MR LYSNAR’S SUCCESS IS BOROUGH FINANCER

Gisborne Times, Volume LXVIII, Issue 10740, 10 November 1928, Page 5

MR LYSNAR’S SUCCESS IS BOROUGH FINANCER

(To the Editor.) Sir, —In the political speeches of the candidates for honors in the present election, a good deal_ has been said concerning that £175,000 loan raised during the term of Mr W. D. Lysnar-s occupancy of the Mayoral chair. Some question has been raised as to the financial success thereof-. Old residents of Gisborne will remember the enviable position this town occupied through the prevalence of typhoid fever and other, troubles, through lack of sewerage and water-supply. Since these conveniences have been supplied, as tfe result of these loan moneys and many other advantages also, Gisborne now occupies a very good position from a health point of view. The only ■ unsatisfactory expenditure of the loan money was the amount expended on the Gentle Annie quarry. That unfortunate mistake can he debited to Mr Lysnar’s opponents. However, to put it in the most charitable way, we may sa v it was an error of judgment on their part. Now, as to the raising of the loan, after being sanctioned by the iatepayers, Mr Lysnar tried to raise the amount through local financiers, and was told it was impossible to secure it at less than 5 per cent. Then he said he would go to London financiers to secure the capital, and the idea was scouted by his opponents. and every possible barrier put in the way to ‘discredit his attempt But he went, and in spito of all'ad-

verse criticism and opposition and succeeded in securing the full £175,000 at 4-2 per cent, for 36 years. Bv saving 1 per cent, on that amount, an annual saving; is made or £975 .The total .. amount., the ... ._?at§naxers. have been saved for the full term of 36 years is the huge sum of £35,1(H). ’Surely, that is a good financial proposition to Mr W. D.. Lysnar’s credit?—l am vours, etc., HONOR TO WHOM HONOR IS DUE.