THE SO-CALLED "FIGURE TWISTING."

King Country Chronicle, Volume VI, Issue 439, 14 February 1912, Page 5

THE SO-CALLED "FIGURE TWISTING."

To the Editor. Sir, —Reading Mr Massey's statement at the Reform party's rally when he talked about the interest on State loans, gives one the idea of what statements are made by partisan politicians. He says that the interest has been increased on loans from £3 10 per cent, to £5 3a. To the ordinary individual he made it read as if it might appear a very big incnw\ especially when referring to money already raised; but it ia only one of the many ways that politicians have of twisting figures trying to make the public believe that interest had been raised by £1 13s per cent. The position MrMassey referred to is as follows: During the last eighteen months the Waitomo County Council, for instance, has borrowed L'2T.o!U) from the State Guaranteed Advances at 3* per cent, per annum, then to that is added £1 7s fid per cent, as a sinking fund for years, when the amount of the loan will be repaid. The total, then, to be paid yearly, sinking fund and interest, amounts to £4 17s 6d per csnr. Since the election the Waitomo County Council have been notified that the interest on all future loans baa been increased by one-quarter per cent. ; that is, r>s per hundred; thus, instead of pay in;: 10s in future, we have to pay on any new loan's raised ,I' 3 I ."is. per eenl. Add to that the usual sinking fund, £1 7s Gd, and it makes a total of ,lVi 2s 6d per cent,, as against the X ! 1 6d now paid on leans previously raised. We have also been notified to the effect that the borrowing powers of each county have been limited in one year to .iTu'dO. That being so, the Waitomo County Council were refused the Hangali I;.i-V\ aiton io• 1 vuakura Caves loan lor we having already borrowed this last year considerably over .i!- 11 ,00'.\ which J simply means we shall have to waii, j till next year, and make a fresh apj plication. I am, ele.. | A. SCIIOLKS, i Chairman Wa'toino County Council.