THE PROPOSED LOAN.

Otautau Standard and Wallace County Chronicle, Volume 1, Issue IV, 24 May 1905, Page 2

THE PROPOSED LOAN.

( To the Editor).

Sir, — I was glad to see m your issue of May 10th so full a t cport of the Town Board's meeting. It enables the ratepayers and public to see who are the progressive and who are tlie sit-still-do nothing members \of that public body. I note that the ; Board have come to their wit's ends how to raise ten pounds for a little necessary wbrk, though they have no overdraft and an assured revenue of about £250 a year, and they are (very wisely, I think) going to appeal to the ratepayers and the Treasury for a loan under, the '* Loans to Local Bodies Act"— "The Aid to Local Bodies Act," would have been a more appropriate title, I think, to this Act for that was clearly the object the Legislature had m view when framing and passing such a liberal measure. 1 think the public bodies who take advantage of it show their good common sense, and are unquestionably acting m the interests of the ratepayers. Take, for instance, our two public bodies, the Wallace County Council— who are paying 5J per cent interest on an overdraft to the bank, and getting no forrider m wiping off their debt— and the Town Board, who are paying the Treasury 8| per cent on a loan and at the same time liquidating the debt. As I have already inferred, I agree wilh this proposal m the main, but not m detail, as set forth m your report. First they cannot borrow more than £800 m one year, and must stipulate clearly how the money is to be spent. The Board's proposal is to borrow £600, and'they have scheduled a lot of various small works extending over two years, which are so vague, and m some instances questionably unnecessary, that the ratepayers will naturally hesitate before voting on

their proposals as a whole. Seeing that the question cropped up at the annual meeting of the Otautau Sale Yards Co.; last Friday evening-, regarding the enforced shifting of the yards from outside the' precincts of the town, would it not be good business for the Board to enter into negotiations with the above Company lor the purchase of their yards and property, and borrow this first £800- from the Treasury . for that purpose? Tliey \yould then (which is very necessary from sanitary and other points of view) have sole control of these yards, and under able management, there is no doubt it would be-, come a good revenue producing asset, and it certainly behoves the Board to have such objects m view as, sooner or later, nothing is more certain than that they will lose their revenue irom licensed hotel?, aud that revenue will have tojbe made up from o. her sources. I would like to say more on this question, but I have already trespassed too far on your space — I am, Ratepaykr No. SJ.