LOAN FOR DREDGE

Ellesmere Guardian, Volume LXII, Issue 18, 7 March 1941, Page 3

LOAN FOR DREDGE

EIXESMERE DRAINAGE BOARD'S PROPOSAL.

POLL TO BE HELD ON

APRIL 19

Saturday, April 19, is the date fixed by the Ellesmere Lands Drainage Board for the taking of the poll on the proposal to raise a loan of £6000 for the purchase of a dredge to work in the canal and Hals well river. A large part of the loan money is for the; purpose of financing the dredging work.

At the meeting of the board, held on Wednesday, a report on certain aspects of the preliminary work was given to members by the secretary (Mr L. F. Foote). He stated that he had ascertained that there would be no difficulty in having the loan taken up at 31 per cent on an amortised basis. The annual payment of principal and interest would be £530. Mr Foote added that the earliest date for the poll would* be April 19, but as. there; would be an election of trustees on May 14, he suggested that the poll should be taken the same day in order to save expenses.

The chairman (Mr H. J. Macartney) stated that information which liad been received that morning had changed matters a good deal and it was now necessary to hold the poll as soon as possible. Earlier advice received by the secretary had given the impression that part of the dredge which the board had under option had been lost at sea. There had, therefore, been no need to hurry the loan poll. The latest advice was that the dredge (had reached Auckland.

Mr F. Coop asked if the board would have to raise the full amount of the instalments of interest and principal or would the savings made by the uss of the dredge be sufficient.

The chairman replied that the savings would go a long way towards meeting the annual charges. The board would not need to pay the full amount for the, first year, as it would not' be necessary to borrow the whole sum at once. It need raise the balance only when required. He added that there would be savings in some other payments; for instance, the instalments on the house would cease soon. He said he estimated that the board would need only about £200 to £300 extra to meet the full amount.

Mr Coop: Can you do it on the present rate.

The chairman replied that he-was not sure; the rate might have to go up a little, say one; thirtysecond, which would give about £130. He was not anxious to raise the rates if it could be avoided.

If the loan poll were carried, it was stated, the board could make a start with the work and it was possible to have the dredge on the job a few days later. Now that it had safely arrived, it was essential to put it into operation as soon as possible, for the savings made in that way would be much greater than any made on the cost of an additional poll.

It was agreed to hold the poll on Saturday, April 19. Meetings to explain the proposal will be held at Motukarara, Tai Tapu, Greenpark, Ladbrooks. and Halsweil, the chairman and secretary to arrange the dates and to make the necessary preparations for the poll.