CHEAP MONEY.

Gisborne Times, Volume IX, Issue 831, 4 March 1903, Page 2

CHEAP MONEY.

HARBOR BOARD FUNDS AND BOROUGH LOAN.

At the meeting of the Boroogh Council last evening, tho Mayor referred to the fact that the Harbor Board were only receiving 31 per cent, for their money hold by the Public Trustee, and he suggested that the Council might obtain the sum of £25,000 from the Board at 4 per cent., so that they might make a start with a water scheme. He moved the following resolution “ That the Council apply to the Gisborne Harbor Board, for say, £25,000, to commence the water supply scheme as decided upon by the ratepayers, the interest to be 4 per cent., and the loan to be repaid out of the £75,000 loan when raised, such loan to be raised as provided for by Act, ponding raising of the principal loan.” In speaking to the motion, the Mayor said that his only object was to enable them to get on with tho work, which ought to have boon Btartod long since. To attempt to force a loan on tho London market at present would be unwise, for they could seo how disastrously the Government had fared. It would be reckless suicide on the part of the Council. Cr Lysnar : You are borrowing for what'?

The Mayor : For a water supply. Cr Miller : I second yonr proposition. The Mayor : We are authorised to pay 4 per cent. Cr Lysnar : What about drainage Tho Mayor: Drainage is a gradual work; we want the water first. This work requires great consideration, and a great deal of data requires to be collected. Cr Whinray: Hear, hear, your Worship ; I am glad to hear you say that it requires consideration. You have not got the thing fairly on the brain yet. Cr Harding : I will support you in the resolution, so that we can get straight to work. Cr Bright: If the Councillors had taken off their coats they could have made the reservoir in the time that they have been talking about it. Cr Whinray: I cannot support your motion because I am not satisfied with the source.

Cr Lysnar : Nor am I. The motion was carried, Crs Whinray and Lysnar dissenting. Cr Harding : The same old two. They ought to run in double harness. My word I should have liked to haye had them under the whip yesterday. They would have had Waihirere enough. I should not have spared them. (Laughter).