Te Aroha AND Ohinemuri News. TUESDAY, NOVEMBER 10 1908. HUNGAHUNGA DRAINAGE BOARD. DRAINAGE LOAN.

Te Aroha News, Volume XXVII, Issue 43386, 10 November 1908, Page 2

Te Aroha AND Ohinemuri News.

TUESDAY, NOVEMBER 10 1908. HUNGAHUNGA DRAINAGE BOARD. DRAINAGE LOAN.

Ihu above all —to thine own self be true, \nd tt must follow as the night the day Jhou canst not then be false to any man Shakespeare.

As the Hungahunga ratepayers will be called upon to declare on the 20th inst., by a poll to be taken at Waihou, Aratiatia, and Waharoa, whether or no they will sanction the raising of a fresh loan for the perfecting and extension of the present Hungahunga drainage works, we would like to call attention to the needs for, and the advantages to be derived from the raising of such a loan, To all who have read the report of the official ratepayers meeting, as it appeared in the columns of the News it will be entirely obvious that the raising of such a loan is the only possible next move in the direction of advancing the interests of the ratepayers. As Mr Hanna, the Chairman of . the Hungahunga Drainage Board, pointed out, if the loan is not raised a special rate will have to be struck to pay the interest on the former loan, so as to liberate the whole of the present general rate to cover working expenses, maintainance of outlets etc. Whereas if the loan is sanctioned the ratepayers will have their property loaded to only about 2s perl acre, and wil. have the value of that land advanced from 3to per cent per acre, while the output irom the surrounding butter factories would be more than doubled. When we reflect upon the nature of the land treated, that it is of that pea'y formation which when drained is self manuring by reason of the almost inexhaustible vegetable deposits existing there; and when we remember that the Hungahunga and ajacent blocks are almost all taken up in small sections, thus providing & reasonable population basis on which to work, we see that the loan is not only entirely desirable, but also distinctly reasonable.

The terms upon which it is proposed to obtain the money are the liberal om.B obtaining under the Loans to Local Bodies Act. Under the provisions of this act we would remind the ratepayers that they procure the money at the rato of only 3|- per cent, whereas if they were to seek to raise such a loan from the bank under the present financial stringency, they would have to pay a rate of interest greatly in excess of that, probably 8 per cent. In addition to this we would also remind the ratepayers that the 3£ per cent provides for the final discharge of the debt at the expiration of 41 years. Thus the ratepayers are accomodated not only with the loan for present requirements, but also with the operation of the sinking fund principle which secures the termination of the obligation at the expiration of a reasonable period of time.

The greatly enhanced value of the land resulting from the expenditure of the former loan, (which together with the subsidy of £2OOO is all but exhausted.) is one of the most powerful arguments for the raising of the proposed loan. As Mr Hanna pointed out at the official meeting, “ It was always the motive of the board to place the outlets at the lowest possible places compatible with the running of a fairly straight drain. The old theory of running sinuous, tortuous drains (except where the creeks were clearly confined) was becoming exploded.” So that ratepayers may be assured that the money will be expended upon up-to-date principles The deepening and maintainance of the present drains is imperative, and no less so is the exentsion of the

d a.Ut 0 o sclicmo. Tlie carrying out] o. the efficient draining of the Hnnga- j and ajoining blocks is a ma ter affecting the prospects of the j whole district. Too much stre s can • not belaid upon its importance to the dairying industry, the very staple of the Dominion at the present moment, and the terms upon which the money is to be obtained, are the most gt nerous, presenting the advantage of making prosperity partaker in an obligation the benefits of which will accrue directly to prosperity. As the poll to be taken on 20th inst. must either sanction the raising of the loan, ordeferitfor another two years, we would urge upon ratepayers the duty of giving to the matter the consideration it deserves, and accepting the responsibility of voting for a progressive loan, rather than accepting the responsibility of shelving the matter, and so incurring two years of obstructed industry.