The Auckland Star: WITH WHICH ARE INCORPORATED The Evening News, Morning News and The Echs SATURDAY, JULY 15, 1911. THE CITY LOANS.

Auckland Star, Volume XLII, Issue 167, 15 July 1911, Page 4

The Auckland Star: WITH WHICH ARE INCORPORATED The Evening News, Morning News and The Echs

SATURDAY, JULY 15, 1911. THE CITY LOANS.

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We heartily congratulate the. Mayor, the CSty Council, ajid the citizens of Auckland upon the result of the ratepayers' ipoll yesterday. All the proposals were carnied, and the most important of thorn "was supported by very substantial majorities. It is true that less than 1500 ratepayers recorded their votes, or not much more than 20 per cent of the names on the roll. This certainly does not appear to indicate a very deep and eager interest in public affairs on the part of our citizens. But, as the Mayor points out in au interview that appears elsewhere in this issue, no large proportion of the ratepayers can ever be induced to record their votes on such questions, and the polling yesterday •compares very favourably with our experiences on similar occasions in the past. Our own opinion is that the difficulty that has arisen between the Council and the City Engineer has been largely responsible for a certain lack of enthusiasm on the part of the ratepayers; for it is well known that many of those dissatisfied -with the Council's action expressed their feelings by refusing to go to the pollj -while others deliberately voted against the proposals, which other■vrise they would have supported. However, the result is, on the "whole, eminently satisfactory, and we believe that the people of Auckland will speedily secure great material benefits from the expenditure of "the large sums "which the Council has now 'been authorised to borrow for city improvements; - ;

It is particularly encouraging to observe that the largest vote was given for the street improvement scheme and that this proposal also scored the largest majority of the 'day. We have emphasised the necessity for improving our streets so often that we need hardly reiterate our conviction that the expenditure of even so iarge a sum as £225,000 on them is fully warranted, and -will produce extremely beneficial results, and dn the opinion of the ratepayers wio voted yesterday this outlay is even more urgently requrred than the. obviously necessary expenditure of £150,000 on the extension of our water. ! supply. Of loost of tfie other proposals, iE is sufficient to cay that they were well; supported; hut we must -paTticulariy eipress our satisfaction that the schemeto purchase the Campbell, property at Shelly Beach .and convert it into a public park has been now endorsed, by the ratepayers. This fis -the last fragment of the city waterfront on this 6ide of the harbour left available as a public Tβeerve, and we believe, with Mr Parr, that if properly handled, this fine area of ground magnificently situated and contiguousto'the most densely populated parts of the city, will be, in time to come, the most ; beautiful public park in New Zealand. No want is ever more keenly felt in a thickly peopled city than the need of breathing space and recreation grounds; and it is in our opinion a- matter for hearty congratulation that the ratepayers have not missed this unique and splendid opportunity.

I Our readers will gather from Mr. Parr's Temarks that there is no reason why the City Council should not set about initiating most of these schemes in a practical way at once. The financia." Iwsis of Hie larger proposals will, of douise, need some consideration; and the Mayor has already referred -to the possibility of raising ai least part of the money locally and in Australia. It is certainly a pity that tetter facilities do not exist for the flotation of local loara in the local money markets. In. all the European countries it is found possible to raise loans of this kind on a system that enables local bodies to utilise the savings of the people in a profitable way, thus encouraging thrift, offering lucrative- openings for the small investor, and at the same time providing funds for public purposes without rendering the municipalities dependent upon a few large foreign capitalists. It ahould not be impracticable to develop euch a system bexe; and our legislators -would do well to turn their attention to the subject. Bot in, the meantime it ought to ibe possible to find some way of drawing upon the large sums that are constantly aocTrnmlaiting on deposit in our banks. Here is a irage amount of money earned and ihoarded by colonial producers ; but very little or it is, as a rule, available for colonial pnrposes. The practice followed by the colonial banks of letting out such a large proportion of our money in the Loneon (money market is certainly open to serious criticism; and 'when large sums are needed for local objects, it seems doubly reprehensible. 'However,. the Finance Committee of the City Council may have something to say on, these points a little later on. The ultimate success of all these schemes will depend largely on careful and economical administration; and we have no doubt thas the confidence of the citizens of : Auckland in the policy of the City Council would he materially strengthened if "they -were sure that these proposals were to be -carried out under fie supervision and control of the City Engineer, who has already turned to eedh ■good tLceotmt hfe six. years' experience of our city*e--noede.