The Daily Times The oldest Manawatu journal: Established 1875. MONDAY, JAN. 7, 1884. THE BOROUGH LOAN PROPOSALS.

Manawatu Times, Volume X, Issue 1144, 7 January 1884, Page 2

The Daily Times The oldest Manawatu journal: Established 1875. MONDAY, JAN. 7, 1884. THE BOROUGH LOAN PROPOSALS.

♦- After some months' elabaration, the Loan Scheme is before the public. Owing to the secrecy with which the business has been conducted hitherto, it has. been impossible for us pre? viously to refer to it. The B.prpugli Council has, m fact, done its best to prevent the Press getting hold of information about the scheme. When

it came up at all the report ts were asked to withdraw, and thf' Council was put m Committee, while) several | unofficial meetings of the full Council were held that the scheme ' might be perfected, the Press being rigorously excluded. This was not the way to start a scheme, and when the executive authorities of the Council ignored the resolution that printed schedules should be circulated settinS out the details, our surprise was still greater. We know a tender was given to print those schedules for £3, and how it was astumed it would cost ! £8 to circulate them we do not know. Even if it did the ratepayers had a right to the information. These things have tended to weaken confidence m the scheme, for nothing tends to strengthen the hands of a governing body m any undertaking like full and free information for the public of its details. At the meeting itself there was a lamentable lack of management. His Worship the Mayor opened the meeting m a few remarks on the desirability of a loan; but he was evidently half-hearted. He told the meeting m plain words it was not his scheme, but Mr Jenssen's, and Mr Jenssen m turn modestly gave the whole Council the credit. We believe we are not far out m saying that Mr Snelson himself does not consider the scheme the best one possible, and merely did an official duty m giving it a helping hand, because, as he said, " the Council thought it the best possible one under the circumstances." At i the meeting no one was prepared to explain or support the scheme. Its foster-parent, Mr Jenssen, when called on, said he had not come prepared to speak at all, and made a sharp attack on all and sundry who were opposed, challenging them m a kind of Tom Sayers style to " come out and have it but !" When the exMayor has had a little more experience m public matters, he will learn that it is quite possible for persons to differ from him without forfeiting all claim to common sense, and that it is much better to explain and meet differences than to try and bear down opposition by sheer force of language. As we have said no attempt was made to explain the scheme. The schedules were read over by the Town Clerk, but the financial aspect was not mentioned until late m the evening, when one of the speakers dealt with it. Yet that is the essence of the scheme. The people of Palmerston are willing to have a water supply and drainage, and to have every street and foootpath m the Borough made and formed, if the money can be found without undue taxation. But they say- What will this scheme mean? How will the Borough account stand? What will be the debt? And what rate will we have to pay, m order to get these things? On these matters no explanation was vouchsafed. IjThe ratepayers were simply told, " You have seen the scheme m the papers, and that is all you need to know." Not only so, but when one ratepayer did point out the financial effect of the scheme, viz., that the whole of the funds of the Borough except £550 would be eaten up m interest, he was charged with throwing " ice " on the scheme. At the same time the facts and j figures set out were not disproved,the ! only reply being that interest on the ; unexpended balance would form ai i source of revenue. Now, this aspect is the most important one of all. It may be stated m a few words. The Borough revenue now is £J4OO. If ! another rate of Is m the £ is levied ! a revenue of £2400 will remain. Add to this £500 interest expected on the fixed deposit of £10,000 to be placed m the Bank as security for the existing loan, and £650 from waterworks, there will remain a revenue of £3,550. Against this there will have to be charged £800 interest on present loan, £1800 interest on the new loan, £400 sinking fund, and £50 a grant to make up a deficiency, being a total of £3,050, thus leaving only £500 to pay clerk's salary, roadmen, advertising, lighting, valuation, printing, charitable aid, material, insurance, ranger, and other miscellaneous expenses, which amount probably at least m the aggregate to £1000 per year. Besides all these, the cost of maintaining the water scheme, when started, and the drainage, owing to the smallness of the pipes, will be something enormous, far beyond what the Councillors favoring the scheme imagine — for they have apparently ignored this aspect of the matter altogether — and we again ask the question, where will this deficiency come from ? and from what will it be made up ? If it is taken from the loan money, the schedule cannot be kept to, and m that case those streets which are left to the last will have to go without. It will be a case of "first come, first served," Now, the above is a fair question to ask, and we say it should be answered. It was raised at the meeting, and not answered. Let the Town Clerk, or whoever else is "running" the scheme, put a reply m figures and. show where and how the deficiency which is certain to exist is to be made up. If the money to meet it is not taken from the loan, then there will be nothing for it but a third rate, and so the burden will go on growing until it will become as Oamaru, which was being deserted on account of high rates. We shall refer to other aspects of the loan scheme before the poll is taken.