King Country Chronicle Saturday, Sept. 19th, 1914. PROJECTED BOROUGH LOAN.

King Country Chronicle, Volume VIII, Issue 705, 19 September 1914, Page 4

King Country Chronicle Saturday, Sept. 19th, 1914. PROJECTED BOROUGH LOAN.

The loan of two thousand pounds now being promoted for the purpose of adjusting the finance of the borough has been rendered necessary in consequence of the payment for plant out of loan money, having been questioned by the Audit Department. The matter is rather ancient history, but it may not be generally known that the payment of the crushing plant out of the big loan waß disallowed by the Audit Department because provision was not specifically made on the voting papers for the plant.- The Council at the time considered the purchase of a crushing plant in connection with street formation quite a legitimate expenditure, but the ruling of the Department has to be accepted, and the money must be snparately provided. Possibly it is unfortunate that the loan has to be promoted at the present time, but it is comforting to realise that the raising of the loan will in effect provide an equal amount of money for otreet expenditure. With the working season coming on it is in the interests of the town that the public works should be kept going within reasonable limits The effects of the war will probably he felt less seriously in the Dominion than in other portions of the Empire, still there is bound to be a very considerable slackening of industrial activity which will cause distress among varioua sections of

the working community. This is bound to have its effect on the business lifo of the various centres and any influence which can be exertod to offset the depression Hhould be exercised by those in control of the local affairs. It is only reasonublo to expect that however difficult it may be at present to obtain loam money for public works tho dilliculties will be immeasurably greater if a protracted European war is being waged. It therefore appears to be tho highest form of wisdom for the local body to promote a policy which will provide sufficient money for steady progress, and also provide against the pOßsibility of stagnation which is bound to enaue if money be--1 comes unobtainable even for a short period. Such a policy is altogether* different from anything approaching extravagance. Ii is fundamentally sound and cautious, one of its chief features being the maintaining of the civic activities on reasonably progressive lines, while all sections of the community will aharo in tho resultant benefits. In the event of the loan not being obtainable it is not too much to suy that the borough will receive a set back which, if merely temporary, will serve to accentuate tho conditions created by the war. Everything considered the projected loan, though small, in amount, ia one of the most important proposals yot placed before the ratepayers.