NEW LOANS.

Taranaki Daily News, 11 May 1920, Page 5

NEW LOANS.

PROGRESS OF AIEW PLYMOUTH. RATEPAYERS ENDORSE PROPOSALS. UNANIMOUS SUPPORT. A meeting of New Plymouth ratepayers was held in the Soldiers' Club last night for the purpose of considering the proposals of the Borough Council to raise loans of .€72,000 for hydro,electric extensions, and £57,000' for streets and footpaths improvement. The Mayor (Mr. James Clarke) presided, and there was a very representative attendance of ratepayers, who, after hearing the explanation of the proposals by the Borough Manager (Mr. I<\ T. Bellringer), whole-heartedly endorsed them, and urged the ratepayers to vote for both loans to-morrow. HYDRO-ELECTRIC EXTENSIONS. Mr. Bellringer first, dealt with the electric power extension loan, pointing out that the complete scheme adopted by the Council, which would produce 9000-h p., was estimated to cost £233,308. The Council did not intend to carry out the whole work at present, but sufficient only to provide for the development of 3000 li.p. or 2000 more than the present plant was capable of. The cost of this ivould be £112,000, of which £40,000 had been raised. The work to be done would include a new intake, intake tunnel, No. 2 tunnel, an earthen race of 4500 ft carrying 100 cubiC feet of water per second, between the two tunnels, one pipe line in place of three required for the full scheme, purchase of land, electrical plant, and transmission line to Inglewood. The whole of that work would be permanent, and.part of the complete scheme, with the exception of the earthen race, costing approximately about £7500. The work at present in hand was being done out of the £40,000 loan.

The position at the present time, however, was worse than when that loan was carried, inasmuch as the plant was now working at on overload, and there was no standby in case of a breakdown. Undesirable restrictions were being placed upon large consumers, and the Council was also compelled to decline many applications for «new consumers, Mr. Bellringer said there was every reason why the loan for extensions should he sanctioned, as the ofi'ect of cheap light and power would he beneficial to the future development of the town, and also because the extensions would not mean any loss to the ratepayers. The present plant was earning a profit of £6500 per annum, and it was anticipated that with the partial scheme completed and the whole of the .1000 h.p. sold, the profit would not he less than £13,800 per annum. The proposition, therefore, was a perfectly sound one.

Mr- A. Goldwater supported the Council's proposals, and said that in nearly every city that was progressing the development of electrical power was playing an important part. It was a business proposition and should commend itself to every citizen and ratepayer. He then moved the following resolution: "That this meeting of ratepayers approves of the proposal of the Borough Council to raise a special loan of £72,000 for hydro-electric extensions. In view of the fact that the limit of the capacity of the existing plant has been reached, and sufficient power is not available for essential industries, this meeting is of opinion that it would be a serious set-back to the progress of the town if the loan proposals were rejected, and therefore urges every ratepayer to vote in favor of the loan at the poll on Wednesday next."

Mr C. H. Burgess seconded the motion, acccrding the proposals his full support. A general discussion took place, in the course of which, in rcplv to some questions, Mr. Blair Mason, 'the Council's consulting engineer, assured the meeting that so far as was humanly possible to tell the estimates were sufficiently liberal to ensure that the work set out could be completed for the amount to be borrowed.

In regard to the advisability or otherwise of going in for the full scheme at the present time he pointed out that, if done it would mean the borough would have capital invested from which it could not hope for any return for some years, and the policy of the Council was not to spend the money where it could not see interest on its outlay. The motion, on being put, was carried without dissent. STREETS IMPROVEMENT. The Borough Manager next dealt with the loan for the improvement of Btreets and footpaths, etc., stressing the fact that the advent of motor vehicles had necessitated a complete change in the method of road construction and maintenance. Whatever policy was adopted by local bodies, 'their finances were placed under a very heavy strain, firstly by the annual charge for maintenance, and secondly by having to provide interest upon the capital cost of constructing new roads, plus the annual maintenance of those roads-

The Council's object in asking for the present loan was the extension of the tar-sealing policy to other roads which urgently required attention, to lay down permanently in asphalt some of the most important footways, and to carry out a few of its obligations in regard to the streets in the outer areas, which, while having been several years in the borough, had not had much done to them.

The question of plant entered into the matter, and although good work "was done last year by the engineers department, he was unduly hampered for want of adequate plant. The present was an age of labor-saving devices, and the more handwork that could be cut out Hie quicker and more efficiently was ivork put through. The Council was of opinion that every item in schedule to loan in regard to plant was absolutely necessary. .Speaking generally in regard to tarsealing it was recognised that tire annual cost of upkeep was too heavy, and it, was desirable therefore to obtain a better and more lasting material. It was believed bitumen sealed roads would meet the case. The cost, however, would prevent the system being adopted all at once, and tar-sealing could not be absolutely discarded immediately. Tho change, if decided upon,, would have to come gradually. Mr. Bellringer dealt with the comparative cost of the two systems, and said he proposed to recommend to the Council the sealing with bitumen of Devon Street from the Post Office to Liardet Street, and if possible to fiover Street- This he hoped would be undertaken early next summer.

wkiak »nauad. while it

gave ratepayers the opportunity, of jvlucli some availed themselves, to Ventilate> grievances in respect to portions of the road in which they were personally interested and which they thought had not received the attention due to them, was wholly in favor of tho Council s proposals, ratepayers who spoke recognising the asset which good streets are to a town, and also that the property holders must pay for such streets. In reply to some questions as to certain streets, the Mayor said there was still money unexpended from previous street loans, which was set down for those roads, and would be spent on them.

Mr, Clarke also assured another questioner that it was tho Council's intention to adhere to the schedule in expending the loan money. He said the main proposition of the Council was to work on the roads from the centre of the borough outwards, and to make at least ono permanent footpath to each suburban district.

The following resolution, moved by Mr. C. Carter and seconded by Mr. R. Cock, was carried'unanimously: "That this meeting of ratepayers approves of the proposal of the Council to raise a special loan of £57,000 for the improvement of the streets and other purpose* set out in the proposals, and being of opinion that such a loan is essential in the interests of the progress of the town, strongly urges all ratepayers to vote for it on the day of the poll." The Mayor thanked the ratepayers for its endorsement of the Council's proposals.

MEETING AT FITZROY. BOTH PROPOSALS APPROVED. The loan proposals were considered at a meeting of ratepayers at Fitzrov last night. Mr. Parkin presided over an attendance of about fifteen ratepayers. The chairman explained the objects of the loans, and dealt with the benefits which tho town would gain if the proposals were carried. Ho referred particularly to benefits which Fitzroy would derive. After discussion, resolutions were passed stressing the importance of both loans to the development of the town, and approval was expressed of both schemes. The resolutions urged all ratepayers to vote for both proposals.