The Borough Loan

Feilding Star, Volume V, Issue 8, 19 January 1884, Page 2

The Borough Loan

» The satisfactory result of the visit of the Mayor and CrLotrDON to Welling' on to arrange terms and conditions with Mr Luckie, the Commissioner of Insurance, for the advance on the loan of £6,000, was shown to the Eorough Council on reading the telegram from Mr LtrcKlF, iv which it was slated tbat £2,000 would be placed to the credit of the Borough with the Bank of New Zealand, on receipt of the dehen uves and coupons. Not only is the meney to be granted on the terms on which the poll was taken of the burgesses, but tbe charges and expenses usual when such loans are negotiated are almost totally ayeided. We congratulate the Council on the prudence of their action in sending representatives of their body to the fountain head. We can only hope that the success which has been achieved on tbis occasion will be an encouragement for them to make similar hMempls when the advancement of tbe interests of the Borough can be so attained. The wisdom of spending tbo loan in yearly amounts of £2.000 cannot be too highly commended. Not only will there be a saving of interest, but the*pre?su>-e on the ratepayers will not be felt so heavily. The formation of the streets will also be proceeded wiih at a rale which will not encourage contractors from other paH s of the district to compete with our local men, and so the money J will actually be kept among the ratepayers who are its real owners.