CORRESPONDENCE.
DRAINAGE CONNECTION ADVANCES* (To the Editor.) Sir, —Many ratepayers like myself are waiting to see* what additional monetary assistance the Council is going to allow in regard to the putting in of the drainage connections. As was freely admitted at the Council table, an advance of only £lO to each ratepayer is net nearly adequate. Twenty pounds lias since been suggested, but thirty would, I hold, be nearer the mark. It seems to me, at any rate, that the Council is going to make a good thing out of the ratepayers by making these advances. To start 'with, the ratepayers as a whole have to find the interest, say, 41 per cent., on this loan, and on top of that those who take advantage of the advance hare to pay an extra 5 per cent, for the use ol : the money. It would surely pav any Council to borrow money at 4-J “per cent. if it knew it could get 9-1 per cent, interest on it! My own feeling is that ratepayers should as things at present stand get the use of the advance free of cost. Had it not been included in the big loan it would have been quite right to charge 5 per cent, on advances made out of it. —Yours, etc*, HARD UP.
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Gisborne Times, Volume XXX, Issue 3529, 21 May 1912, Page 2
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218CORRESPONDENCE. Gisborne Times, Volume XXX, Issue 3529, 21 May 1912, Page 2
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