THE LOAN PROPOSALS

Taranaki Daily News, Volume LIII, Issue 240, 16 February 1911, Page 2

THE LOAN PROPOSALS

MEETING OF RATEPAYERS. I About twenty ratepayers attended at the Town Uall on Tuesday night in response to a request by his Worship the j Mayor (Mr. (i. Tisch) to hear the niat-j ter of the proposed loan proposals ex-1 plained. In the course of his remarks, his Worship explained in detail the works intended to he carried out with the loan money. (The proposed expenditure on the various streets and sewers has already been published in these columns). In addressing the meeting, his Worship said that hitherto it was compulsory to hold a public meeting to discuss loan proposals before tbey were submitted to tlie poll, but the amended Act of 1010 dispensed with this necesity. He considered, however, it desirable to call this meeting. The Borough Council's loan proposals provided for a loan of £11,225 for new works—formation of streets and metalling and extending the sewers, which practically meant connecting the whole of the residences in the borough except those near the Te Heuui end of ; the town. Referring to new street works, Mr. Tisch said the Council had during the past three years carried out a lot of new work out of ordinary revenue, including formation and metalling of new streets, and had also laid down over a mile of sewers, but it was impossible to continue to do these new works oiit of ordinary revenue and maintain the streets and footpaths in good order, particularly now that tne electric light fund had been transferred to its legitimate purpose of extensions in that department. Every winter the Council received petitions and requests from ratepayers to have some of these new streets made passable. The Council's reply had generally been, ''There are no funds available," The matter would be referred to next year's Estimate Committee for favorable consideration, and there the matter stood until the following winter, when similar rauests and petitions would come again. The Council had made arrangements with the Government State Guarantee Department to borrow (of course, subject to the poll of the ratepayers) £11,225, at V/ s pev cent. Interest and sinking fund amounted to £4 17s fid per £IOO, which paid off the whole loan in 30 years. He considered the proposal a good one, and a cheap way of obtaining the money. He did not think the rates would be raised. He contended that the interest to meet this loan would more than be paid out of the revenue of the 300 houses that were to be connected with the proposed sewer, and the increased valuation of building sites that would be opened up by the making of these new streets. He considered the proposal to •be in the best interests of the ratepayers, and that it was much better to have these works done at once than to keep on floundering through mud and unformed streets. He hoped that those ratepayers who were living in streets that were metalled and were connected with the sewer would vote for the loan, and give those who were living in the back streets the same convenience. Arrangements had been made that the Council only pay interest on the money as they.required it. For instance, one-half of" tne loan could be got, say, a month after the poll was carried, and the balance as required. The loan would expedite a Creator New Plymouth. Again, if the loan were carried, the Council would have no difficulty in carrying on and doing any newstreet works out of revenue—even new streets not named in the list could be formed and metalled. He mentioned that Carrington road and Fillis street improvements had not been included in the proposals, but he had not overlooked them.

In conclusion, Mr. Tisch moved that the meeting approve of the loan proposals of the Council. Mr. Mannix seconded the resolution, stating that it was unnecessary' to add anything in support of the very explicit address of his Worship the Mayor. Mr. Dockrill said there was one matter which he considered even more important than any Drought before the meeting. He quite agreed and had always contended that the sewage would pay for itself. It was impossible to get a loan for repairs to the streets, but the Council could get one for the making of new ones. He contended that the streets wen geting into such a stat? ilmt the time wa« coming when somathina would have to be done! He had been advocating this for the past two vcavs, but had not got support and had" bocn told that the streets were in a splendid state. Recently, it had been found necessary to metal round the manholes. The veriest novice would be struck with the. amount of metal that had been required to bring the streets up to the proper level, and would recognise that a very great deal was yet to be done. They must realise that the overdraft last year was £IOB, and that all the district fund account and over £IBOO had been used up, In addition to £I7OO of electric light money, and this had to be made up to get the town into the state it was in two years. It was a very serious condition to be in, and it appeared to him a rate would be necessary in the comin" year unless the Council dropped some of the work it it had been doing and went on with the footpaths and roads. Mr. Dockrill said that when he had the honor of occupying a seat in the Council he had asked for a financial statement, but his Worship had failed to supply it, and had not even given one this evening. The ratepayers did not know what the position would be at the end of the year. For some years the town was in a better repair 'with the revenue at

£ 14,000 annually than during tin.' past two years when it was £17,001). He was not aware that there had been a great extension of metalling in the town. The money spent upon sewage would within a few years pay for itself, but upon road-making it would be a long time before it was recouped; that course would pay in the end, he admitted, but it was very undesirable that the streets should be let go in the state they are. N'o doubt, concluded Mr. Doekrill, now that the matter had been publicly discussed, th'e streets would be attended' to. His Worship: The accounts have been published, showing the position of the Council, which the Press has been good enough to do from time to time. Our credit 'balance now is over £BOO, speaking generally. Mr. Doekrill: You have given us nothing; we know the expenditure, but we want the probable incomings when the year closes. His Worship: We never can satisfv Mr. Doekrill. We published a statement as big as the table for his benefit. Mr. Doekrill: And I showed that it was not worth the paper it was written on. His Worship: No one knew what you wanted. While you were in the chair everything was all right, but when you left everything v;ent to the dogs. (Laughter). Continuing, Mr. Tiseh said he hut/ every confidence in recommending the floating oi the loan. But the ratepayers could please themselves, although 'it] was his duty, seeing it was impossible to do the works for which they had been crying out for thirty years, to put the position before thein,' and he advised them to go in for the loan. Mr. Carter said he understood that the

I pnrt of loan do voted to sewerage would repay itself, and (hat the amounted allocated for streets would only involve the Council in a liability of £250 per annum. His Worship had put the ease before the meeting exceedingly clearly, and they had his Worship's assurance that the work could lie done without increase of the rates. It was a wise move on the part of the Council to take advantage of cheap money from the (iovernment, and of the sum that would be obtained a large amount would he available to practically re-metal and widen the streets, and be considered it would be absolutely safe to do so. Mr. Carter refererd to the condition of the Carrington road, itiiu hoped this would be included in the schedule. His Worship: Yes, if it is possible we will do it. Mr. Carter: The principal thing for the ratepayers, if they approve of the proposition, is to give effect to it and assist in carrying the poll next week. The attendance, he said, did not seem to represent a very large interest being taken in the proposals, but perhaps silence on the part of those interested shpwed the great confidence they bad in those who were at the head of affairs. Mr. Carter suggested appointing a committee to try and carry out the poll. In reply to Mr. Blyth, his Worship said that the additional revenue from the new houses and improved valuation lie had no doubt would meet the interest and sinking fund. The motion was then put to the meeting and carried, with only one dissentient voice, Mr. Olivers'. On the motion of Messrs Carter and T. Avery it was resolved that those present form themselves into a committee and talce such steps as were considered necessary to give effect to the proposal. His Worsliip thanked all for their attendance and the meeting closed.