ELECTRIC LIGHT LOAN.

Stratford Evening Post, Volume XXXII, Issue 28, 16 January 1912, Page 5

ELECTRIC LIGHT LOAN.

REFUSED BY THE GOVERNMENT,

At last night’s meeting'of the Borough Council the, following report of the Electric Light* Committee was presented:—“Your Committee beg to report that the loan required for the proposed purchase of the Electric Light Works cannot lie obtained from the New Zealand State Guaranteed .Advances Department. The A.M.P. Society have agreed to consider a loan of £14,000 at 44 per cent, with a currency of 40 years. Your Committee bog to recommend that the proposal be submitted to the ratepayers include a loan of £15,000 at 4f per cent., and provision for V per cent, sinking fund. Though: it is only proposed to borrow £14,000, sanction is sought to borrow £15,000 in the event of any unforseon contingency arising.” 'ln discussing the report the Mayor said that at one time'they expected to got the money from the Government at TV per cent., but they’had failed in their efforts. They had made overtures to the A.M.P. Society, and they had their reply before them.. Tiro question was now, did the Council think they should provide A 1 per cent .sinking fund or a V per cent, sinking fund. In forty years from now Stratford would bo a different place—there was not the slightest doubt that the loan would be paid before that time.. Or. King remarked that. Stratford was not the only place that had been refused a loan by the Government in such a matter. Inglewood had been so treated. x I The Mayor moved the adoption cf the report, and this was carried, Cr. Morison alone dissenting. “I want.” he said, “to record my vote against it. It is a waste of the electors’ money.”