BOROUGH COUNCIL.

Manawatu Standard, Volume IV, Issue 43, 18 January 1884, Page 3

BOROUGH COUNCIL.

Special' Meeting.

At the special meeting yesterday the Mayor. submitted hid scheme which will be femnd -'elsewhere. He referred to the present financial exigencies of the Borough', and expressed his regret that the Original proposals; had übt been adopted* He explained in' detail the :iew scheme, which provided for a loan of L 5,000, to : be expended L 2.000 each year for two years, and LI 000 the third year. The loan was to be repaid by a sinking fund, and interest and compound interest from the unexpended portions. . The security would be a > shilling special rate. He showed that the rents of the reserves had been hypothecated m the year 1881* till the year 1887 m connection with the Race Course improvements, so- that nothing could be lobked for ftoni that source ,till the year 1887.' The scheme was j afterwards discussed --at great length. It was shown that the only 'other alternative was a special Vftte 1 of 8d m the L, : which would allow for ; an expenditure of LSOO per annum m excess of ordinary; i working expenses. The ! difference -woul'l be that with the loan scheme L 2,000 would be spent the first year on new works,-, and the same amount the next year, 'whereas, by the , special ' rate of 8d m the £, there would only be available £800 each year. The amount available for ordinary expenses would increase at the following ratio : — Ist year, L 60 0; 2nd, I L 64 0; 3rd, L 682 ; 4th, L 725 j sth, , L 77 0; : : 6 1 h, LBl 7. J t therefore re'maiued- for the ratepayers to 'decide whether it weie better to adopt tlia J scheme as proposed, and levy an extra rate of Is m the L, or put up with a much less expenditure, which. mean j< slower pi'ogress, and only pay 8d m !theL. • , :: - -■ It wa* finally resolved to cull a public meeting of the ratepayers to consider the whole question, and come ;to some definite' uuderstandiug ia refei'ence thereto ; after which a special meeting of the Council should be convened to formally ratify such decision, when the poll could be afterwards taken. " * It was resolved to request Or Linton when m Wellington to wait on Mi .Luckie, Government Tnsumnce Commissioner, and to make inquires iv connection with obtaining the money. On Or Ferguson'^ suggestion Cr 1 intoa was also asked to interview the Minister of Public Works and Lands m reference to sections applied lor for hospital purposes. „ The Council then adjourned.