The Manawatu Standard. (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. THURSDAY, APRIL 16, 1885. THE BOROUGH LOAN.

Manawatu Standard, Volume IX, Issue 112, 16 April 1885, Page 2

Manawatu Standard. (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. THURSDAY, APRIL 16, 1885. THE BOROUGH LOAN.

W e rather regret that greater progress wus not made at last night's meeting of the Borough Council with lefoienco to the preliminary negotiations for floating the Borough Loan with the least possible delay. After upwards of an hour's discussion m Committee, the total results were (1), That the interest was fixed at 5 per cent. (2j, That the term of the Loan was to be 30 years. (3), That the Town Clerk was to write to the Banks and ask for information with reference to cost of floating. &c. We think that a different course should have been adopted. It is most es. sential, and a matter of the most vital importance, that now, after vexatiou* delays and aggravating dissensions, the. Loan question should be dealt with m the most practical and expeditious way possible. What we thought would have been better would have been the appoinment of say the Mayor, the Town Clcrk,and Mr G. F. Hawkins, the late Chairman of the Loan Committee, (which body- we may observe, lias carried out its portion of the formal preliminary arrangements with niost commendable energy and altogether m a manner to give entire .satisfaction to the Council and the jatepayers), as duly accredited repre jjentatives of the Borough Council, to immediately obtain all required information with regard to the. best means of raising the Loan. They might have consulted the Council's bankers, m the first instance, and, if necessary, interviewed the head office on the subject. It is the desire of every ohu 1 that theLoan be now floated speedily, and the works to be carried out put m hand expeditiously. It would have been floated upwards ot a year ago, bub for the petty opposition of a small section of the community, fomented by a certain agitator. But i that is all past and gone, and need not be here referred to. The ratepayers have sanctioned the Loan, and the next thing to be done is to proceed with the least delay to lloat it m the most economical and advantageous mi liner possible. We doubt if the replies to the Town! '.©Jerk's written inquiries will atford any practical information ot the kind sought to be i obtained. What is wanteJ is to get the money. How it is to be got is | the question that, m our opinion, and to save any unnecessary delay, should have beeu relegated to the persons suggested above, as representing thu ' Botough Council, who would hava prosecuted their inquiries with zeal and discretion, and would have been m a position by next meeting of the 'Council to submit something tangible with reference to the object, of their mission. We want the Council to he up and doing, not putting offanothet three weeks waiting for replies that ra»y not be received, while personal inquiries might have tesulted iv definite information being tendered immedia » e!y serviceable. The accred • ited representatives of the Council could have prosecuted their inquiiies m any likely quarter, whether banks, financial companies, public departments, or private individuals, and could have explained viva voce the whole position of matters, which would entail a great saving of time, und m all probability be productive of more satisfactory results ihun cor. respondence. The ratepayers expect the Council to display unmisiakeable earnestness m reference to the Loan, and not to let the yrass grow under their feet. A year's timo has been already lost, and it is to be hoped that now that the opposition of a section of the ratepayers h;i> been withdrawn, and a most congratulatory unanimity has been displayed, that the deait sible consummation of the floating of the Loan will he attained at the earliest possible opportunity. Wo write m the interests of the rate" pavers, and m the conviction that tbe course we have suggested would have been m ewry sense 'preferable — as being more likely to achieve the desired object, than thutf 'decided upon (we thinkrather precipitately ami without due consideration) at last night's meeting. What is re j quired m decisive, prompt, vigorous, ! and united action, so that operations may be under way with as little los 3 of time as possible.