THE MALVERN WATER-RACE

Press, Volume XLVII, Issue 7528, 18 April 1890, Page 6

THE MALVERN WATER-RACE

Mr W. Jameson, Secretary of the Selwyn County Council, yesterday supplied us with the appended Information ia reply to a local from our Malvern correspondent, which appeared in Wednesday's issue. That local, said Mr Jameson, expresses a fear that the voting for; the raising of a loan for the construction of the auxiliary water supply from the Waimakariri may result against the proposal unless the minds of some of the Malvern ratepayers are set at rest as to the enforcement of a special rate of Id in the £. Unfortunately your reporter waa not present at the meeting, of ratepayers at Kirwee on the 7th instant, when the proposal Was considered and approved of, and therefore a number of ratepayers are to some extent in the dark as to the particulars then given by Mr T. H. Anson, the presiding officer. Mr Anson explained that the estimated cost of the work was under £4000, which amount it was proposed to borrow for a term of 26 years. It is intended to apply to-the Government for the amount required under "The Government 'Loans to Local. Bodies Act, 1S86" which empowers the Government to lend money to local bodies at an annual charge (including interest and; sinking, fund) of 5 per- cent., payable for 26 years ;. at _the end of which time all liability ceases. Toprovide security for these annual payments, it is necessary to. levy a special rate. One-tenth of a penny in the pound (not one penny as stated) ori'the rateable value ot the district (£632,291) would produce £2.3, and the annual charge would be £200, viz., £4000 at 5 per cent. Although the levying of a rate is compulsory, it does not follow that it... necessary to collect it. It was explained at the meeting that during the last year the Malvern water-race district had been worked at a profit of £400, notwithstanding a heavy expenditure of £294 for repairs to the head works, and it was thought that this amount would be increased by proprietors paving for extra water for irrigation purposes when the additional supply is obtained, so that in all probability the revenue from the races, will be sufficient to meet maintenance and interest on the proposed loan without collecting the special rate of one-tenth of a penny in the* or increasing the present water charges.