THE PROPOSED DRAINAGE SCHEME FOR THE BOROUGH OF HAMILTON.

Waikato Times, Volume XIX, Issue 1642, 13 January 1883, Page 2

THE PROPOSED DRAINAGE SCHEME FOR THE BOROUGH OF HAMILTON.

Pursuant to notice, a meeting of the ratepayers of the borough was held at the Volunteer and Public Hall last night, for the purpose of considering the proposal to borrow money to carry out a drainage scheme. The meeting was called for 8 p.m. but it was fully halfpast eight before the proceedings commenced, and then there were only about a dozen ratepayers present. The Mayor occupied the chair, and read the advertisement calling the meeting, and also the clause in the act under which it was held. He then called upon the Town Clerk to read the following report of the committee of the council appointed to consider the scheme :—: — PRMVAOI. ScHLMk FOR rilß IiOKOUGU Ol' Hamimo.v. The committee find on examination of the engineer's report and I'stim.ito that the cost of the drainage construction will be :is under :—: — E.u,t Lll5O "West Ll2OO Total Cost... ... L 2350 or say L 2500 If this amount were raisqd by way ot loan (which wo. think nerd not entail commission, &c, ■is the machine!}* of the council could perform the negotiations) :it the same rate as the last loan, vi/.., 5 per cent., an annual amount will be required to provide for the interest. The' Municipal Corporations Act gives power to the council to borrow for 50 years —and, where loans are not to be paid for by periodical drawing 1 , such loans may be renewed. If a loan of /2500 is raised for, say 40 years, to be repayable «nly at the end ot that period, then the fortieth part of 72500, that is Ai2 10s, will, as a sinking fund, be required to be added to the interest, making- an annual charge of /212 105. r 'ihis sinking fund could then bo invested to the best advantage by commissioner* under the Act, and subject to the approval of the council, and the profits acciuing \vould_ lessen the charges from time to time. The tint year's interest need not be considered at present, the council having power under theMnnicip.il Corporations Art to pay the first year's interest out of tha principal, so that, if the loan is raised at the end of 1882, the interest can be taken out of the loan for the > ear ending 1883, and i the special rate need not be collected for the payment of the second year's interest until the jcar ending 1884. The following tablo isa return showing the annual valuations for the last five years in the Borough, and assuming that future years will exceed the highest of these valuations by about 1500/, an annual value of rateable property of £12,750 would be available, which, at 4d in the L would yield 212/ 10s, the amouufc of interest and sinking fund required to meet all liabilities, and this is not taking into account the profits accruing from the accumulating sinking fund. Borough of Hamimov.— Annual Valuations of Property :— 3lst March, 1879, (East) /2530 10i. (West) /0232105. Total annual valuation, 78703. 31-*t March, 1880, [East] AOl7. [West] /7200. Total annual valuation, 711,247. ■ 31st March, 1881, [East] ;3964. [West] 76702. Total annual valuation, /10,006. 31st March, 1882, (East) /3052 Bs. (West) AJCSB ss. Total annual valuation, /10,610105. 31st March, 1883, (East) 7352« ss. (West) /5099. Total annual valuation 70325 ss. The Engineer's plans, estimates, &c, were laid on the table for inspection. [Referring to the valuation,, and in answer to MrW. Jones; the Mayor said there would .this year be sources of revenue which did not exist before. The Government property would now be rated. Besides this, the drainage schente" .would improve the value of adjoining property,' which would accordingly return a' larger amount in rates than at present. . 1 > After some conversation regarding the mode of taking the poll, &c. , ; Mr Salmon wished to know .whether it was intended that the outfall creek should be covered over. He lived in the neighbourhood, and spoke feelingly on the subject, as he would be subjected to the influence of the effluvia which would arise from the drain. TheMayqrrejnmded M.r Salmon that it was not proposed to carry, out a scheme of sewerage. The t drain'proposed was for the 1 purpose of ' conveying away' the rainfalL > • . ' Mr Salmon thought open drains would answer that purpose.' . ' '", ' ' Mr E,.' Bradley said they could not make open ditches through private pro* perty without endangering the safety of chiklreß ami-others. „ , T}ip-May.Qr v yia th'ehrateHsfogiittiug i ih the. low-lying parts ( would sooner or later^breeU'dueHse/ a contingency > which ' .the burgesses, -should .avoid if possible. They were 'not there* to decide ' the maiter *hasc»!BUt!l'>C-tePoJi'is»»|d be* .takens^nj; Monday, the 22nd rast., and the adoption or,abandment of the scheme .would defend bsthe 'rWulf <if < siich ipoU^-fifeS would/'eamestly , recommend th'eut to* not fall heavily on the small holder. Let JKfetoi'-giJi tKeir ll besb latfce'n'tioffl W "ju?" lecessa^ihey $Hbtfict' vote^oV^t, anil on* tire other hand; if tfte^ 1 cbnicientiottsly