The Borough Loan.

Manawatu Standard, Volume X, Issue 21, 23 June 1885, Page 4

The Borough Loan.

. — .g, — . — _ ■ At the last meeting the of Council Cr Hawkins having spoken endorsing the remarks passed by other Crs,*ref erring to the Mayor's action m connection with the raising of the'loan,' 'was followed by Cr King" asking, " Do I understand Cr Hawkins"yon accept the matter as settled and completed without its receiving further consideration by the Council." Cr Hawkins replied that he had considered it before. As fa)' as he way concerned there was nothing new to consider beyond what he had seen m the public prints. Cr King : Money has been borrowed m other townships no bigger than this on better terms. I know a place outside Sydney where a loan was raised at 4£. The Mayor questioned the correctness of this latter statement. Cr King : We are getting the loan on favourable terms,|but not- on exceptionally favorable terms. The Mayor : I am very sorry I cannot endorse the remarks of Cr King ; but instead I believe the Borough lias had a most exceptionally liberal offer. The money was never asked for at 4£ per cent, and we as a Council never expected to get it on such terms. It is all very well for Cr King to pit his financial ability againat men of much wider experience than himself, but that is not the question. 5 per cent, was the sum agreed to by the Council, and therefore m treating for that payment they had only carried out their instructions. The formal resolution accepting the offer of the Government was then passed unanimously.