£70,000 LOAN APPROVED

Kaipara and Waitemata Echo, 15 November 1911, Page 2

£70,000 LOAN APPROVED

WAirEMATA COUNTY POLL. Last Wednesday a poll was taken in all the ridings in the Waitematn County on a proposal to raise a loan of £66,000 from the State Guaranteed I Advauces Department for the improvements of roads within the county. This sum it is proposed to spend in various sums allotted to each riding, ihe allocations ranging up to £12,000, which is*tlie biggest for any; one riding, and which it is proposed to spend in the Henderson riding. Each riding in the county on Wednesday voted on the question of the particular loan proposed to be spent in that particular The proposals have teen carrie I in every riding except Wainui, where it was proposed to borrow and spend £10----000 on roads and bridges. The complete returns are as follows: — Wainui [loan £8,000]: For, 54; against 79; informal, 4. Proposal lost. Waikumete [loan £9,000]: For, 196; against, 37 ; informal, 16. Pukeatua [loan £4,000]: For 87 ; against, 32; Informal, 2. ■ Waitakerie [loan £10,000]: For, 127 ; against, 17 ; informal, 3. Waipareira [loan £12,000] : For, 129 ; against, 45; informaU 5, Kumeu [loan£10,000]: For, 52; against, o. Mairetahi [loan £7,000] : For, 83 against, 5. Rirkenhead [loan £3,000] : For, 111 • against, 50 ; informal, 9. • Titirangi [loan £3,000]: For, 32; against, The Council proposes to distribute : its borrowing over a number of years. A special rate will be required to'furnish security for the loan, covering interest, which will be at the rate of oi- per cent, and a charge of If per. cent for a sinking fund, which will" extinguish the loan in 36 h years, ' The financial position of the country is so satisfactory that the special rate will involve no increase in taxation, as the general amount of the loan rate levied in each riding.