The Grey River Argus FRIDAY, June 20, 1947. MUNICIPAL LOAN

Grey River Argus, 20 June 1947, Page 4

The Grey River Argus FRIDAY, June 20, 1947. MUNICIPAL LOAN

JT cannot be said that the Borough Council is extravagant in its decision to borrow £42,000 tor the purposes of restoring the waterworks to a state of efficiency and of providing for drainage of storm water in Alexander Street, along with a minor outlay to improve Range Creek. The water supply even at the highest pitch of efficiency is not one to write home about, but until such time as the municipality grows in population to the extent that it is destined to grow, the best has to be made of it. Cobden is a growing suburb. and the construction of a reservoir, with the necessary main, is urgent. The same holds good of the new trunk mains to be laid to Nelson Street and Blakctown. The proximity of high ground, as illustrated in Alexander Street, is a problem that has for some time demanded a solution, and the expenditure of £lO,OOO in that connection is well warranted. The Council earlier 1 had contemplated much larger loan expenditure, fou.” times' that upon which it has now decided, but it is not likely that in existing conditions the best value for the outlay would be obtainable, materials being in short supply, and prices as well as labour representing more difficulty than they may be expected to do when the post-war stringency gives place to a state of comparative normality. The low interest policy in vogue will mean that the total cost of the loan will not exceed say, £64,000, and it was pointed out at the Council meeting last evening that within no great length of time the borough indebtedness has been reduced by more than £40,000. Bearing in mind the complaints which the figure occasioned before this reduction, due credit must 'be accorded for the keeping of the promise then made by the municipal administrators that they would effect such a reduction. The effect of the prospective expenditure for the ratepayers will be an increase of less than in the £ unimproved value, and as the services mainly involved are of use for everybody, there will be general agreement that repairs should be no longer delayed.