NUKAKA LOAN.

Gisborne Times, Volume XXIII, Issue 1814, 21 July 1906, Page 3

NUKAKA LOAN.

(Wairoa Guardian.) A meeting of tho ratepayers of Clyde riding took place in the Council Chambers on Saturday to consider tho proposed loan of £2OOO for the Nohaka bridge. Mr Powdrell was voted to the chair. The chairman said it was estimated the work would cost £3OOO. This amount was made up as follows : —Prooeeds of Bab of Nuhaka ferry reserve, £682; Government grant, £318; proposed loan, £2OOO. The valuation of the county was £1,104,322. A special rote of l-50th of a penny in the £ would provide interest and sinking fund, and wipe out the loan in 41 years. Mr Hague asked if they could not borrow more if neceroary. The obairman explained that their borrowing capacity was about limited by this demand. Tho work, however, would be a great benefit to the whole district, and tho settlers urgently required it. Mr Douglas Walker asked if the money in hand was earniag interest ? Mr Brandon explained thst the money was not placed on fixed deposit, as it might bo called upon at any time for tho work. Both the Chairman and Mr Brandon explained that the money could not be spent on anything else than a bridge. Mr Douglas Walker suggested one loan for the two bridges, Frasertown and Nuhaka. Mr Brandon ndvißad that they borrow tho £2OOO for the Nuhaka bridge this year aud next year got the Frasertown bridge. They couldn’t carry out the two workß simultaneously. Dr. Somerville asked whether it would not be advisable to get the settlers to form a road across the swamp at Tangoio Washout. A deviation was wanted instead of the tunnel. The Chairman said he had done his best to get the road thrown across the swamp, instead of having the tunnel, and miss the bad points, There were two miles of bad beach. At the time Mr Mackey, the engineer, had taken soundings of the lake. At the centre the depth was 15 feet. Mr Mackay’s estimate of the cost was about £1400. Some desultory discussion conoluded the meeting.