MUNICIPAL COUNCIL.

Lake Wakatip Mail, Issue 952, 20 January 1876, Page 3

MUNICIPAL COUNCIL.

An ordinary adjourned meeting of above body was held in the Council Chambers on the 12th iust. Present—The Mayor, Councillors Boyne.-Matheson, Haines and Warren. Crs Crofts and Tully also entered duringlhe meeting. , . . Minutes of previous meeting- were read and confirmed. - . ■ -;■ Inward correspondence consisted of a letter 1 Hallenstein, Esq., M.P.C.—in reply to a letter froni the Corporation—stating that the Government had no funds for the erection of a gaol at iQueenstown, but they promised-to make It one of the first works next session. The followragertract of ar letter from' ttre Manager of the Bank of New Zealand, P.unedjn, to the Queenstown Bank, re raising the proposed loan of £2,000, was read :^-; , jr ,d. ..January, 1876. Qtjesxstown CoßPOß^Tioiirj—l have made inquiry •with a view of getting a loan but I find that this o<mrse is'Tooked upon with disfavor by persons who cultivate this kind of •business, I would now therefore suggest that the Corporation should arrange definitely to place their bonds in the market through us, fixing a minimum price at or above- whieh they would be willing to dispose of them—auch minimum would of course be regarded by us as strictly private and confidential, and we will use every endeavor to. float the loan on the most advantageous terms, for, the Corporation. To enable us -to afford full information to intending buyers it will be necessary that you furnish us with all particulars in connection with the loan, such as the last balance-sheet of the Corporation shewing'rates collected and expenditure, &c,

number of population, details-of purpose for which the amount is to be raised, the prospect of due provision being made to retire the bonds at maturity, .how the interest is to 'be .provided for, and any other information which would be likely to prove of interest to investors. Can the Corporation issue an •eig)it per ! ..|C^V;.W^?r:.4J l ft.'.ti»ey not limited to seven per cent..!... It will be also-important to know whether the (Corporation would be. likely to: be borrowing' ft further amount, at some future time and if fio, when and what would amount likely be ? The correspondence, as.read, wan received. ■Considerable discussion took place as to the terms, &c, for the proposed loam It was suggested that the amount required for interest and sinking fund; should be' deducted from the ordinary revenue which, it was said, would amount'to at least £9oo', and if sufficient could not be spared to make up tho balance by special rate. The amount required the first year would be £260, 'bat this would decrease each succeed* ingyeari Cf Tully failed .to see how they would be able to pay back the money! in five, years. He thought the Council were jumping at conclusions, and that nearly all the ordinary revenue was required for public works and improvements. Moreover, he did not believe in a special rate, and in fact he found that there was a strong feeling outside against the present high rate, and he. should take steps.to get the next year's assessment to be considerably less than the usual Is in the £ as people were notable to pay it at the presetil;titne. „." / ■,: ' . It was pointed put W Cr Tully that the Council bad decided at a previous meeting to limit the debentures to five years, and had also ! fixed the current year's rates at Is in the £. Cr Tully strongly protested and said he should call a meeting of citizens on the. question. •-.., ■4-- ■' Cr Haines said the bank had expressed an opinion that there was. not the same chance to borrow upon favorable terms if the time were extended beyond five years. Again, if CrTulry was so averse to paying the money why was her' not present at the last meeting, and why did he consent to the preliminary expenditure on these works when a Councillor last year. Cr Tolly said he did not object to the expenditure, but thought the payment should extend over a longer period. ! After farther discussion, in which ether Counciljoro Joined, the Council proceeded to decide on the replies to be given to the Bank, and the Clerk was instructed to forward these with > 'other information asked for, Such.as probable income, Ac. Some of the replies provision will be to retire the bonds by sinking fund forced firomgeneralrevenue supplemented, if necessary, by special rate; that . interest will, in meantime, be from general revenue; that the rate of interest will be 8 per cent, per annum; and that a further sum of not" jmore than £5,000 is likely to be borrowed two years hence. It was resolved that the Finance Committee be instructed to arrange for printing the debentures.. .. ~...

Proposed by Cr Tnlly, seconded bp Cr Boyne* and carried —" That immediate steps be taken to a pound within.the town boundary." Proposed by Cr Warren, seconded by Cr Matbeson —" That the services of the " present ASSMCtqr of Nuisances bo dispensed-with, and thtk| appointment be offered to Mr J. C. the same salary, namely, £l4 a-y ear." In eitfcrence to execution of the-lease of Islands, 0r Crofts stated that he had been requested by Mr Mathesoh to employ Mr Turton to draw up the lease. v ' The Town Clerk Was instructed to see Mr Greaves or his agent, requesting that he get the lease drawn up and submitted for approval of the-Council as Boon as possible. ' Council Tully tabled tbe following notice of notion —" That this Council take steps towards the construction of swimming-baths."