THE NEW PLYMOUTH HARBOR LOAN.

Taranaki Daily News, Volume LI, Issue 67, 9 March 1908, Page 4

THE NEW PLYMOUTH HARBOR LOAN.

We arc afraid that a. section of our readers will feci that they have had asurfeit of harbor news this week, says Saturday's Ilawera Star, but the importance of flic proposal now before the ratepayers has impelled us to give as much space as possible to reporting the discussions at the various meetings of ratepayers. Mi- not every day that rate-payers are asked to accept an additional loan burden of ,0)11,000, and il is unusual that an arrangement can lie made whereby a large, district, while accepting the increased capital liability, actually escapes rate responsibility. Complaint lias been made that the meetings in some cases have not been largely attended, anil it is possible that the volume of the reports is responsible for thai. As one speaker suggested at Eltham. people now rend the newspapers instead of attending the meetings themselves. We have reported the proceedings at ten plaf-es, and seven of those meetings were in favor of the Bill, namely. Otakcho, .Manaia, Awatuna, F.lthani, Kapuni, Okaiawa, and Kaponga. Opunake, Pihama, and Mangafoki expressed themselves as opposed to any further borrowing at all except, of course, for the purpose of repaying the existing loan. With respect to the seven meetings which favored the Bill the one point of difference appeared to be the sinking fund, provision for which has not been made in the Bill. Otakcho, Manaia, Awatuna, Eltham. and Kaponga want a sinking fund; Kapuni and Okaiawa apparently consider it unnecessary. There can be no objection to a sinking fund, and indeed it would be a groat advantage, especially if, as suggested, this fund were led by surplus revenues from endowments, laud funds, etc., and was not made a direct charge upon the ratepayers. The members of the Board stated that if the ratepayers desire a sinking fund to be included, it is very probable that the Board will be agreeable.