CITY LOANS. STATEMENT BY THE MAYOR.

Evening Post, Volume LXXVI, Issue 121, 20 November 1908, Page 2

CITY LOANS. STATEMENT BY THE MAYOR.

IMPORTANT WORKS IN VIEW. Important loan proposals are being ' bro.ugb.fi down by the City Council. They include tho raising of several thousand 1 pounds, and such schemes as the purchase of gas works, Kelburne trams, erection of abattoirs, tramway extensions, and a number of other works. "Re proposed loan," was an item on the supplementary order paper of the council last evening. The Hon. T. W. Haslop, Mayor, said he understood that there was a general detire not to go into the question that night. There was one matter—a proposal to 'borrow a sum of money in regard to workmen's homes — -which had not been, gone into, but 'he would undertake that it wouldi bo considered 1 by the finance committee l>eforfe next meeting. The proposals generally were that with regard to the tramways, £42,687 would be required. If the council went on with the work it would have £23,509. Next year a sum of £10,000 would* "be* required, but there would be £20,000 available for that. What was suggested with regard to the tramways was that the council should take power to borrow temporarily, allowing the sums to be wiped out with the depreciation fund and profit. It would take about 18 months to do that, with tha expenditure j that was proposed at the present time. When the council took power some time ago to borrow £135,000, £10,000 was for private streets taken over. The committee proposed to borrow in the same way temporarily. Then with regard to electric lighting 1 : the amount that the committee expected to have this year was £23,100, and next \fcar £18,500. Towards that it had available at the present £12,600 ; at all events at the end of March. But it hud already 'been aided to the extent of £9208 out of the general fund. It would not be necessary to repay that sum unless the councillors thought these several small >sums should be squared off. If the amount was squared up the council, should borrow in aid of the electric light, to make new connections, extend the suburban lighting, erect a new power station, and so on. For that work £25,000 to £30,000 would have to be borrowed. In regard to the elecfrio lighting, the works w&re extending so much that it would take longer to repay the sum mentioned than the loan for the tramways. But he thought probably that if the council borrowed £30,000 for two or three years, the amount ought to be met by the depreciation fund and profit.* In addition to that sum the council was putting aside £3000 for the sinking fund. If the council had allowed that to be devoted to depreciation, still, it would b© better financing;. A voice : Anything on the estimates with regard to markets? His- Worship: No. If councillors should desire any particular clause put in we could consider it. Councillor Cohen: What about Kelburne trams? His Worship : Wo have that in the list, but we cannot put the amount down yet. Continuing, he said they were making provision, tor Cha-rlotbe-etreet, recreation grounds, abattoirs, and purchase of gas plant, but the amount had not been put in yet. However, tho list could be distributed amongst councillors, and then they could make such additions as they desired.