PROPOSED STREET LOAN.

Wairarapa Age, Volume XXXII, Issue 9527, 26 June 1909, Page 5

PROPOSED STREET LOAN.

STATUTORY PUBLIC MEETING. THE MA* OR EXPLAINS THE PROPOSAL. AND ADVANCES REASONS IN ITS FAVOUR. The boisterous weather resulted in only about a dozen persons attending the public meeting called by the Mayor (Mr P. L. Hollings) last evelning, at the Town Hall, [in connection with the proposed street -loan of £12,000. The Mayor, in a short address, said that the chief point which he proposed to make was that the ordinary revenue was already completely absorbed in the various ways The Council, besides having to provide for the maintenance of its various works, had also to provide for Hospital and Charitable Aid taxation, and such like matters, lire protection and office expenses being also substantial charges on the general rating of the Borough. His Worship, in referring to the

ADVANTAGES ACCRUING TO THE RATEPAYERS,

from a proper scheme of street construction, said the town stood to gain by having not only better streets, but better property, better property values, and a cleaner town. Then, most important of all, was the fact that a considerable saving would bo effected in the general rate. A point not to be overlooked also wa3 the fact that the expenditure of the loan would mean a great relief to the unemployed ranks in Masterton. The bulk of the loan money would find its way into the pockets of the now unemployed, and so back into the pockets of the tradespeople. Not, Mr Hollings said, that he desired to argue that the unemployed aspect of the question was the chief reason why the ratepayers should support the loan. Far from it—he considered that it would be wrong to provide loan money for such a reason only. The Council considered that certain streets badly needed proper constructing, and the only way to face the difficulty wa3 for them to go to the ratepayers for a loan. TERMS OF THE LOAN.

The Mayor went on to refer to the financial details of the proposed l«an. He stated that the rate proposed to be struck was limited to 6 per cent Of that percentage 42* per cent, was for interest and the balance of H per cent, for sinking fund. The loan would be repaid, with such a sinking fund, in 32 years, it would easily be recognised that the expenditure of so substantial a sum as £12,000 in placing on a permanent and proper basis the chief thoroughfares of the town would mean a very considerable relief to the general rate in the way of taxation, d his Worship saui

| that it was estimated that such a saving would amount to, roughly,' £7OO a year at least. The worst feature of the present method of street expenditure was that half the money was positively wasted owing to the streets not being on a proper basis. THE INCIDENCE OF TAXATION was the nert point touched upon Mr llollings said that the tota amount to be raised annually to repay the ban would amount to £720 though, as he had "pointed out, this sum would be saved in the general rate. The rate to cover this annual charge would be about l-3d in the A*. On a property valued at £SOO-an average Borough property—taking the unimproved value at £IOO or? such a property, the owner would pay about 3s per year. This small sura, said his Worship, was very small indeed when the benefits to be derived were taken into account, and move especially when it was considered that by the relief given to the general rate the taxation would really not be a fresh levy at all. THE SCHEME OF CONSTRUCTION. The Mayor passed on to describe in a general way how the loan was proposed to be expended. Queen street had, he said, been partially done, and in a very thorough and creditable way. It was proposed to complete the proper constueti'on of this the town's chief highway. Then h. was proposed to work outward;* from Queen street a? a centre," ai.d deal with the leading streets abutting on or running parallel with Queen street, and the streets intersecting between the latter. In particular His Worship mentioned Chapel and Dixon streets, and on the east side of Queen street, Church and Bannister streets, and Worksop road, and on the west Cornwall, Essex, Cole, Perry, Albert and Wrigley streets.

MUST MASTERTON PROGRESS?

The Mayor's concluding remarks were directed to the question of whether or not it was iudicious from all standpoints to raise a loan at the present time. Masterton, it would be admitted, already bore a fair proportion cf rates, but when the great conveniences the town enjoyed were taken into account, was the burden so ereat after all ? The town had cellent gasworks, water and drain* age systeir,. abattoirs, and in other respects was one of the most comfortable towns in the Dominion to live in. It must be patent, too, to all sensible minded ratepayers that tha system of distributing the burden of such a loan expenditure for work of the kind proposed was a wise one. Posterity, which was to shaie a great deal of the bsnefit, was to bear part of the burden. In the immediate present a matter to be considered was the fact that the lean expenditure would be spread over three years, and that during that

time it would be a sourfe of direct benefit to about eighty families. Important also was the point that t would be at least two years b -fo;e any rate would be collected on t- e loan, while meantime the bsnefi' of it would be enjoyed. Masterton > as in common with other towns, fee ing the reaction after a slump, but tuv speaker thought that the town was not in such a .bad way as some others. Now was the time when loan money would be appreciated and value could be obtained for It. As a still further argument Hia Worship stated that unless the town voted for further progress the r road machinery, costing some £2,000, would have perforce to be idle, and so rust and detoriate. Then, the town had a competent engineer to carry out the loan without additional expense, and if he were not occupied it would be a bad policy to pursue. If the town desired to keep in the forefront of progressive Boroughs, it was for the ratepayers to vote for the loan on the line outlined, a step, His Worship thought, they would not regret. (Applause.) No proposition had to be put to the meeting, and the Mayor then formally declared the proceedings over.