BRIDGE OF REMEMBRANCE.

Press, Volume LVII, Issue 17273, 11 October 1921, Page 6

BRIDGE OF REMEMBRANCE.

FINANCIAL PLANS.

Fiuanoial proposals rehire* tothe Bridge of Bememhraoce project were ( considered by the City Council lasti night. The Finance CommUSeo reported that a letter was received-from the War Memorial Committee asking the Council to provide the? necessary money for the cost of the under'-fltruc-ture of the war memorial bridge. The committee recommended that tike Council find the money for the work, provided the "War Memorial Committee arranged that sufficient money was deposited with the City Council as a temporary loan, to be repayable by instalments.

The following arrangement was made with the War Memorial Executive, subject to the Council's approval:— The executive to find deposits up to £IO,OOO for a period of five years at 6 per cent, interest, the Cjouncil to place on ttie estimates a sum of £2OOO annually, so that the loan may be repaid at the end of the said period, provided that a lender may not require repayment at the rate of more than 20 per cent, per annum except with the consent of the City Council. The Council to have the right to pay off, fbe deposits at the rate of 20 per cent, per annum.

The report was considered at length by the Council in Committee, and was adopted with a stipulation that the amount to bo found by the Council should not exceed £IO,OOO, and that the period for repayment should be not less than five years, and the annual repayments should be not more thau £2ooi), plus interest. It was also decided that the DeputyMayor, and Crs. Winsor and MeKellar, with the Acting-City Surveyor, should confer with the executive of the War Memorial Fund. A further resolution was carried that the stone to be used in the bridge should be all New Zealand stone.

Cr. R. D. Martin gave notice of motion for next meeting that the'previous decision of the Council to submit the proposal to the ratepayers should b» rescinded.