THE BOROUGH LOAN.

Manawatu Standard, Volume IV, Issue 31, 5 January 1884, Page 3

THE BOR OUGH LOAN.

The meeting last night was on the whole fairly unanimous on the question of the Loan which it was a-ked to consider. Those present appeared to realize the fact that the imposition of a special rate is inevitable m any case, and it wouirl lie the better policy to make it slightly heavier and have all the benefits m addition that the Loan would secure. What on earth lilr Russell meant by endeavouring to eraharass the promoters of the Loan we cannot conceive. He appeared to talk last nu'l.t simply to. gratify a very weak vanity m hearing himself speak ; or m oilier words, for the sake of talking. He raised the silliest issues imaginable, and showed an entire ignorance of the question he essayed to criticise. If he had been the most bitter opponent of the Borough and its prosperity, he could scarcely have done more to prove his hostile attitude and lack of sympathy with its progress, than his words conveyed last night. His apparent idea was to display his transcendent wisdom and great vigilauce ; whereas he only succeeded m exhibiting very gross stupidity, and display tug a general spirit best described by the American phrase *' enssedness." He certainly was very severely taken to task, and a person with a less ample amount of self-con-ceit would have felt extremely humiliated at the exhibition he made of him- . self. If his desire was not to <la what he could to damage il»e prospects of the Loan, that most certainly was tbe only impression which his remarks conveyed to his, audience, who listened to his speech with a patience and forbearance that did them credit. However, the desired effect was not obtained, and the only result was that the speaker got so effectually "■ sat upon " that it should teach him a lesson for the future, With reference to the Loan it 1 is suggested .that while virtually borrowing £30,000, only £20,000 should he. actually taken, as it is believed that arrangements can be : made by which £10,000 can remain m the lender's hands without interest which will stand security for tbe debentures, which latter can be bought up as opportunity offers, so by degrees reducing the liability of the Boroagh, as the lioan is to pay only 6 per cent, whereas the debentures are paying eight per cent. We trust that the ratepayers will be unanimous m voting for the Loan, Us it must be apparent to them that if; the Borough is to advance it must be by the expenditure of borrowed money, oh works that -will benefit the town and its inhabitants, .attract population to the place, bi^ng a, return, of prosperity, and materially enhance the value of property, while adding but little to our municipal burthens.