Baiik of Ncav Zealand. He might also state that money had already been offered him from more than one source outside the banks if the Council chose to take it. AVhat AA-as uoav proposed avus to go to the limit of the £6000 overdraft aud borrow £2000 on the security of the swamp sections so as to complete the Avateiworks, kc, as stated, Avithout delay. Seeing, hoAvever, that, complete information Avith respect to what arrangements could be made with the banks was not before them, it might be as well under the circumstances to adjourn the present meeting until say half-an-hour before the ordinary meeting on AVednesday evening. Cr Price said he supposed more than £2000 could be obtained if required. It AY-ould be a pity to confine themselves to that amount, seeing that the Council had already been deceived in the estimated cost of the Avatcnvorks. Ills AVorship concurred, but said he believed the estimate they had before them that evening Avould more than cover all contingencies. Cr Price then moved that the meeting stand adjourned until AVednesday evening at 7.30. ' Cr AVall seconded the motion. Cr Ellison said he desired to move an amendment. The Mayor said, if the amendment A\'as intended to defeat the motion for adjournment, it Avould not bo in order. [Cr Price hero left the room.] Cr Ellison said his amendment would be in effect a proposal for the Council to enquire into its true financial position in detail, and to compare the present report of the finance committee Avith the previous one. Cr Ellison Avas about to reduce his amendment to Avritiug, Avhen the Town Clerk pointed out that there avus not a quorum present. The Mayor said in that case the meeting Avas at an end. After sonic conY'ersation it Yvas arranged that a special meeting of the Council be held at 7.30 on AVednesday CY'cning.