Cromwell Argus. AND NORTHERN GOLD-FIELDS GAZETTE. Cromwell: Tuesday, February 15, 1881.

Cromwell Argus, Volume XII, Issue 588, 15 February 1881, Page 5

Cromwell Argus. AND NORTHERN GOLD-FIELDS GAZETTE. Cromwell: Tuesday, February 15, 1881.

In our issue previous to last meeting of Vincent County Council some consideration was given the proposal of Mr Pyke to borrow a sum of £ 10,000. At that time there was nothing to guide ua as to the necessity for such a loan, and we hazarded a few reasons which might be brought forward by the Chairman in support of his motion. These of course were only conjectural, and a clear exposition of the case was looked for from Mr Pyre when bringing his motion formally before his colleagues. The Chairman’s address in full appeared in the Dunstan Times ten days after delivery, and there are good grounds for presuming that it underwent revision at the hands of Mr Pyke himself. This being so, the facts and figures therein set forth may be accepted as correct, and we have no fear of being accused of having misrepresented the views expressed. Although introduced under a sensational heading, we think that the statement in support of his proposal does not do credit to the Chairman. Left unsaid, the prospect of the loan being authorised would not have been weakened as it assuredly has been by the lame effort of Mr Pyke. After carefully reading his address we cannot see any argument favorable to the proEosed loan in the interests of the County. We ave a long preamble anent “solemn Acts of Parliament” beingsot aside by the withdrawal of subsidies and land fund. This of course is matter for regret ; but it should also be remembered that such a course was foreshadowed a long time before it was adopted, and must have been known to the member for the district. Yet it had no warning effect, but on the contrary while the threatened withdrawal was impending heavy liabilities were incurred. The doleful tale of repudiation occupies half of the address Then we have a brief statement of past expenditure and present liabilities, and in this matter we could wish Mr Pyke had been as explicit as in the history of repudiation. During the five years to 31st December last we are told that the amount expended on public works was £70,360. Present liabilities are reckoned at £14,000, which will require to be paid within the next eighteen months. Under this head we may quote Mr Pykb’s own words:—

These liabilities consist of balances which will become payable as follows Alexandra and Clyde bridges, L 10.902 ; other small contracts', L2lO ; maintenance of ferries, LB4O ; maintenances of roads (estimated), L 2,900. Our present revenue, independent of subsidy and land revenue, may fairly be stated at LB,OOO per annum; and in connection with this he was pleased to inform the Council that its revenues had shown a steady increase from the commencement of about LSOO per annum. It would be apparent, from what he had stated, that the Council had just enough to pay its liabilities, but would have nothing whatever for new works, nor even for the efficient maintenance of the roads during the next 18 months.

Having fortified himself with these figures, the Chairman adroitly attempts to influence his brother Councillors in favor of his proposition.

On looking at the Order Paper before him, he found that councillors were asking for new works, which would cost from £IOOO to £I7OO ; hut none of these could be proceeded with unless money was raised for the purpose by way of loan. For this condition of affairs the Council were in no way blameable. They had a right to calculate on the receipt of a certain amount of revenue until the time fixed by the Statute had expired; and upon the basis of this, their present engagements had been entered into. One-half of that revenue had been wrested from them at one fell swoop, and they might consider themselves fortunate in not being in debt. The present time was most favorable for raising a loan. He had never known a time when money in New Zealand was so plentiful and so cheap. There are only two points in above paragraph that need be noticed—the ingenuous averment that for their unhappy financial condition “ the Council were in no way blameable." Read with the remarks by Councillors following the Chairman, that gentleman would appear to be the only mem-

ber of Council holding this opinion. Then the Chairman thinks the present a most favorable time forraisiug a loan, money is so plentiful and cheap. But the borrowed £IO,OOO would have to bo repaid some day, no matter on what easy terms it might at present be got, and to provide for interest and sinking fund increased taxation and probably additional office expenditure would be the natural result As the proposal must by a wise provision of the law be affirmed or rejected by the ratepayers, wo shall, in a future issue, endeavor to give some substantial reasons why the County should not encumber itself with the indebtedness proposed by the County Chairman.