THE £100,000.LOAN.

Dominion, Volume 3, Issue 884, 2 August 1910, Page 4

THE £100,000.LOAN.

TO-IIOEKOW'S POLL. , To-raorvov,' the ratepayers of the city will bo invited to exercise their privilege , ■A votiug iori or against the City,. Couuoil's proposal to raise .£IOO,OOO by 'way of loan for the purpose of duplicating the Wainui water mam. The lro\iU«ut uiirsii which have occurred in.tho prcsenji.maiii have convinced the civil authorities' that an additional mam is'necessary if tho city is to be safeguarded from the risks, attendant, upon the collapse of the old pipe on the occasion of a serious con?, llagratiou; further, the drainage and water supply schemes tor the suburban areas cannot, it is considered, be. completed unless the new main is installed. On the question of increased .rating' the Mayor has already stated tho positicu, which, in view of ■ the poll tomorrow, may-be briefly recapitulated. No rate will be struck this year. It may not even be necessary ever to .strike a rate, as the increased receipts which will accrue to the council iroin tho new' services in tho suburban areas will, it, is estimated, suffice to meet, the interest on the loan. '■• It is, of course, necessary that a pledge should ;b'e given by tho council to tiio lenders that a rate will- be struck if re-quired-'-if the receipts from the extension of tho supply do not meet.the interest charges. But that is not considered probable, though no guarantee can be given.