THE £75, 000 LOAN.

Gisborne Times, Volume XVII, Issue 1416, 29 March 1905, Page 3

THE £75, 000 LOAN.

/ THE TERMS AGREED TO.

Or Lysnar rose to a point of order. Tho matter had already boon decided, and notice to rescind must be given boioro tho subject could again bo taken. Or Kennedy : This is a new letter.

Cr Lysnar : It is the same.thing. The Mayor said they had decidod to got farther information, and wore eousinoring it. Ho would rule it was in order. ' Cr Lysnar :If you rule against tho rules

of the Council The Mayor: That is ray ruling. Cr Kennedy hoped the master would be dealt with that night. Their term of office was short—— Or Lysnar : The more reason for holding ; it over. ' Or Kennedy: No, the more reason to do something to mark our term of office. Wo have been dealing with the subieot a loDg time—- . , . J .

Cr Harding : And have dona nothing. Continuing, Cr Kennedy said the A.M.P. Sooißty offered thorn exceptionally good terms. • Ho .was prepared to accept the l offer of twenty years; but they should have the matter settled. No other- financial institution would give the money on favorable terms. If they went on Hieiaying the Society would probably withdraw the offer, considering that the Council was an unsound body that was humbugging them.

Cr Xiysnar saw no reason for the Counoil to ohange its opinion of the previous meeting, when it deoided not to accept the terms. The Mayor had not even told them whether they intended to .have the2o or 30 years. He had no knowledge of the Council fooliDg with the A.M.P. Society. ' Cr Kennedy, ns a member of the Finance Committee, said it had been before the A.M.P. Society for four years. Cr Lysnar: What is the money required so soon for ? ' I

. The Mayor: Wsli, wo want to buy the land. Cr Jjysnar: You ace not ready for that yet, and if you were you would only have to go across the road to the bank. The Mayor : I doubt that.. - Cr Lysnar said they had dilly-dallied with the subject for years and’why rush it jat the dying moments of the Council ? Cr Kennedy :■ Rubbish ! Cr Lysnar : They had been told that night there would be an election next .month. , Cr Kennedy : You might not get back. Cr Lysnar : No, nor might yon. ; CrHardiDg : None of us might. Cr Lysnar : But while I am here I will act to the best of my ability.

A smart dialogue here ensued as to the price money was obtainable at, Cr Lysnar .contending that it was likely to como' down. Eventually Cr Lysnar,who had declared the loan, would cost £15,000, said he would sit, down. -. He did not mind interruptions, bat he objacted to having speeches made while he was seeking to speak. . Cr Somervell-spoke in support of the motion, and- said the cost could not be made up to £15,000. Cr Morrison also supported the motion. i~At the previous meeting he bad seconded , an amendment so that they should have further information, and now saw no "ioason to do other than support it. They _ Shad been elected to try and obtain the’ - water. . ' Cr Whinray thought they could finance for the next two years through the bank, and then get money cheaper. Cr Lysnar : There is no question about that.

Continuing, Or Whimsy said they should not take tbe loan beyond 20 years. They were nos likely ,to be boycotted over the matter ; these institutions did not boycott a man because he sought to make the best terms for his clients. The work'eould be going on all the time. Ho did not see there was much in the argument that the Council wa3 going out; they had the experience and should bo more competent to deal with it than new chums.”

-Cr Hepburn spoke in support of the motion, and said that as one who did not intend to stand again next election he .would be able :□ say he had voted for it. £||> After same more lively dialogues the motion was put by the Mayor, to obtain ~-''3he loan for 80 years. .

The "Mayor hoped that there would be' no delay. They had objections raised at every stage. First it was; the site, and now it was the loan, the intention being to block water boing obtained. Some professed to want the water, yet raised objections at every, point. * Or. Harding twitted Ors Lysnar and Whinray with not offering any practical eoheme to get the money. Or Lysnar ; I will get it by 11 to-morrow for two years. Or Kennedy : I will get.it to-night—for two years; Cr Lysnar, ia a personal explanatisn, «tUr2 it was not bis daty, but that of the -Mayor, to have devised a scheme. Owing to their defeat over Waibercro the Mayor’s t party bad not taken kindly to anything he and Cr Wainray had proposed ; they h’ad hold back and allowed the Mayor a free course- Or Whinray and he bad '•stood insults and made no retaliation, but >hey had done their duty, and could say "' before the ratepayers they had acted for the best. Cr Wirioray; then ros9 to move an amendment, but was'ruled out.. of order. He said they had opposed an abortive .schema. He objected to being termed an obstructionist by the Mayor’s inuendoos. They had saved the Council from being inveig’od into an abortive scheme. The motion was then carried, Crs Whinray and Lysnar opposing it.

At the Borough Council meeting last night the directors of tbo A.M.P. Society wrote stating that they could not agree to

'”‘ r '“-aymont3 of tho proposed £75,000 loan. ' jbly they would give the loan for 20 yetKfs instead of 30 years.

The Mayor moved that the offer be accepted. He considered it a fair ono. Befo.ro entering on the work they should makp sure. of having the money. Tho sinking fund would not commence until ■Qo pholo of the loan had been, taken up. "-'loan was offered on fair terms. The v or Board had a loan for 20 years— ~- ■c Lysnar: What aro you paying for it ? .'ho Mayor: Five per cent., and they juld not get it cheapor to-day. 1 They voutd not want to pay it off oven iu 20 'ears. Ho hoped there would bo no more tmo wasted over fruitless negotiations. Cr Harding seconded the motion. Tho

terms waro fair, ana hi 3 opinion was they should have accepted it from tha first. If they bad to raiso any other loan to-moirow they would find i: would not bo obtained cheaper than five per cent. Thoy should have tho money iu sight before purchasing the land.