THE TRAMWAYS LOAN.

Taranaki Daily News, Volume LVII, Issue 185, 14 January 1915, Page 5

THE TRAMWAYS LOAN.

THE POSIT:.® OF THE FUND. mXLSiuN THE COUNCIL. The Town Citric submitted the folstatement of the tramways loan of £55,000, compiled up to Wednesday January 13, to the Borough Ccune I at its meeting last night: C ■!. d. I Contract No. 2 13 j I Contract No. 3 '() 0 Contract No. 4 s.t.'JJ )-j 0 Addition allowed 011 above three contracts for war risks, freight, l ' tc • 434 0 0 T 7 47,774 8 I -Less p,-j' eent-. allowed on above contracts .. 414 0 0 v .. , , £47,300 8 I .Estimates of works, etc., .to be. effected but not included in above contracts — 'Alterations to telegmhs 400 0 0 Car sliods 2,300 0 0 Land for car sheds, includ- . ' n g £405 spent, say .. 700 0 0 Earthwork from Pioneer road to crossing ~ .. 054 13 6 Commission, raising loan.. 625 0 0 Preliminary expenses paid, to .March 31, 11)14, ineluding reports and poll, I'irst year's interest and ' siiik'iig fund 0 0 Sundries as pir Consulting Engineer's list .. ... 4QQ 0 q Alteration water, gas, and sewer connections, sav.. -."GO 0 0 j Engineering and contin- _ geneies, as allowed in j loan proposal 5,080 0 0 £(11,130 .5 11 Amount of loan, £55,000; electric light pp. poles, Deficiency £5,;.., 5 11 Regarding the item, engineering and .contingencies, the following are items either actually spent or liabilities incur redConsulting engineer's fee as estimated by (him verbally £2500 0 fl! .Resident engineer estimated -XQ O A Legal printing, etc., including £173 already spent 300 0 ft

£3OGO 0 ffl Even after t'lie additional 10 per cent, of uie original loan, approximately only. i.2'OOU therefore remains for contingencies; an extremely small amount considering the nature of the work to bei' effected. The coat of cutting down gf the roadway at. the alteration of Alorley and Devon streets, which jgr tliown ju xlie plans but not provided fojs in the loan, wui a.so lurtaci ivtiuoj this amount. , The whole position witih regard t<3h the tramway scheme was very fully discussed, the consulting engineer, Mn .black, being present. It was made clear that no curtailment was contemplated, and the fiaancial aspect was thoroughly, debated. The .Mayor 'proposed that "the tea per cent, on the loan be called up bo as to provide for the extra cost of the scheme, and leave £2OOO for contingencies. Or ICibby moved as an amendment that the ratepayers be asked to sanction a further loan of £IO,OOO {without calling up tlie ten per cent.) to include the construction of a line to the top ot Morley street so as to serve the to the Hospital and Western Park. The amendment was lost ami the motion carried. A full leport of the ■proceedings will appear later.