MT.EDEN LOAN PROPOSALS.

Auckland Star, Volume XLVI, Issue 60, 11 March 1915, Page 2

MT.EDEN LOAN PROPOSALS.

• Sir, —I was more than surprised -to notice in your issue Of. the 5 r that a-meeting- of a-lew ratepayers'"had-'Been held at St. Barnabas' Hall, on the previous evening, for- the. purpose of ing a ratejayers' ■ association, ifr. J. L»avi3, the.convenor, 'explained^'-that .the objects of the;association would. i>e -to. ascertain if a second poll was legal, and to combine to. defeat .another poll either by voting against it or disputing the poll. -Now,"sir, lam pleased to say-that' I- live -in-the. district, enjoy -, the 'beneifits oij^goo^„Toai^imdi»^g^^fi^oliank Js the fair .thing t<V other ratepajeri so privileged,! voted fot the last loan proposals, which/ .'-:unlortunatelyj 7 turned - down. > tWben. the - ratepayers "realised "cthe- '.'serious position ; in..which" ;they tad placed the district, -.they arranged: * large representative deputation, which; waited upon the.May or and Councillors to ask them to:furth'er sider : the position. Mjiuny'were .Shut out of- the Jargerropm," showing clearly that the ratepayers had awakened to thei. r responsibilities. Npw- sir, the. point I [Wish to emphasise is this-, Mr John I Devis was at this meeting. "He beard the Mayor say that the Council's Isolict" tor advised that the proposal could be. , submitted again. Thatrjtf the Council decided to spend a .further ;£7(fori a poH,7 it .must be understood that those formj ing the deputation would work tiie carrying pf .the. proposals. 3*r. .J. iT.Craig at-once eaid that the deputation agreed to do so, and Mr. S. Gordon also said that the deputation woadd'd^^it#I utmost to assist the Council the ! proposals if .again to the"rate--payere. lir.;Davis ? .»s one «t the deputatioh, acquiesced in these promises, and now we' find bJun endeavourtng to-f.OSn aratepayers'-*ssoci-tion, so' as to defeat-the proposals 'when again submitted to the ratepayers next month—lana. etc.r

(To the Editor.) S.irj.fx-1 take strong exception to- Mr |C. .Hudson's published statement that [the depreciation in- -values, j caused by the' rejection of tbe Ipaps. I -Nothing 'of tbe kind. Tbe reason dsihat j property owners have lately had brought home to them the disquieting ffiist'"'that"! there was; and perhaps still -»-'in/I2J near future, a of to *he "capenseof putting■"m :^dm!n-: age-connection. ':**-«: i | Mr. Hudson "talks of .debentures at I :£»T.lp/;butwhat about those aS'-CftS!-•That -will take a good deal of eipiariatioij "VV c are assured ithat 7£J35,000 can I 'be. borrowed at '5 per .teat, -without $*•1 count, and Mr. Hudson rather natyeiyi :remarks >We have jthe remarkable position that, money .cap.Tno* "be bad at Tfche same, rate as 'Shit esktrjig prior to the war.' ? Quite sol "'But-will' be kind enough -to estate' ; 'wMre thfa p7pef ceirf. money » coming .fepm? TVSTe might have the: io* -yfcry I I>Wition^df: anotberi heavy •scount, # it js- not promptly secured from the present generous lenders';; who <be lVdangeiL'ijg that a "Government of-Frimi'loanJ o per cent;, -with a. discount, has" its" attractions as an investment. : : I all .is said and'dorie, one'^act! I affairs -.of th* fine borough have been badly mismanaged. in._tbe past, and we need, a am, etc.,' --'■ {• I PAYRA'EfaB. ;