THE TOWN HALL.

Evening Star, Issue 4126, 18 May 1876, Page 3

THE TOWN HALL.

To the Editor. Sir,—Before the ratepayers of Dunedin are inveigled into the Town Hall scheme I trust they will examine into the financial prospects of the City. To the proposed expenditure of L 20.000 must be added L 5,000 for contingencies, or say L 25.000 hard cash ; but as the Corporation is without funds for the purpose, of course another loan of LIOO.OOO must be launched on the London market at not less than 6 percent., the loan, as usual, bearin" about thirty-three years’ currency—in other words, the Hall will be paid for by a bill at thirty-three years, bearing 6 per cent, interest annually (say L 1,500 per annum), the bill of course to be met at maturity. The actual cost to the citizens will thus be about L 75,000, viz. : Bill due in thirty-three years ... L 25.000 Interest on same at 6 per cent, or L 1,500 per annum for thirtythree years 49,500 Exchanges and petty expenses ... 500 Total L 75.009 To the annual charge of L 1,500 for interest must be added another LSOO for repairs, &c. ; or a total outlay of L 2,000 from City rates, exclusive of a sinking fund to meet the bill when due. Of all the shameful extravagance we have yet had this would be one of the most disgraceful, a Town Hall being by no means required, as there are several buildings in the City now which could accommodate any meeting of ratepayers if required for a mere trifle, say L 5 or LlO per night. If the Corporation require further office accommodation, suitable offices could be obtained for LIOO per annum to accommodate a dozen clerks, and even the Mayor and members also. With our enormous liabilities and taxes we may soon find the position of Dunedin resemble that of New Yorkat present, where millions of dollars worth of property is being abandoned by the owners on account of excessive taxation. It may be assumed that more than one half the property in Dunedin is directly mortgaged by the owners. Collectively the whole is mortgaged through the Corporation for loans of about 1.500,000 i i London. Then again through the Harbor Board another liability of L 250,000 is being incurred, for this is a purely k cal loan to be net by taxes on local traders, &c. Besides

all this .the City must bear its share of the Colony’s debt, and already the General Government talk of income and property taxes, education and police rates, &c,, looming in the distance. With all these taxes, present and prospective, which must fall on property and industry, it will be somewhat surprising if the very life is not crushed out of us.—l am, &c., Ratepayer. Dunedin, May 18.