Loan Scheme Carried
It is satisfactory to record that the poll on Wi dnesday resulted in a substantial majority of ratepayers voting for the proposed expenditure of £IO,OOO, as recommended unanimously by the Borough Council, The voting was as follows ; For the loan ... ... 153 Against the loan ... ... 11 Informal ... ... ... 1 165 The clear majority required was 104 votes, and the actual majority recorded was 49 in excess of the required number. This is as it should be. The previous proposed loan of £SOOO was lost for. want of 3 voles. That seemed a shabby result ; but it has enabled the whole matter to be reconsidered, and a larger scheme is now carried by a substantial active majority. It should bo recorded also that there was practically no opposition this time, the only danger being that ratepayers might not roll up to the poll in sufficient number to give a good majority. As to raising the money, the Council might begin at once on an overdraft, and sell the loan debentures leisurely, on the best terms. The cash will be obtained, we suppose, in portions as required for the works, and not be got in a lump, and a part ro-invested.
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Bibliographic details
Patea Mail, 25 August 1882, Page 3
Word Count
200Loan Scheme Carried Patea Mail, 25 August 1882, Page 3
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