BOROUGH FINANCE

Gisborne Times, Volume LV, Issue 6142, 28 July 1921, Page 7

BOROUGH FINANCE

MAYOR’S ENDEAVOURS IN WELLINGTON. If OLD-UP OF NEW PEEL STREET BRIDGE. < The following report of the Finance Committee was presented to the meeting of the Borough Council on Tuesday evening:— "The Mayor reported that whilst in Wellington be had interviewed several financial institutions in regard to loan money. The Council at present had unraised loans amounting to £106.000 as follows:

Stormwater drainage loan £50,000, (raised £9,700, unraised £40,300) Peel Street bridge loan, £42,500 (raised £II,BOO, unraised £30„700) Turanganui bridge loan, £35,000 (unraised £35,000).

"The State Advances office had practically agreed to entertain the Council’s application for £IO,OOO of the Peel Street bridge»loan this year, whilst next year the allocation would be cut down to £5,000. The Public Trustee in all probability would entertain a loan of £I,OOO in order to keep the Gladstone Road bridge loan alive; but there was no certainty that they would do so.

‘"The Govemor-Goneral in Council had, at the. request of the • Council, altered the term of the balance of the Peel Street bridge loan from 25 to 36i yars on the instalment principle. After carefully considering the matter your committee recommend that the Council make application to the Public Trustee for the Turanganui Bridge loan and also apply to the A.M.P. Society for £IOOO towards this loan. It also recommends that an amount of £15,700 be applied for from the A.M.P. Society towards the Peel loan for ten years at 7 per cent, subject to the approval of the Finance Minister being obtained.” Cr. Todd pointed out that when- the bridge was built, • the Council would be in a position to proceed with the extension of the tramways and spend the loan money at present lying idle. He moved tho adoption of tbe report. Cr. Coleman seconded, and the motion was carried.

Cr. Bowie said that he considered that the Council and the ratepayers wore indebted to the Mayor for his interest in the matter. Tho Mayor was, he said, to be congratulated on the success of his visit, and in his energy on behalf of the Council, . Other speakers also spoke in similar terms, and the Mayor was accorded a vote of thanks, 1 * but declined to accept the expenses incurred ’by the visit- to Wellington. *