THE LOAN PROPOSALS.

King Country Chronicle, Volume V, Issue 355, 26 April 1911, Page 5

THE LOAN PROPOSALS.

ADDRESS UY THE MAYOR. In the Town Hall last evening a meeting of ratepayers of Te Kuiti Borough was held, when Mr James Boddie, Mayor, explained the loan proposals which are being polled for to-day. He had taken this opportunity of explaining the proposals to ratepayers, althought there was no necessity for it. However, he thought it was only right and proper that ratepayers should understand. The original loan amounted to £29,500 of which .£27,275 was only taken by the State Advances Depatment. The department pointed out that it was absolutely necessary that they should advance money only for necessary works. The loan, for which they would be asked to poll on the following day was for the sum of £4350 and included a lighting scheme at a cost of £2500, erection of fire station £3OO, erection of municipal buildings and land for same £750; contingencies, engineering, land for public works £BOO. In reality, the ratepayers had sanctioned the greater part of the loan at the original poll. A Coronation subsidy of £250 was being granted to the various boroughs by the Government, and the borough council here had decided to use it for the erection of municipal buildings, the coat of which would be £IOOO. They therefore asked the ratepayers to sanction a further £750 in order that they might have a library and hall. The intention of the hall wa3 that they should have it for use for small public meetings and it would no be available for other matters at a small coat. As regards the rate that would bo nocessarry, the Mayor pionted out that the total amount of loan money would be £31,625. The total rate on this eum would be 2j|d. This would be AJ more than on the original proposal. As against the id, they would be justified in placing rent oE office at say £52 per year, and fees from proposed hall £l3. This, together with other revenue which may be received, would practically account for the id difference in rate, and would practically mean that the rate would be reduced to 2|d. He predicted that before next election for councillors a re-adjustment of the borough values would be necessary. The enormous and exhorbitant prices paid for land at the recent sales would be certain to make a difference as regards the purchase of land for the municipal buildings. It was unfortunate that the land had not been got before, but that was their misfortune. He had no doubt but that the recent sales would be a loss of £2OO to the community. Ho urged the ratepayer;; to use their discretion, but at the name time he had no doubt, about what would eventuate. The Mayor made several complimentary remarks as regards the hard work dune by councillors during their first scar oi oiliee. The following candidates for municipal honours gave these views: Messrs J. Tammadge, 1>- ■) • Voting, K. H. Hardy, A. Julian, F. H. Sim.-;, and P. Floyd.