LAWRENCE TOWN COUNCIL.

Tuapeka Times, Volume I, Issue 5, 14 March 1868, Page 3

LAWRENCE TOWN COUNCIL.

The Council met on Thursday evening at half -past eight o'clock. Present : The Mayor ; Councillors Robertson, Aimers, and Jeffery. The Mayor stated that he .had called a special meeting, in accordance with Clause 98 of the Municipal Ordinance.. Since the last meeting he had been to Dunedin with reference to the proposed Water Scheme. He had an interview with the Superintendent, who expressed himself very doubtful as to the possibility of their obtaining a provincial loan for the object they had in view, as, if granted, the Government might, before long, be inundated with similar demands. The Superintendent, however, stated that thera was a Provincial Loan Sinking Fund, from which the necessary sum might be obtained at seven per cent, interest. The Dunedin Water Company had received a loan from this fund. He was not certain if any funds were at present in hand; but he would give the scheme his warmest support. He (the Mayor) found in going to private individuals it was quite useless attempting to borow money at seven per cent ; the idea was pooh, poohed, as eight or ten per cent, was expected for money at the present time. He left the matter in the hands of the Superintendent, who was to try and obtain the loan from the sinking fund referred to. He had a conversation with Mr. Murray, who thought if the Council issued debentures he would be able to work upon them, supposing £500 were paid in cash, and the balance in debentures at seven per cent, interest, these to extend over seven years bearing that interest. On mentioning the s'"ze of the pipes to a few professional men in Dunedin, they were all of opinion that they were much thicker than necessary ; and after explaining the quantity and fall of water to Mr. Parry and Mr. John M'Gregor, he asked them to give him a certificate to the effect that f instead of f inch pipes would serve the purpose admirably, and be in every respect siong enough for the pressure of water. Mr. Murray, after making a calculation, said that fin. pipes would reduce the price by £150, making the estimate £1700, instead of £1850. He asked Mr. Murray to put this on paper. (Here the Mayor read Mr. Murray's letter, and al&o those of Mr. Parry and Mr. M'Gregor.) The Mayor continued by saying that if the Council decided as to the size of the pipes, there was a steamer going to Melbourne on Friday, so that the order would be given at once ; and Mr. Murray thought the water could be brought into Lawrence in three months time. Cr. Robertson said, that from the statements read he was fully satisfied, and thought they had all they could wish for. The sources from which the information had been derived could be relied upon, although he would have the pipes made strong, in order that they might last long. The offer made to the Council was, he believed, the most favorable that could be made ; and they were doubly indebted to the Mayor for the energy he had devoted towards the scheme. The fact of obtaining money at seven per cent, was worth taking advantage of. Let anyone go through tlxe township and try to borrow monny at that rate, and he would find it a difficult matter. Once let the inhabitants feel the benefit of the water, and then try to take it from them, and see what they would say. He would say, let them go in heart and soul and get the work done, if they could see their way clearly to realise the £500 required. The Mayor said that he had t?.ken that matter into consideration. At present they had £250 in the Bank, and the amount of rates due was £233, and the Government subsidy, amounted to £466. Then the sums due by the Corporation amounLed to about £300 ; •so that that amount would be paid without encroaching on the subsidy, which they were bound to appropriate to its legitimate uses. It would be easy for the Council to form a sinking fund of so much a-year towards the liquidation of the sum they would require to borrow. Cr. Jeffery said he quite coincided with Cr. Robertson's remarks. He knew the great benefit the water had already been to Dunedin ; and he thought | they could not do better than expend some of the rates in such a s '-^caie as that prt>pq->'l*,t"r T^a l sVience. He would move, " That the Council be empowered to borrow a sum nob exceeding £1500 on debentures, for the purpose of introducing water into Lawrence, such debentures bearing interest at seven per cent, per annum." Cr. Robertson seconded the motion ; and on the Mayor asking if any of the Councillors had anything to say tg«thej motion. Cr. Robertson rose and said, that the introduction of water would cause not only a reduction in the cost of insurance, but also be the means of inducing insurance companies to insure property thai they would not at present insure. **"*"* The motion was carried. Cr. Jeffery said there was another motion necessary to be brought before the Council, it was the following, which he begged to move, namely : " That Mr. Murray's offer, as amended, be accepted." Cr. Aimers seconded the motion. He thought this offer was much better than the last one. Cr. Robertson though,tfrom the remarks made by Cr. Aimers, that he was more satisfied than before. He thought they should be proud of the chance of borrowing money on such favorable terms. Cr. Aimers said the last offer of Mr; Murray was terms cash, which gave no advantage at all. am**. The Mayor, before putting the motion to the meeting, said he wa3 quite prepared to risk his reputation on the scheme. He had promised at a public meeting held in Lawrence some time since to do his best to introduce water into the place in the course of a year. He had indu6&§ Mr. Murray to take the debentures^ as he was certain money could be got on them even from people in their own district, and he hoped that in a few weeks they would have the pipes laid in the streets. The motion was put and carried. This concluded the business of the Council.