CHEAP MONEY

Sun (Auckland), Volume II, Issue 439, 22 August 1928, Page 16

CHEAP MONEY

MT. ROSKILL TEMPTED AN offer from a firm of brokers to lend the Mount Roskill Road Board £2,000 at 4i per cent, at call, was reported at the board’s meeting last evening. The clerk, Mr. J. Warren, explained that acceptance would mean a saving of 2 per cent, on that amount of the board’s overdraft. Mr. G. E. Tansley said that such an offer was very tempting, but its acceptance may place the board’s finances in a fictitious light from a ratepayer’s viewpoint. On Mr. S. I. Goodall’s motion it was referred to the Finance Committee. for Mr. Holland’s statements.” Land tax, Mr. Lysnar claimed, had driven more people off the land than any other factor. * ae * “Emptied Out” When the suggestion that the Railway Board, which recently went out of existence, had been a failure, was made last evening, Mr. Coates said that some time in the future he would seize the opportunity to place permanently on record the valuable work accomplished by the board. Mr. Holland: Is that why you emptied them out? ‘ Mr. Coates: I have already explained why that was done. The chairman’s time was up and the others had only a few months to go. Mr. Holland: Under what Act did you make the change? Mr. Coates: We will be bringing on a special empowering Act of which we shall seek your approval. Mr. Holland: So what you did was done illegally? Mr. Coates: I don’t think so. The Government accepts all responsibility. * Cinderella East Coast The importance of the Napier- Gisborne railways aS a conveyance for both passengers and stock was emphasised by Mr. W. D. Lysnar in reply to Mr. G. W. Forbes, and other critics who said the line would not pay axlegrease. “It is a blot on all past Governments that the great district of Gisborne is not opened by rail,” said Mr. Lysnar. The Gisborne district was the Cinderella district of New Zealand. The North Island railways were paying for the South Island railways, so why should the South complain. The East Coast line would pay better than any other line. There are three lots of service cars travelling on the road between Napier and Gisborne each day. Passenger trains between Gisborne and Napier would carry as many passengers as the Limited express between Auckland and Wellington. (Laughter.) Mr. Lysnar quoted the respective returns on the capital of the North and South Island railways. The North returned 4.02 per cent, and South 1.25 per cent. Voices: Oh! Oh! Mr. Lysnar said that if the East Coast line were finished the North’s percentage would rise still more. He urged the running of more night trains throughout the country and the general speeding up of railways. It was the slow travelling that was driving the people from the railways.