PROPOSED CITY LOAN.

Auckland Star, Volume XXV, Issue 142, 15 June 1894, Page 4

PROPOSED CITY LOAN.

Some further correspondence has taken place between the Mayor (Mr J. J. Holland) and the deputation appointed ab the ] meeting of bhe citizens-who objected to bhe proposal to raise a loan of £30,000.t0 pay off the overdraft and certain debentures falling due next November. Tbe Commintee met yesterday, when it was decided to send a letter to His Worship bhe Mayor asking for a reply to the following questions:— 1. Will his Worship supply the Committee with a copy of the Council's solicitor's opinion on which bhe special order resolution for the loan of £30,000 now pending confirmation is based? 2. The audited accounts of the city showing. an overdraft on all accounts of £12,428 14s Id on the 31sb of March, 1893, ib is desired to learn the amounts sow overdrawn on all accounts, and to whab special or other works the increase (if any) is attributable ? 3. Is the £30,000 loan intended to be raised under the Municipal Corporations Act, 1886, section 189, or under tbe Local Bodies Loans Act, 1886 ; and if under the latter Acb, where and whab is the official evidence of its adoption ? 4. Whab was bhe overdraft on all accounts at bhe time of coming into operation of each of the said Acts? Note. — If, the Local Bodies Loans Act, 1886, has been adopted, the date of its adoption is desired for information. 5. Whab is the object of tying up the loan for 42 years ab bhe high rate of 5 per cenb., seeing thatib may be obtained ab the same rate with a currency of 10 years ? 6. What objection have you to calling a meeting of bargesaes, for the purpose of taking tbe citizens into your confidence, and consulting them in regard to the proposed loan, seeing that section 179 of the Municipal Corporations Acb provides a similar course, and tbab the spirit of the Acb is to establish in regard to civic credit pledging, direct popular control accompanied by tbe right of vebo ? The Town Clerk wrote to-day acknowledging receipt of the letter and questions, also stating " bite Mayor will willingly receive the deputation who desire to waib on him on Monday next ab 10 a.m." A further letter was eenb to the Mayor by the Committee expressing regret that the preliminary questions had nob been answered, as bhe information was only desired to "render the interview more profitable bo both parties."