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Manawatu Times, Volume III, Issue 95, 7 September 1878, Page 2

The scheme propounded by his Worship the Mayo it for the floating of the Borough. Loan is one winch should meet with hearty support from the ratepayers. The plan submitted at the Council meeting on ; Wednesday night was to the effect that persons desirous of having town improvements made, footpaths formed, or roads metalled, contiguous to their property, should apply to the Council to have the work done. The matter would then be placed m the hands of the Overseer of Works, the improvements made, the payment to he untaken by the ratepayer, for repayment of which he would get Borough .Debentures, .payable m seven years, with seven per cent, added. The benefits to iiiveslurs may bo briefly summed up by saying that by haying the improvements made they would enhance the value of their properties, they would finally recover the whole of their outlay, and m the meantime receive a high rate of interest upon tho advance. -In addition to all this, the debentures have been made as low as £25 each, are a negotiable commodity m the market, and if a returu of the money were desired before the expiration of the seven years, it would be readily obtainable. By this means the progress of the town would be not only sure but swift, and all. the interest paid by the Borough would be kept amongst -the' residents. As we have slated, tho matter was mooted by the, Mayor, for the first time, on Wednesday, but so highly, has the idea been thought of,, that already a number of debentures have been .applied for. Mr .Eliot Wabburto> t , of Main street, hasgone m .heartily for shares m the loan upon the principle explained, and his spirited example has been followed by many others. As will be seen from our Council . report, it is intended to call a public meeting to plaoe the matter prominently before the ratepayers, and wo ifeel convinced that whou the many advantages to be derived from the scheme are properly put before them, a sum far m excess of the proposed loan will be readily raised. By this plan the Palmerston Square could be improved by the burden falling upon those who would be materially and substantially benefited by the outlay. For about £MO the whole of the Squarecould be levelled and sown with grass, and a tvrelve-foot fence erected all around ; and this sum could be raised by sixteen of the ratepayers whose properties face the Square taking up a £25 debenture each.