The Stratford Evening Post. WITH WHICH IS INCORPORATED THE EGMONT SETTLER. MONDAY, MARCH 17, 1913. THE LOAN PROPOSALS.

Stratford Evening Post, Volume XXXV, Issue 61, 17 March 1913, Page 4

The Stratford Evening Post. WITH WHICH IS INCORPORATED THE EGMONT SETTLER. MONDAY, MARCH 17, 1913. THE LOAN PROPOSALS.

On Wednesday next polls will be taken on the four proposals to borrow sums of money aggregating £42,000 for waterworks improvement, drainage extension, street improvements, and the rebuilding of the Patea bridge within the Borough of Stratford. What the result of the polls on the various issues submitted will bo it is difficult to determine, for many conflicting interests enter into the question. To some extent parochial feeling has been engendered by the separating ol the issues, instead of submitting the loan as one proposal, and there will bo a certain North v. South pull, the effect of which can only be guessed at. We do not., however, blame the Mayor for the action taken by him. holding that he has acted honestlj and consistently in what he has done. The Council also has spent an enormous amount of time in discussing am formulating the present scheme, whicl appears to bo an attempt to provide something for every part of the Borough, though in so doing the amount of money required has naturally swelled to nearly three times the figure which was originally set down as a reasonable amount to bo expended or necessary works within the Borough. That some of the works now proposed to be undertaken are not immediately necessary is generally conceded, but at the same time advocates of the whole scheme as it is now set fort! maintain that the money need not bo immediately expended, and that the growth and progress made, say. in the next five years, will entirely warrant the raising of the full sum now asked for. Those, on the other hand, who see very little immediate benefit, and equally little chance of any additional advantage in the neai future from the proposed expenditure are not unreasonably opposed to placing further taxation upon themselves under all the circumstances. Some interesting correspondence, both foi and against the proposals, has boon published in our columns, and ratepayers generally have had plenty of time to think the matter well over. The step to bo taken on Wednesday, either in acceptance or rejection of a part, or the whole, of the proposals, is a very important one in the history of the Borough, and it should not bo taken without a full sense of responsibility. If the ratepayers are satisfied that the ,£12,000 which the Mayor and Council now ask for can be well and profitably spent, and that such an expenditure will bo for the lasting benefit of the

town, without placing too great a burden on their own shoulders, they will do uadi to authorise the whole amount. We are not at all sure, however, that they will take this view, or that they would be wise to authorise the raising of such a large

sum at this juncture. Ju his statement, published on Saturday last, the Mayor, Mr W. P. Kirkwood, sets the position out very fairly, and ex-; plains his action in placing the loan | before me ratepayers in four issues to enable them to vote for £15,000 or more as they might wish, the sum of £1,3,000 being the amount Mr Kirkwould advocated raising by way of loan at the time of his election. Such a sum as named by the Mayor might very well be sanctioned, for if the town is to progress with the country which feeds it, and with other progressive towns, it must carry out certain works which can only bo effected out of loan money. It is perhaps curious to note that quite recently, by a very large majority, New Plymouth ratepayers sanctioned the raising ol two large loans for street improvements and tramways. Napier more recently followed in the same direction, and it remains to be seen whether Stratfod will take similar action. Touching briefly on the question of rates, it is well for burgesses to know what the proposals will mean to them it actual rates, though the individual interest should not, of course, be the paramount consideration. 1 Inrates to be struck for the security oi the proposed loans would be: Foi water works improvement, an additional rid in the £; for the bridge lean. 7-16 din the £; for drainage extension, 13- 16d in the £ ; and for street

improvements 15-16 din the £. If al the loans are carried ,the additiona rating will he 213-16 d in the £. Shouh the Council decide to adopt a pro-

posal now before it, to increase tin

water rate, and charge for extraor- | dinary supply, it is computed that the collection of rates for the new

water and drainage loans would not be

necessary. The only water chargee as extraordinary supply at present bj the Stratford Borough Council is that used for power. In some borough; under the heading of “extraordinary’ : supply, charges are made for latrines urinals, water-troughs, garden host stands, photographic studio' supplies, and livery stable supplies. Further in boroughs where such extraordinary supply charges are not made, it is nol uncommon to find a much higher watei rate imposed than Stratford ratepayer! have been called upon in the past t< pay. Wo believe that the charge ii the Borough of Hawera equals 7 pei cent, while Stratford until, last year charged a rate equal to 2£ per cent, and for the 1912-13 period this war reduced to \\ per cent. Though, a; Britishers, we all have a rooted objection- to rates in the abstract, ii must be recognised that in Stratford at all events, the water rates have noi been extortionate. Mr Kii&wood in his statement lays special emphasis oi; the desirability of carrying the pro posals affecting water and drainage and it is probable that many win find difficulty in swallowing the bridgi proposition, or even in granting the Council such a sum as asked for streei improvements, will agree with Hi; Worship, and vote for these two issues With regard to finance it has to b( borne in mind that the rates abov< set out will include the necessary pro vision for sinking fund and interest at 5 per cent. It therefore follow; that if the loans can be negotiated al less than 5 per cent the rates will be correspondingly smaller, but this happy state of affairs is most unlikely to oc cur. Quite properly, a limit of 5 pei cent has been fixed as the maximum interest that the Borough may legally pay on its debentures, and it may be noted that while it is not necessary to raise the whole of au-f loan authorised at once, a portion of each loan sanctioned by the ratepayers must Ik borrowed within two years of the tak ing of the poll, otherwise a fresh poll becomes necessary. Whatever may be the individual views of ratepayers on the wisdom of borrowing for the purposes named at this time, it is certainly highly desirable that the poll should be a large one so that tinreal feeling may be ascertained. What that feeling is the poll must decide. There are undoubtedly many good things placed before us, but can we at this time afford all of them ? Let Stratford progress by all means, but we must remember that permanent prosperity can only be assured by moderation and forethought: while we desire to see every reasonable improvement made, we cannot but hold that unnecessary expenditure becomes mere extravagance for which a day of reckoning must come.