BOROUGH COUNCIL.

Manawatu Standard, Volume IX, Issue 142, 21 May 1885, Page 2

BOROUGH COUNCIL.

«i LAST NIGHT'S MEETING. Present. — The Mayor, Crs Hutcheson, Abrahams, Wylds, Hawkins, West, Grace, J. K'ng, T. King, Bentlev, and Park. Minutes of the previous regular and special meetings, were read and confirmed. CORRESPONDENCE. From Property Tax Commissioner, requesting on behalf of intending applicants for the position of valuers willing to undertake the duties of assessors for the approaching triennial assessment of the Colony such facilities as they may require for inspecting the rolls now m force, and also for examining maps of the district, m order that they may be thereby assisted m forming an estimate of the extent of work involved m making an assessment. Agreed to. From Wellington City Council, offering to sell certain surplus water plant, and to afford all required information m reference thereto. From Crown Lands Oilice, forwarding a copy. Gazette No. 31, of the 14th inst. containing a notification authorizing the Coqttn-.-uion of Palmerston North to sell by public auction after being three months duly advertised m the local newspapers, the portion of allotment, of section 225, Borough of Palmerston North, referred to m Council's letter of Feb. 20. From Treasury, informing the Council that the sum of £19 7s 5d had been remitted to credit of the Borough Fund Account, viz., refund of half amount expended m charitable aid during the year ended 31st March, 1885. THE BOROUGH LOANThe following correspondence from the local banks was read m committee and dealt with, and was afterwards recommended for Dublication m the interests i of the ratepayers. From Bank of Australasia : — Referring to the Town Clerk's communication of 16th April and 11th May, this Bank s terms tor (floating a loan of ±50,000 m London, the amount to absorb an existing loan of ±10,000, would be as follows : — Charge for floating loan J per cent, including brokerage, but Council payin.; stamps, advertising, &c. Charge for remitting proceeds to Colony by cable, par. Charge for remitting by draft at usance, £ per cent, under current rates, but' not below par. Bate of interest on lixed deposits, maximum current rate for respective terms, not to exceed 6 per cent. Bate of interest on overdraft pending floating of loan, 6 per cent.interestdebitedhalf-vearly. Amount of overdraft pending floating of Loan against debentures for ±50,000 lodged, ±3000. Bate of interest on temporary deposit m London, (if any) 1 per cent. | under Bank of England rate, but not to exceed 5 per cent, per annum. Charge for payment of coupon interest ex advertisements I per cent, commission and current exchange on drafts on London. The Bank will pledge itself to hold the j debentures for one year, if required, be- j fore selling to recoup itself for any overdraft allowed m anticipation, and the Council on its part must undertake only to withdraw money for th« purpose of the Loan. The debentures, bearing 5 per cent, interest, must be for a reasonable term, say 30 years or so, and a ■inking fund may have to be provided. The reserve price, which has not been mentioned by you, will be, I suppose about 97. From the Bank of New Zealand : — Having regard to the very unsettled state of affairs at Home just now, I regret to inform you that this Bank is unwilling at present to commit itself to the Loan proposals set forth m your letters under reply. From Union Bank of Australia as follows : — ln reply to your favor of 16th April I have the honour to submit terms upon which this Bank will transact the business referred to. (I). Commission for negotiation of loan £50,000, J per cent, Council to pay brokerage, advertisements, stamps, &c. (2). Advances to extent of £10,000 at 7 per cent., to be granted on receipt of cablegram from London to the effect that loan is floated, or that there is certain prospects of its being subscribed. (3). Advance on overdraft, if needful, can be availed of to extent of yearly incoma irrespective of floating of loan. (4). Any portion of loan money that may be placed at fixed deposit for one or two years to bear interest at 4 per cent. (5). Proceeds of Loan to be remitted from London at par by draft' on demand. (C). Arrangement to be terminated by 12 months 1 notice on eitjier side. Debentures, copies of Gazette, calculations of sinking fund, value of rateable property, and all documents essential for the information of intending investors to be handed to Bank complete m due course. Af tsr considerable debate m committee the, following report was brought up : — Moved by Cr Bentleyand unanimously carried — That the tender of the Bank of i Australasia for floating the Loan be ac- | cepted on the understanding that the tenders for the Loan be advertised m London, and that the minimum be 97. MISCELLANEOUS. Statement of Receipts and Expenditure and Balance Sheet read and adopted. Minutes of Public Works Committee read and adopted, with exception of part referring to drain. Burgess roll submitted to the Council and agreed to us the Burgess Roll for the current year. Resolved — That a general rate of Is m the £ and a Library rate of Id m the £ be now made upon the valuation of all properties m the Borough, the said rate to be for a period of one year, from April 1 1885, to March 31 1886, and be payable in 'one instalment on June 1 1885. ■ Resolved— That the special rate for 188.8, 1886. be increased to lOd m the £.