Hawera Borough Loan.

Patea Mail, 14 April 1882, Page 3

Hawera Borough Loan.

A public meeting of borough ratepayers was held at Hawera on Tuesday, as required by statute, to consider the proposal for borrowing £SOOO on the security of rates. About 150 attended. \ The Mayor explained that the loan was'required thus: £3,50,0 for streets, £750 in connection with water supply,, and £750 for drainage. He pointed to the evidences of progress and stability around them ; and reckoning the population within the borough at 1500, he said 7s per head would pay interest and sinking fund. The borough had been relieved of about £450 a year which would otherwise have had .to be paid as County rate at Is in the pound i and the borough bad also directly gained L4OO a year by receiving local licenses. This total gain would more than pay interest and sinking fund on a loan of L 5,000. He hoped ratepayers would agree to the loan, so that the Council might make. Hawera the leading city of the Plains. Councillor Thomson moved “ That this meeting agrees with the Borough Council’s proposal to borrow £5,000, as notified in accordance with the 140 th section of the Municipal Corporations Act, 1876.” He said the Borough revenue is now £963 a year. Reckoning the interest and sinking fund at £634; the engineer’s salary .and, otherextra expenses against the loan at £246 a year; he argued that it was quite safe to borrow, because the revenue would greatly increase in a few years. Mr Farrington seconded the motion.

Mr Lynch, after a long pause, rose and proposed 'an amendment, “ That the ratepayers of the, Borough of Hawera do not entertain tijeS idea of a loan until the Council are' in thorough working order, and have passed the burgess list, giving the whole of the ratepayers an opportunity to vote on the question, and further have shown more judgment and economy by their, own action than hitherto, in expending the current year’s income placed at their disposal.” He argued that the Council were “ too hot” in rushing into a large loan so early, and he protested against borrowing. The Council had an overdraft of nearly £9OO already.

Mr John Colo seconded the amendment.

Mr M. D. King argued in favor of loan, and said. £SOO a year would pay interest and sinking fund, and that the licenses and the rents would cover this, leaving the rates untouched for loan purposes.

Councillor Partridge supported the loan, and said without it the Council could make only one street a year from present revenue, and the main street would not be made for many years. ■ Mr J. Coonan objected to borough salaries as being too high. Councillor Thomson replied to objections.

A show of bands was taken ; for the amendment, only two hands; for the loan, a great number of hands. The motion for loan was declared carried.

The next step is to take the votes of ratepayers by ballot. . .