THE £100,000 LOAN.

New Zealand Times, Volume XXXIV, Issue 5635, 22 April 1879, Page 3

THE £IOO,OOO LOAN.

A meeting of ratepayers opposed to tho raising of the £IOO,OOO loan was held in the Princess Hotel last night. There were only twenty-one persons present, and Mr. Allen wag in the chair. ' ...

The meeting was called for eight o’clock, but it was considerably past that time before'a chairman was appointed. , Very little interest appeared to bo taken by those present. One time it looked as if no business would be done. At length Mr. Field moved,—That this meetihg°pledges itself to vote against the proposed loan, and to use every endeavor to induce the ratepayers as a whole to do the same. Mr. Field said that he wished it to be understood that he, had nothing whatever to do with calling the meeting. He considered that the resolution should have been moved by one. of . the originators, He (Mr. Field) would not say much, regarding’ tho loan, but saggested that a committee should be formed for.

the .object of inducing persons to vote against tho raising of the loan. Hr. Anderson seconded the resolution. Mr. Pisher spoke at some length. Ho said he would not enter into a discussion regarding the subject of the loan, hut give information, and then argue tho matter afterwards. He would bo quite willing to meet either Dr. Diver, or Mr. Thompson, and he would in a very short time show that neither of those gentlemen knew anything, or very little, about the finances of the city. They were designated by some as being two shrewd men, but he (Mr. fisher) could assure tho meeting that, so far as the £IOO,OOO loan was concerned, Dr. Diver or Mr. Thompson knew no more about it than his (Mr. fisher's) little finger, or the glass of water he held in his hand, Mr. Fisher then referred to what was called a financial depression which existed in the colony at the present time. He thought that probably a loan would do some good, but he would not go into that matter. He said that the Council could not expend more than £20,000 in a year —they had streets to make. He would then ask them where the remaining portion ef the loan was going to—in the Bank of New Zealand, where it would lie at 8 per cent. The city, he thought, ought to husband its borrowing powers. He did not consider it was the proper time to borrow so much money. Mr. Carter thought that the public had been led astray by the newspapers. He was of opinion that tho working men were not desirous of voting for this loan as was generally believed. He was surprised that the newspapers had taken no notice of the fact that? the Municipal Corporation Act gave them power to levy a rate for any special purpose. He knew of many persons who were in favor of raising a loan under tho impression that it would relieve the monetary difficulty which was now felt in the town. He, however, thought it would bo a great mistake to borrow. He refered to the large staff of officers which tho City Engineer had under him, far larger than was necessary. He did not think Dr. Diver cared one iota about the ' ratepayers. Dr. Diver no doubt would like to see good roads. He would feather his nest, and would then go elsewhere to spend his money. Mr. Maginnity said that the Councillors of the ward which he represented would do all iu their power to oppose the loan. He, however, would like to hear some person speak in favor of it. Ho did not like a one-sided meeting. In referring to the meeting of ratepayers which was held at the Athenaeum, he did not think the matter was laid fairly before the audience there. He thought there had been several works instituted by the City Council which were unnecessary, and several thousands of pounds .eight have been saved. He was .opposed to tho loan. , ,

’l'iio Chairman in the, course of . a few rein ik.-: said he aud other members of the City C'-oncil had tried all in their power to stop the useless expenditure of money. The motion was then put and carried unanimously.

A vote of thanks to the Chairman concluded the meeting. '