Apiti Road Affairs.

Feilding Star, Volume XIX, Issue 64, 13 September 1897, Page 2

Apiti Road Affairs.

As road affairs are at present of considerable interest to the ratepayers in the Mangapikopiko riding of the Pohan gina County we publish the following particulars, for which we are indebted to the courtesy of Mr W. Vicar y, councillor for the riding. On April 27, 1880, the first Feilding Small Farm Block loan was raised, being for £4063 ; the yearly interest on which is £208 3s 6d. " Thirds" were hypothecated for this loan to the amount of £1615 17s 6d, which has earned 1*52 in interest. The total amount to be paid on the loan will be £5282 11s. In 1894 a further loan (of £1545) was rained, for which no " thirds" were available. The latter loan requires an annual payment of £77 5s 2d, and the total amount to be paid within the 26 years will be £2008 14s 4d. This makes the amount borrowed £5608, and the total amount to be repaid, iuclnding interest, £7291 5s 4d. The above yearly payments may appear to be t. heavy tax on the ratepayers, bat the area of property rated for these loans is nearly 10,000 acres, which means, assuming the valuation was about equal at the time the loans were raised, that about 15s 6d per acre is added to the original cost of the land, with 26 yeara to pay it in. The above statement shows that the " thirds" (£1615 17s 6d) reduces the amount which tbe settlers will have to repay to £5675 |7s lOd The valuation at the time the £4063 loan was raised was £12,641 and when tbe £1545 loan was raised it was i.29,284.