Greymouth Evening Star. AND BRUNNERTON ADVOCATE. SATURDAY, JULY 27, 1901. THE BOROUGH LOAN.

Greymouth Evening Star, Volume XXXI, 27 July 1901, Page 2

Greymouth Evening Star. AND BRUNNERTON ADVOCATE. SATURDAY, JULY 27, 1901. THE BOROUGH LOAN.

Judging from some remarks at Thursday’s meeting of the Greymouth Borough Council, there appears to have been some misunderstanding in regard to the loan of £IO,OOO proposed to be borrowed for Town Hall and liquidation of overdraft current at the end of March last. One Councillor stated that if the ratepayers knew that £IO,OOO was to be borrowed the vote would have been different. It is somewhat dillicult to follow this lino of argument, for both councillor and ratepayers were aware that by special resolution of the Council, and in conformity with the provision under the Municipal Corporation Act of last session, authority had been taken to borrow 7 £B,IOO to pay off the Council’s overdraft for which six per cent was, and is, being paid. This amount does increase the Council’s present liability a single shilling, but on the contrary lessens it in this way. The money is to be got for 11 per cent interest with 1| sinking fund. In all an annual payment of six per cent. Exactly what is now being paid to bank on overdraft. With the loan, the 11 per cent sinking fund goes towards the extinguishment of the debt, and will in about thirty years pay off the £3,100. If the indebtedness remained with the bank for the same period, the amount due would still stand at £3,100 although the same amount had been paid as to the A.M.P. Society. The advantage of such a conversion is too obvious to need comment. , As to the balance of the £IO,OOO, £G 500 w 7 as authorised by special vote of the ratepayers. It is, therefore, absurd to suppose that the ratepayers w'ero under a misapprehension in giving their votes. The conversion of the £3,100 of an overdraft would have been carried out even had an adverse vote been given on the £6,500 loan.

WEST COAST COAL PORTS, The long continued dry frosty weather with present set of the sea, has had a detrimental effect upon the two West Coast coal ports, which are now shallower than they have been for many years. At Westport yesterday the Pohcrua had to he towed out, which is a most extraordinary occurrence for the Duller, with its fine entrance, and the Taicri now there will either have to unload or wait till thebar improves. At Greymouth wo are no bettor oi'f, except that our entrance is more easily cleared out, and the water deepens more rapidly than at the Duller, where the shoal has a wider and longer spread. It is a good many years since we were in such a plight, and it might be years again before wo have a like experience, but the fact that it has occurred, and exists at present, is evidence that it may take place again. It is therefore the bounden duty of the Harbor Board to devise, if possible, a subsidy. That there is an easy remedy is admitted by competent authorities, and was urged by the Engineer-in-Chief only a few weeks ago. That remedy consists in increasing our tidal basin by dredging the entrance to to the southern lagoon, and cutting away one or two narrow bars that impede the steady flow of the tide. This accomplished, and flood gates built, the shallowing of our bar would become almost impossible. The pent up waters of the lag on let loose at half ebb-ticle would, day by day, as effectually scour the channel as a moderate flood in the river. The expense would not bo a very large one, while the advantage gained would be very great indeed. We trust the Harbor Board will give the matter their early attention, for it is of vital importance.