LOANS AND SPECIAL ORDERS

Evening Post, Volume CVIII, Issue 119, 15 November 1929, Page 10

LOANS AND SPECIAL ORDERS

(To -tha. Editor.) Sir,—Mr. Sievwright, in his letter of 11th inst., is undoubtedly right in his conclusions that the Wellington City Council, by the powers conferred on it under the Wellington City Empowering Bill and subsequent amendment Bill, is now an autocratic body empowered to raise loans to any extent or for any purpose without the sanction of the ratepayers, the only nominal safeguard being the powers that if such special orders are opposed, proceedings must be commenced within three months. ■Am such proceedings would have to be met out of the ratepayers' pockets' whether their case succeeded' or not, it may be considered a very fragile barrier indeed. But perhaps the worst aspect of the matter is, and one perhaps overlooked in the council's zeal to clothe itself with autocratic powers, that this measure at once and inevitably lowers the value of ratepayers' property for loan purposes. For what lender would be willing to advance any but the minimum amount of his capital upon an asset the value of which is constantly decreasing by enforced loans? or how could he istimate if there would be any margin lefi at all in a few years, at the council's present rate of borrowing and expenditure? I consider these two measures have already done an inestimable amount of damage to the property value of Wellington for mortgage purposes. In conclusion, Sir, I do not so much blame the council for their undependable measures, but its advisers. But -what -were the citizens doing to permit such an infringement of their rights as ratepayers and property-owners without remonstrance? If it were a case of cutting out a race meeting, or raising the tax on amusements, the roar of indignation would be unanimous and loud, but here, where their vital interests are concerned,' scarcely one voice is raised in protest.—l am, etc., A. H. GIBSON, Jigaio, 12th November.