CROMWELL GOSSIP,

Dunstan Times, Issue 682, 14 May 1875, Page 2

CROMWELL GOSSIP,

—o (FROM OUR OWV CORRESPONDENT.) In the recently negnciatel Debentures of the Cromwell Waterworks, there seems but little room for congratulation, and very much for dissatisfaction. The Corporation are doubtless fully alive to the urgent necessity that exists for a good and permanent supply of water for the Town, and possibly in all sincerity accepted the not very liberal offer of the newly established Colonia Bank, hut if they had adopted the Lowburn scheme, it is generally admitted that the coupons wonlcl have found a ready market, and that the necessary capital would have been secured at Cromwell, It is a well-known fact that one gentleman alone offered to invest to the extent of a LI 000 in coupons, provided the Lowhurn supply was adopted. At that time, and when this important question engaged the attention not only of the Council, hut also of the ratepayers, Mr James Taylor, the representative for Kawarau Ward, went into a carefully prepared estimate, and conclusively proved that the latter named place was preferable to Firewood Creek. When contesting the seat for the Council against Mr Burrowes, he made this one of tho loading features in his programme, and his election was at all events some evidence of the desire of tho ratepayers to see the Lowburn scheme adopted, and were it like’y to he productive of any material benefit, facts and figures could with little difficulty he adduced showing the saving ! to the public purse, and tho many advantages that would have resulted by tho adoption of that scheme. Before however leaving this introductory branch of the subject it will not ho deemed Impertinent, nor by many, injudicious to enquire why Mr Barr, when reporting on tho Firewood Creek supply was not also requested to examine the other, Tho miserable excuse of economy will not stand, as the advantages that would have resulted therefrom, would have warranted the nominal outlay, and would have settled tho question as to the best and most advantageous source of supply.

The Debentures are of the nominal valuo of LOO, and are forty in number, giving a total of L2OOO running thirty years, which have been nogociated at 7 per cent, and I added, but it must bo remembered that the Corporation have parted with thcso Debentures at L 43 10s, leaving themselves liable at the expiration of the thirty years to pay the Bank for these same Debentures LOO, being a clear bonus of L(slos on each Debenture, exclusive of the Ll4O annual interest, which with the L2CO discount added, represents L44GO as a sum payable, that is, assuming the Debentures continue the thirty years. In addition to this the Corporation, the water-right is to be purchased at the high figure of L7OO, so thus absorbing the whole of the contemplated borrowing powers contained in the Cromwell Waterworks’ Act, 1874.. In thus dealing with the question no mention has been made of the pipes, cost of laying the same, construction of reservoir and other heavy incidental expenses. Not having Mr Barr’s report before mo I am unable to deal with it in detail, but may on some future occasion refer to it. The Act of 1874 confers full rating powers, and if the public can see cause for congratulation in increased and necessarily heavy taxation, then there may be equal cause for not only this but the succeeding generation to favorably view the action of the Cromwell Corporation of 1874 5, but I in common with many others inclined to the belief that the transaction is eminently advantageous to the new Bank, while it will press very heavily upon the unfortunate and suffering ratepayers. The limited population of Cromwell is already taxed sufficiently, and with all tho boasted advancement in the principles of local self government, it is manifestly apparent that our rulers no not bestow that care upon, nor strive to master the ethics of retrenchment, the only and safest means to attain permanent prosperity. As previously pointed out the payment of the larg* sum of L 420 for the first year on L2OOO, or to put it more practically upon an actual advance of L 1740 is certainly paying the piper, and yet in tho face of this there are not wanting those who are ready to sacrifice common sense, and applaud the action of the Council, but if they take the trouble to go into figures and bestow a little consideration, they may he induced to view this venture with uneasiness and alarm. Seriously—would any business man accept an advance ofL2OOO upon such terms ? I think not. That it was very generous on the part of the new Bank to relieve the hands of the Corporation of these heirlooms may be all very well, but when the shoe pinches, and the pockets of the ratepayers are touched, they may awake to their interests.

At Clyde the sum of LSOOO for the construction of the bridge was obtained upon much easier terms, and if proper means had been employed, and proper men entrusted with the conduct of the same in respect to the Cromwell Waterworks Loan, who will venture to assert that similar arrangements could not haa e been effected—at all events it was well worth the trial.