THE MAIROA LOAN.

King Country Chronicle, Volume VII, Issue 578, 21 June 1913, Page 5

THE MAIROA LOAN.

A MISCONCEPTION EXPLAINED. Reference was made at the last meeting of the Waitomo County Council to the advisability of transferring a portion of the loan money in the Mairoa special rating area from one road, on which there was a surplus to another road on which thew was a deficiency. The chairman in reply to the deputation said in was a difficult matter to do as suggested, Whereupon Mr Francis remarked that a transfer of loan money had been made from the Mairoa loan to the Waitomo loan. Mr Scholes stated that no such transfer had taken place, and as there was evidently some misconception regarding the. matter he would explain what had been done. When the Mairoa loan was raised it provided for the whole amount of the money for the Arapae road, irrespective of subsidy. In consequence of this, when the subsidy was granted the amount provided in the loan exceeded the requirements by about £SOOO. Representations were made to the council by Mr Boddie and Major Lusk, and it was decided not to lift the surplus, which therefore remained in the hands of the Advances Department. When the Hangatiki-Mairoa loan was applied for there was a scarcity of money, and the application was refused. The position then was that a £ for £ subsidy had been granted for the Hangatiki-Waitomo loan, and there appeared to be no prospect oE raising the loan. The county chairman, having in view the amount of the Mairoa loan, which it had been decided not to utilise, proceeded to Wellington and interviewed the authorities concerning the matter. He pointed out that the release of the £SOOO to the Advances Beard meant that the Board would have more than sufficient funds for the granting of the Hangitiki-Waitomo loan, and seeing that both loans were' in the same district, it would only be fair to give the Waitomo application further consideration. The result was that the Waitomo loan was granted. It was not in any sense a case of transferring of one loan to another, and the settlers could divest their minds of any such idea. It was a very sood thing the Waitomo loan had been obtained, otherwise both the loan and subsidy would have been lost to the district.