BOROUGH ELECTIONS

Otago Daily Times, Issue 26617, 13 November 1947, Page 3

BOROUGH ELECTIONS

Reconversion of Loan Considering the inclement weather, the meeting in the Peter Pan Theatre on Tuesday night was well attended by electors. The Mayor, Mr J; C. Kirkness, was in the chair.- The subject for discussion was the proposal that permission be sought to reconvert the borough loan. The following nine, candidates spoke:—Crs E. S. Stubbs, H. S. Stevens, and D. V. G. Smith, Messrs W. R. Laney, A. Hamilton, H. R. Wise, T. R. Beatty, G. P. Cuttriss. and G. McLeod. All except Cr Smith favoured the proposal to seek reconversion, as also did Mr Colin Jones, who had forwarded a letter to the chairman Many disadvantages of the onerous terms of the present loan were pointed out, special stress being placed on the fact that it had prevented the sound financial practice of building up adequate renewal funds. Both the Town Hall and the waterworks remained almost totally unprovided for. Though the Town Hall revenue was £I6OO a year, there was only £lsl in the Depreciation Fund at a time when it was urgently necessary to spend £2OOO on the roof. It was stated that even for the replacement of a car and trucks loans were being sought because revenue and renewal funds were inadequate to cover the cost