AUCKLAND'S WATER SUPPLY.

Poverty Bay Herald, Volume XXXX, Issue 13063, 1 May 1913, Page 6

AUCKLAND'S WATER SUPPLY.

FLOTATION OF LOAN. Last year the Auckland city ratepayers authorised a loan 1 of £150,000 for the extension of the Ni'hotupu-Waitakere water suply system, and for replacing all the existing pipes by pipes four times the capacity. The council has also decided to build a large dam or Teservoir above the Nihotupu stream, for purposes of impounding the waters °f the upper watershed. This dam is to hold over 600,000,000 gallons, and will ensure a daily supply of ovei\6CO,ooo gallons. The cost of this work and the. renewal of the pipes, etc., is estimated at £150,000. Already a contract fpr the supply of the pipes nas been let at a figure aproaching £60,000, and these pipes are now being laid. Preliminary work has also been started on the large dam. It is believed that when the whole scheme is completed the question of water supply for the -city and suburbs of Auckland will be placed .beyond doubt for at least half a century. The loan was raised last week on the London market through the council's bankers. The council took advantage of a- favorable turn m the market some days ago to procure £150,000 at 4£ per cent., netting the council £96 15s m Auckland. The whole amount lias already been underwritten m. London. This works out at a little under 4j| par cent. , being about the same price as was given a month ago for the, first instalment of £100,000 out of the £225,000 streets loan, and which is now being lised for the paving of the larger streets.. Arid forming,, kerbing, and channelling of the secondary streets. , ;■. The Mayor (Mr C. J. Parr) on being seen said m reference to the loan : — "In view of the financial stringency the council has done pretty well. The Sydney City Council a- short time ago paid nearly 5 per cent, for money, and 1 notice m the last issue of the Financial News that the city of Montreal, the largest city m Canada, with half a million of people, is likely to pay nearly 4f per cent, for over half a million of money. This loan expenditure is an excellent investment for the city of Auckland, as the water service is a very productive asset. Last year nearly £19,000 of a surplus was shown. I understand that the Auckland Harbor Board's loan which was recently raised cost a little over 5 per cent."