BOROUGH LOAN PROPOSALS.

Taranaki Daily News, 12 February 1919, Page 4

BOROUGH LOAN PROPOSALS.

The loan proposals to be submitted to the vote of ratepayers on Tuesday next are of more than usual interest. It is proposed to borrow £40,000 for the extension of the electric lighting installation, and £IO,OOO for street improvement. The latter was rejected by fourteen votes in September last, chiefly because the council and others interested took it for granted that the proposal would receive general endorsement, and made no effort at organisation for carrying the poll. Ratepayers who have since given the matter consideration realise now that it was a mistake to turn down such a business-like proposal. It has been conclusively shown that it is impossible for the borough to carry out the improvements urgently required in the borough out of rates. Even if it were, the necessary work could not be done expeditiously, and meantime the roads and footpaths would be going from bad to worse The works projected are of a permanent nature, and provide for tar-sealing of the roads reformed or remade, the idea being to apply this up-to-date method to all the streets in time. It is a pity such a policy was not adopted years ago. Had it been, by now, we are sure, the borough would have roads and footpaths that would be a credit to the town, and probably at not much greater cost than the patchwork system has entailed. It must be said that the Mayorand councillors have made out a strong case in respect of the present proposals. We are aware that there has been cause in the past for lack of confidence in the ability of the council to get full value for the expenditure of loan money; also that some of the methods pursued have not been at all businesslike or economical; but the present proposal must be considered on its merits. If it is, then ratepayers must give it their support. Ratepayers have no dissatisfaction with the electric lighting department. Quite the contrary. The lighting has always been well managed, and never more so than since the advent of the present engineer. It has been 11 remunerative enterprise, earning many thousands for the borough, which, however, has been put back into the concern. Now the department finds itself "up against it." It has applications for more current than it can supply, and it now comes to the ratepayers and asks for authority to raise £40,000 for extensions that will double the present power, and form part of a largo scheme that will supply all the needs of the town and those of a good part of Taranaki. This scheme has been formulated by Mr. Blair-Mason, the marine engineer—a sufficient guarantee of its practicability and success. It is also warmly endorsed by Mr. Bartley. Few realised that such considerable power eould be obtained from any river in the province, and the council is to be heartily congratulated upon securing the services of such a highly-qualified engineer, who has been able to demonstrate how much power there is at our doors awaiting harnessing. It is a big scheme in the fullest sense of the word, and when developed it must provide a handsome profit to the borough. As soon as the first part of the scheme is completed the town benefits. Last year the revenue wag £14,00U. When the extra 900 horse-power n available and sold—and the demand is already in evidence—the revenue will be £32,000. Working expenses do not go up proportionately; the only charges to be met are interest, sinking fund and depreciation, namely, £5500. Last year the net profit was £2193; this, it is eetimated, will grow to £12,500 when the fust part of the scheme is finished. Even if the net profit were half that amount it would be good business to sanction the loan. We haven't any doubt but that ratepayers will give the scheme their cordial support; we can hardly imagine anyone being so blind to his own interests as to oppose it.