PRINCES STREET WIDENING.

Evening Star, Issue 3814, 15 May 1875, Page 3

PRINCES STREET WIDENING.

To the Editor, . Sib,—-I am glad to find the citizens are taking active messures to resist the attempted Princes street swindle. Judging by what has already transpired, it will take over 1100,000 in hand pash to complete the proposed widening, but to: the citizens it will be in reality about thtetf times more than this amount, which IwwitU t how endeavor to show to every ratepayer m this city, I presume the ratepayers are aware that the Corporation has no available funds at iti disposal, in lact, I believe it is generally overdrawn ftt the Bank j now, to pay this LiCO.OOO in hard cash a loan will have to be raised in the London market at ceitainly not less than 6 per cent, interest, principal repayable, say, in thirty yews hence. The actual cost will then stand to the citizens somewhat thus: Loan raised -in London ..; ~. £j_oo 000 Six cent, interest on the above 1 is £(*,000, which being payable every year for the next thirty • ycarais .... ... ... * i ßo> ooo

- >5 / , £280,000 „ pother fora, foi^thl yem iJi B citizens will have to pay L 6 000 a year forlnterest alone, and at the end of that period.'% LIOO,OQO will have to be paid otf by the opwation o£tt,smking fund ; in round numbed citizisi& of Dunedin will during the, next thirty years' be saddled with taxation to the extent;bf About LIO.COO per annum additional: that ifl, the present rates must bo about double^../believe at the end of thirty havo left out^pua^ifts-; besides, I question V ll b <* to borrow LIOOjOOO m Londottjtt six per cent for such a purpose— seven or eight per cent would have to hejKet, Ther# are va<f®> other considerations involved in this matter, such as depreciation of ■cessive taxation, above all e of drainage works, &c., more and more a matter of is community. Were the r e undertaking it would be its worst features, but not iponditure will ever bo re•ayersrj besides, Jour credit tewet length, a Will assemble tn masse at ac on Mondatf mjdit, and nde 'the nedesSary ntnds to contest the fratthr iu the highest counts of tin lan4.if needflil, tfnd at the same, time call upon the whole of'thd members ,qf the Corporatioi onw resJjjh jth« tfust,i'sppsed in them. Should the'lJ|Otittg BpWtC'dtt-'th 1 s attempted mece of at the bus * • , m? 8 * a "reception a: ‘ * w i« ? a ß*® obscurity fion . which At/tb* same write ;• jw«lira^l^vre<tch... the. citizen* how appear) of charactered standing are top mud , ignored in public matter*? 1 , The if required at all, wpulcl not , • ho, needed fo* ywurs hence, and ffiero ar. , already-,two . greets and a, railwajl paralle V With It.. Beatds,,i£ DunedinJp to era* into a really 'isfrge city, fdßer . ’matron almost tol^ .*< 4 < v ‘>'L

gasworks or beyond, and various other streets coukl thus be obtained, which may become very important. The traffic in the Cutting is far greater than that of Princes street south, but even it would be consideie.l'{riding in most large cities. _ If it were necessary to relieve the traffic in Princes street a far cheaper and more effectual way of doing so would be to continue Great King street over Poll Hill, ic., to Craw* ford or Rattray street.- I am, .&c., A Dunedin Citizen. Dunedin, May 15.