The Loan Proposals.

Press, Volume LVII, Issue 17247, 10 September 1921, Page 8

The Loan Proposals.

In the iirst cf hi.? public addresses in support of the City Council's loan proposals, totalling £103,500, the .Mayor said that tho sum asked for was nrach fl beyond what it wug expected the actual cosl would be. The municipal offices, for which £-50,000 is asked, were estimated to cost £29,000; the concert hall, for which £50,001} is asked, would cost £37,000; and the site for a Town Hall, for which £60,000 was asked, would cost £45,000. AVe understand that the larger sums are asked for in order that there may be au adequate margin for furnishing 'and for contingencies. Tho margin certainly seems to be ample, because the actual needs of the city in respect of the administrative block and of the concert hall can hardly requiro sums greater than those named by tho Mayor. Indeed, it is to ba doubted whether a smaller expenditure would not give the city what it requires. The present, we need hardly say, is not a good time for raising large loans. Money is dear, and although it may become even dearer before the country emerges from the period of depression and financial stringency, it will become cheaper later on, and there ought to be as little capital expenditure as can he managed. Public Bodies must reef their sails just as private persona do. Whatever may be said concerning the proposed purchase of the Town Hall site — and the considerations which apply to tho sinking of money m large new structures do not quite apply to tho purchasing of land for the Town Hall which must ultimately be built—the ratepayers may well ask themselves whether it is necessary or desirable to sink a large sum of money in a concert hall elaborated for permanence, which in time will be superseded by the IWn Hall itself. A concert chamber would be a most useful addition to the city'a equipment, but it need not he an elaborate nfiair at all, and we are not satisfied that this has been fully appreciated by tho Council. It has always been contended that the provision of a concert hall on the ambitious scale indicated by the loan asked for (£50,000) would operate against the building of a Town Hall later on. There is undoubtedly force in thra contention, and we shall not be surprised if the ratepayers,-on weighing all these considerations, so vote as to refer the matter back to the. Council for revision. As for the Council offices, £29/100 (not to mention the £50,000 asked for) ought to provide, given the existing nucleus of the structure, for an administrative block a good deal more extensive than the city really needs. We by no means desire to create factions opposition to the eity'a lotgi proposals, but the ratepayers ought to ask themselves whether the large loan for whioh the Council is to Ask authority is not excessive. This is not ft time for luxuries, but a time for carrying, on with as little new capital expenditure as possible, '