The Manawatu Standard. (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. FRIDAY. AUGUST 14. 1835. THE BOROUGH LOAN.

Manawatu Standard, Volume X, Issue 64, 14 August 1885, Page 2

Manawatu Standard. (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. FRIDAY. AUGUST 14. 1835. THE BOROUGH LOAN.

;'i It is a consummation devoutly j to be hoped for that the renewed] negotiations between the Borough j and. the Government Insurance Department will be productive of some . tangible results. The Department must isurely be taking a very short- j sighted and narrow-minded view of matters if they suppose that m the ordinary course of events. Palmerston, even without the : Loan, vwill not forge rapidly ahead during {..the 'next few years. Its position as a railway centre alone must eventually ensure for it- almost important future. That its population will rapidly increase none can doubt .Xhese premises may be accepted as foregone conclusions even supposing tliat all its efforts to float the Loan proviecl abortive. But with substantial ways and means with which to improve the town, form and metal its : sti-eetsv construct a water supply, provide for drainage s and sewerage, and so enhance the prosperity of the town and conduce to the welfare of its inhabitants, a; much more rapid rate of material progress must be confidently looked forward to. Nor must it be forgotten when the various aspects of the question are being takeh into consideration, that With a probable large accession to our population before long, unless > W';h)i*«J'|* ! j^oHv ; walte^\BUp^ly-,':and proper^ drainage and sewerage, ..either the population will not remain^ owto tne absence »f sufficient sanirtajjy provisions, or it they do the death rate will be greatly mcreased. r We take it for . granljed . -that any loan which the.- Borough' may,. obtain will be administered judiciously, reproductively, economically, and to the' best advantage. For instance a large item m the expenditure will be for water supply, which will yield' a certain and considerable revenue, and which factlshould be taken into account by the Insurance Department when the Loan question is again under their consideration. We think it is quite reasonable to assume that within the next five years, at a moderate estimate the number of within the Borough Vijlhave doubled. Thus the burthen of the rates will be divided over a large number of contributors, and the aggregate 1 amount will be ' proportionally increased. We presume that the Insurance Depart, ment must have made no allowance for increased population, when they calculated that our rates m order to make proper provision for the :! repay rnent of the Loan would require to " be from 4s, to Ss m tlie jg. ;In such case they must have acted without due consideration, and m fact with great lack of discernment. Figures can be .adduced to demonstrate the. fact that when ample provision ■is made for the Loan, Palmerston which will with the expenditure possess excellent streets, a grand water supply, and ample provision for drainage anil /sewerage, will, Jstill occupy the.positfon of the mbst lightly , ritted "toiin m New We presume all our ire^derjSi' "carefully and thoughtfully read line excellent letter seijt. by the f^r,- to. Sij,|TijLius VoGEL,,a copy wVicli we' published some -days a%6 K . To bur mind tlie position of the Borough with regard to the lioan, the general bearings of tne i whole, question, could scarcely ' have been presented m a more telling, form than were expressed m that letter* the conclusions arrived at m which every ratepayer will en-, dorse, and the publication of which should benefit the Borough m mote ways than one.-: In< that communication the Mayor • showed clearly that the Borough had not accepted any 1 greater responsibility than it had a reasonable prospect of providing for. We need not here go over the ground so ; ably traversed by Mr LiNTON. But the facts adduced and the; calculations made prove m that m offering the ; Borough the sums arranged for, the ri&pcesentations made, nn the faith of which certain proposals were offered arid accepted can be amply sustained and were not m any sense calculated to mislead. When dis- . cussing this question nearly a twelve month ago, and before public opinion had assumed any definite idea as to what the amount of the Loan should be, we strongly urged that no jess an amount . than 2?5O,O0O should be provided, as we felt as,siwe4 yjth no smaller sum coujd any su^sjtantial benefit be achieved. We .then. pointed out: that a^ during the e^en^jmre of tjje; e^isjting Loan of #10,000 i the number dfratepayers and rateable yajue of property had increased mwii\ foeyontj anticipatipn, 'fifowtb a larger amount expended, 'aiiffthe enhanced importance of t\}e. town dwirig to completed railway communication frith .•Wellington on ; tne -one sfae.and N^P 1^ on tne ! ojHi». the ihcrease m population lv ianfi irt, rateable value of property ' ft^^J,De..peTceptib)[e,t() a still greater extent . ;Sur.eJiy the Department ; ihaye not , c : alculatetV that we are to comm ence paying interest; immediately, on. when only-per-haps £ 1 0,000 will have been .obtained- Or have they calculated m. tewst- on our existing Loan of MSQQQi ri.wel] as on the portion of

the i?5(),000 to be held over as security for the old debentures as thin mature. We understood that th< Borough is only to be asken to pay interest on the ainofints actually ex pencled, say at the rate of £ 10,000 each year JEor an estimated period of four years during which it is prppi>sed the works will be m course of construction. Few can realize the position of the Borough of Palmerston North four years hence, with its ( streets made and metalled, all necessary drainage and sewerage undertaken, an ample and excellent water supply provided, and the town (or : rather city as it will then be), a busy : thriving, centre connected by the j iron road with the East and West j Coast. Will appear any serious burthen to have apprehensions about, or cause any. uneasiness as to rates required to meet interest. Had we less limitless faith, m the future of the town an f d district m which we founded the first daily newspaper between Wanganuiand Wellington, we might possibly have some misgivings as to the liability about to be incurred. When we first mooted the\ suggested amount of «£?50,000, and showed what a;vas£ transformation could be effected, by the judicious, expenditure b^tha|t amount, and proved how easily 'the. burthen of individual liability douW' be met, and how lightly it would: fall on the ratepayers, by reason ot the altered condition of things that; through the instrumentality, of the Loan come into operation, we were told that we were too progressive, too ambitious, and too' sanguine. We said then as we 'say again that none can adequately realize the extent and rapidity of the development of our trast natural resources through the combined, '-instrumentality of , natural growth of the districts direct j railway communication, and the ju-' dicious outlay of the amount which the ratepayers have almost unanimously decided is the proper sum necessary and requisite to carry out ; those undertakings so essential to our prosperity, and so indispensable to our well-being as a community. We are sure the' "ratepayer!"' will join with us m our expressed hope that the renewed negotiations, now m course of progress between the Borough and the Insurance Depart- ' ment will have, a satisfactory termination. All noticed and deplored the stagnation which succeeded the intelligence to the effect! that the Borough Loan proposals had fallen through. ()i course the blow was a crushing ojie at .first, and people could scarcely realize the extent of the misfortune that had overtaken the place. We still contend that the trouble and attendant depression would have ultimately been surmounted, and our progress would not have been, absolutely arrested; though no doubt seriously retarided. Palmerston is a place that cah'afc! most defy misfortune to perm nently injureit. It.is notelastic, and itsin habitants are so public .spirited and .combined m their determination to advance, that their motto must always be m the future, as it has been m the past, l> ,pnwardi'\ i The" town looks forward to be m a siate of ■readiness for- the important position iwhic.h its geographical situation, j splendid fesourcesj grand-surround-ing country, and railway advantages must before long enramand for it. To achieve; what -is. required borrowed money is needed, and it would be impossible with our limited ways and means *.^t6; accomplish our . ; con- . templated undertakings put: of "tne ordinary.: ■/ municipal > We .trUstiiiiydue course^ to learri'that^ all arrangements have been satisfactorily calculated, and we siucerely* hope that no indiscreet interference, or m j udicious action on the part of any section bf the community willy hamper or embarass the negotiations how m progress, and m the result of which will depend the momentous . issue whether Palmerston is to pro. gress by rapid strides, or be seriously • retarded for lack of the indispensable means wherewith to accomplish' its proposed undertaking.