£15,200 LOAN POLL

Sun (Auckland), Volume III, Issue 848, 17 December 1929, Page 8

£15,200 LOAN POLL

PROPOSALS AT HOWICKV IMPROVEMENTS PLANNED A poll of ratepayers in the Howick Town Board’s area will be held tomorrow on loan proposals under which it is intended to borrow £15,236 to carry out a water reticulation schema, the paving in concrete of the Howick Panmure main highway and the improvement of Picton Street. An address on the board’s proposals was given at a ratepayers’ meeting last evening by the chairman, Mr. J. Crawford. Final figures, he said, had com*’ to hand from the Bocal Government Loans Board and the proposals had been approved, with the exception of the plan to concrete the ManurewaHowick highway. The alteration? were the reduction of the currency of the water supply loan by six and a half years to 30 years, an increase from 1 per cent, to per cent, in the sinking fund for the same loan and the amalgamation of the PanmureHowick highway scheme with the detour roads proposal. This amalgamation meant that the loan would come under a 20 years’ period, instead of part being 10 years and anothe--20 years. The change would not affect the rate to be struck and the sinking fund of 3 per cent, would repay the loan before the full term ci 20 years. The loans board had not considered a concrete ManurewaHowick highway necessary at present. The sinking fu*jd in the water supply plan would liquidate the loan in less than 30 years. Although the loans board’s alteration suggested increased liability, in reality, over 30 years, a saving of £2,000 in interest charges would be effected. The total prospective rating would be 211-40 d pound, and the present rate was 1 7-*d Passenger List Marama from Sydney.