THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. SATURDAY, MAY 22, 1880.

Thames Star, Volume XI, Issue 3558, 22 May 1880, Page 2

THE Evening Star. PUBLISHED DAILY AT FOUR O'CLOCK P.M. Resurrexi. SATURDAY, MAY 22, 1880.

The linanoial affairs of the Borough Council have at last conn? to a crisis, and the next difficulty to be experienced by our worthy Councillors is that of finding the wherewithal to liquidate their debts. In consequence of the existing state of the finances, and with a view of putting their affairs on a more satisfactory footing, the question 1 was brought up at the Borough Council meeting held on Thursday evening, and the result of that mectiDg was. anything but pleasing. Seeing no vay in which to extricate themselves from the web of difficulty in which their affairs were involved, but determined to find a way of disentangling it, our representatives hit upon the by no means novel mode of borrowing in order to pay their outstanding liabilities. Having thus decided the manner of overcoming the existing difficulty, the next question, that', called for consideration was how they were to get the loan and where to get it from. The Borough only wanted £20,000 —a small sum —but where to obtain it remains a q.e ». The credit of the Borough is all but gone, and capitalists do not seem inclined to advance sums of money to a township whose existence depends on the gold found in the district. They have, no. doubt, had past experience (perchance it has been bitter) of lending money to such communities, and do not like to risk their money without having a sufficient guarantee that it is safe, and it is not a peculiar circumstance that people shold hesitate in negotiating a loan with us. They do not consider the amount of our rates a sufficient qvid pro quo, and refuse to advance the money. There is •reason in roasting eggs—so the saying goes, and equally is there 'a reason for the backwardness shown by men of substance in not lending us the required amount. In the first instance the fact of out being dependent onr gold goes a great way against us, but the present state of the mines is very encouraging. Gold has been found lately in good quantities, and au impetus has been given to the mining.industry. Thia last consideration should counterbalance the impressioa caused by the contemplation of the first. Then again, aj_luougu rates do nofc amount to so much as might be .wished, as a guarantee for the loan, the amount derived from them is very respectableNot only that, but the Thames is increasing in population, and everything shows that a reaciicn will soon come. The report on the subject presented to the meeting on Thursday last was of a very damping character and-it is to be feared that all hope of obtaining outside assistance is at an end, The Council, however well deserve the disagreeable situation in which they arc placed. When money was plentiful they spent it most recklessly, and evGn encumbered themselves with large "overdrafts. They are now suffering from the effect of this lavish expenditure. Had they in any way provided for a rainy day, that would have been to some extent a palliating circumstance. That day lias now come, and no doubt those yfhoi witnessed the works carried on some;j||aTs back will reflect how use!ul the money squandered then would be now. In future it is to be hoped the Council will take warning by the mess in which they now find themselves, and will think twice before spending money because ■ they have it. ' deductions however must be made, and every effort must be used in cutting down the expenditure. The bank overdraft of the Borough amounts to £2,200, and there is au item of £1,000 for "outstanding liabilities " for which provision should be made first. In July the treasurer expects payment of publicans' licenses which will enable the Council to liquidate these latter liabilities, and,perhaps enable them to reduce the overdraft by some £800, but if the old system continues, our representatives will be in the same fix again. The Councillors do not seem to recognise the gravity of the situation, and allow petty jealousies and childish squabbles to interfere with the satisfactory transactions of business-. They quarrel with each other instead of looking the mattes? in the face. It is no use villifying former councillors for having caused this mess, and therefore puerile " rakings up "of a useless character only serve to show the guerrulous sprit of our Borough Assembly. Every councillor should throw away personal feeiings, and should unite with one common object—the unravellment of the financial web in which we are caught. If they do not do so and use their best efforts to float a loan, the sooner better men lake their places the better. The councillors may imagine themselves fixtures in the Council, but if they act to the detriment -of the public credit they will soon, be expelled from the position's they cow hold with much hautietir and self-complacence. The. strictest economy muse be exercised, and no new works must be undertaken until our monetary concerns are in a more flourishing condition. If help is not forthcoming, a call must be made on every one alike, and all must take a share in raising a sufficient sum to put the Thames Borough Council, on their feet again. Lethargy has been the characteristic of the Councillors, but they must wake up and fully realise their position. If they take no interest in this matter, or do not" strain every nerve to put things cm a more substantial basis, tho confidence of the Thames people will b« withdrawn form them, and a new Council will have to take their place. The position of affairs demands the most careful 'and ' energetic action, and tlia public insist on a settlomont one way or another. If our Council cannot pay,

they will have to merge into the County, a catastrophe which wa sincerely hope will uofc occur. Tho Borough Council have gained a certain amount of con-

lidonco, ivud we trust that thoy^ will coma out of the trying ordeal through which they are now passing with clean hands, and credit to themselves.