The Evening Post. MONDAY, NOVEMBER 27, 1871.

Evening Post, Volume VII, Issue 250, 27 November 1871, Page 2

The Evening Post. MONDAY, NOVEMBER 27, 1871.

Almost simultaneously, with the announcement that the Wellington civic loan had been taken up, we have a telegram from Auckland saying that the money borrowed by the Corporation of that place has been taken up at ,6 per'jcent.^ The difference between' 6 per cent and 7-J- is great, whilst the security is not one whit better in either case, and though we do not wish to reflect on our Municipal rulers, we certainly cannot avoid coming to the conclusion that they were-somewhat hasty in closing with the offer of the loan at the rate that .they K Jjay..e,,clone.,. If Auckland .can haye-money at 6 per cent, Wellington could too, and why the latter should'pay the extra interest,'we certainly cannot see. The loan to be obtained, be it remembered, is £40,000, on which, at '7£ per cent, the interest will be ; between; J3,000 and £4,00Q per annum. ; The difference between the rate paid by Auckland is one sth, or 20 per. cent—-a far,greater difference tKari should1 be. It is, however, no.use in crying over spilt milk, we are told, andi on the same principle it is not worth while regretting what has been done., It is, at the same time,'io.rbe deplored that the .City Council were so hurried in coming to a decision, and ! seized money when offered,'iii such afashioh. Dropping, the fault-finding style, if may be well to revert to the effect that obtaining the funds, will have on the city. r Withont expressing any. decided opinion, we certainly labor under the impression that - the Eeclaimed Land purchase will not be such a satisfactory one as the Mayor and his following imagine. As we have said on a former occasion, we should deem the' absolute alienation of the land acquired to be a great mistake, and whether people will lease on such .terms as to pay-interest and sinkiug funcl is at least problematical. This will be a matter that only-experi-ence will determine, but 'as funds are now at the Corporation's commaud, and as.the purchase may be said to have been completed, it is not out of place to comment on the probable manner in which the property will bs disposed of. Inasmuch as the City Council, or rather, the ratepayers, will have to pay interest from the date of the agreement for the loan being signed, whether the money is drawn or not, it is above all things necessary to seek a return as soon as possible. If selling the land is set aside, as we trust the good sense of a majority of councillors will do, the next question is how will it be utilised. Leasing, without the purchasing clause, suggested by his' Worship, is the only alternative, and what is more, there will be no" di&culty in doing this. There are numbers ;of persons who will too gladly avail themselves of the opportunity of ' ; obtaining a central site, though -whether they will be prepared to pay such prices as will meet corporation requirements X'emains to be seen. We may say that already some little feeling has been evoked on this subject, and that an impression has gained ground that in disposing of the different sites, favoritism will be exercised. We certainly do not share in this opinion, but, in order to put the matter bej Tond all dispute; would suggest that the whole available : land should be surveyed and pegged -out, and that tenders should be called, for the sections. By these means perfect equity in distribution can be secured, and any suspicion as to want of fair play •hushed. ■, We hope that some such plan will commend itself to the Council. This body are now not only, as we; may say, possessed of an endowment, but are in a position to proceed with the long,talked]of, water works. The scheme that has been submitted by their'officerlhas Ifeen approved of in the most marked manner by Mr. Blackett; certainly one of the highest, if not the highest authority in the Colony,..his,.only; objection; being ,the" somewhat -low < estimate; of cost. Whether he was right or nob in this particular, is not of special moment, and we are rather, inclined to accept the dictum of the City Surveyor than his inj this respect. Even if it prove that there, is a'; deficiency, when the works are .approaching, completion, there will be no difficulty in raising more money,whilst, if the surveyor's estimate turn out to be correct, the interest of the unnecessary thousands' will be saved to the ratepayers. That the introduction of wafcer;will be a blessing almost incalculable to Wellington, is undoubted, and though,, as in duty bound, we growl at the rate at which the loan is obtained, .the result cannot be but favorable. There is, however, this to be. said, that on the Corporation; as &! $h.ole, a great responsibility rests at the present time. The members have contracted, a large debt,' and have to see that the funds are properly disposed of. As far as the Reclaimed Land goes, that is simply a matter of barter, or rather purchase, and it remains with them to make the best of their bargain. With reference to the water works, it is a totally different thing, and the greatest economy .and at the same time the greatest promptitude are necessary. Councillors must remember that they are merely stewards of the ratepayers,and

as such,must exeycisethe same economy as they would-do in their private busi-. ness. They have already been, precipitate in borrowing money at undue interest; let us hope that in the disposal of it they will practisesiichpai*-: simony as will compensate for early extravagance. The ratepayers of this city are deeply interested, and should^ beyond all things, well watch the proceedings of the City! Council at the present juncture.