JOTTINGS FROM WANGANUI.

Dominion, Volume 4, Issue 986, 29 November 1910, Page 3

JOTTINGS FROM WANGANUI.

$. _ SUMMARY OF BOROUGH LOANS. (By Telegraph.—Special Correspondent.) Wiinganui,' November-28. A pleasant .valedictory gathering took place at Kaitoke Hall on Friday evening, .when a.large number of.settlers assembled to say farewell to Mr, E: ,R.. Morgan and family, who, after forty years' residencein tho district, are removing to Arnmoho. Mr. J. 11. Bowater. who presided, referred to Mr. and Mrs.'Morgan's many valuable services, especially in connection with school matters, and. on behalf of the residents, presented Mr. Morgan with a smoker's companion, and Mrs. Morgan with a Sevres salad bowl. A statutory meeting of ratepayers, held on Saturday evening; unanimously approved tho Wanganui Borough Council's .proposals in connection with thVraisins of a. .£29,000 loan for f general works, and the noil on same to lie held on December 7. The proposed allocation of the loan money is a-s follow.—New water mains, etc., ,£4-159; new drainage, a 2377; newstreets, .20390; new footpaths, : .£3192; river'bank protection, iESSCO; storage tanks. ,£0000; contingencies, .£1132; total, ,£29,000. After detailing tho proposals, tho Mayor- went on to refer to the finances of the borough, saying that, -while the gas and tram loans were reproductive, and would pay for themselves, there were certain loans which were not reproductive, and the total borough loans of this nature amounted to . These would all mature in 19U, but, by' that time, the council would have ,£20,000 in sinking funds, so that tho sinking funds of these unrcpioductive loans -would bo almost as much as the proposed new loan. Thus they were not increasing their indebtedness so much as at first sight appeared to, be the case. Most of these loans had beeu raised at Tiigli rates of interest, and the annual interest and sinking fund charge on the"m was over ' Ho had no doubt that the council would be able to raise a consolidated loan from the Government to replace these.loans (when they matured) at 3| per cent., and this would mean a great saving in i.-'erest and sinking fund. In fact, he hoped that they would havo at least ,£3500 a year, which would enable the council to reduce tho rates by 6d., and he saw no reason why it should not be able to do so.