ANOTHER LIGHTING LOAN.

Taranaki Daily News, Volume LI, Issue 248, 13 October 1908, Page 2

ANOTHER LIGHTING LOAN.

Fl'liTllKil BOKUOWiMi I.'OiIESHADOWED. At tlie Borough Council iiioi-Ciny last night tlit! Electric Lighting l.'uiiuuiUc.\\ with a view of expediting tin; preparation uf piling anil estimates of iliu proposed now jiuu'er s.heme, it „Ud the Council to nillliHii-c exlra a■i-isun.'c for the borough engineer. Air. (J. W. Browne, as chairman uf Llic committee, spoke ill .support of the request, and nbLaijVL-ii lrom tin- engineer the stall—nient tlnit the nio.st welcome assislan-i' would lie the employment of mi uiithoriseil surveyor to prepare plans of the land required for the suggested new scheme, with a view of ascertaining, what compensation Mr. 11. King would require. Mr. Browne pointed out tlnit there was urgent need for the eariy consideration of somo scheme for producing extra .power at the headworks of the electrical supply system. (Jr. Mills seconded. (Jr. Bcllringer asked whit this wan going to lead up to—another loan! Cr. Browne: Yea. (Jr. liellringer: You haven't got a "Buckley's chance." lie went on to' review the position of the electric light' department, stating that instead ol' ,CKI,OOO as originally proposed, the installation had involved the borough iu loans amounting to some £27,000. 01' this there was only £5 (is 1 111 iu hand, exclusive of £2500 of the loan which they had failed to get subscribed. For 1 his part, lie had pledged himself to the burgesses to oppose any increase of the loan burdens, of the borough, totalling £123,001), and he was going to do it. i It was costing about £SOOO a year in interest.

(Jr. Browne: You're paying none on' the electric light loans. Cr. Bellringer continued: All the railable property in the borough was pledged to the extent of 2s !M in the pound (annual value) as security foi tho loan, and he was quite sure it was waste of time on the engineer's pal"., and waste of energy on the Council's part, to endeavor to persuade the ratepayers to borrow again for electric light. Cr. Morey: They must.

Cr. Bellringer: You'll get knocked out': if you try it. On all sides one heard' the complaint that the electrical depait* menfc had cost three times as* much as' had been intended in the first instance, and the people wouldn't stand any further borrowing for that or waterworks eititer. If the Council brought any borrowing proposal forward, he would oppose it by every means in his power, and would urge the ratepayers to vote against it. He referred to the present' state of the borough finance*), as indicated by the Works Committee's announcement that no new works couM' bo undertaken this year. J3ut there were some new works, such as the lowering of the water-main 011 the Mill road, that would have to be undertaken.

Cr. Browne retorted that the ratepayers had not found one penny of interest for the electric light loans. '.The committee bad a scheme by which they reckoned they could earn 12Vl» per cent 011 outlay, lie reminded the Comu-il that at present the machinery was only just able to cope with the demand, and this was fast increasing. The day loud had so grown that the big generator was kept going continuously. If ail accident occurred to that machine the others could not supply anything like the light required. As showing what a good investment they were making, he referred to the fact that the day load' \ earnings now were, more than paying the cost of two shifts out of the three, and very soon it would pay all three, l leaving only interest charges to be deducted from the earnings in street and private lighting. The remainder of the profits could be applied to reduction of ; rates, etc. IDie Mayor said all this was beside the question. %U that was before the Council was whether or not the Council would grant assistance with a view of obtaining necessary information for the committee. The motion was carried.