THE ROADS LOAN.

Matamata Record, Volume XV, Issue 432, 7 May 1923, Page 4

THE ROADS LOAN.

WINTER PREPARATIONS. An offer to lend the Matamata County Council £4500 at six per cent, for 80-30 years on debentures was received at Friday's meeting of the Matamata County Council from a private investor and it was decided to accept the amount as the first instalment- of the Putaruru-Tokoroa roads metalling loan of £IO,OOO. Councillors pointed out that only £SOOO per year was available to the Council from the State Advances Office and this year's allocation had been promised for the Waiomo-Tirau loan. The Public Trustee now charged Gi per cent, interest on money lent to local bodies and it was not considered likely that the interest rate would fall below six per cent., at least for some years to come. The engineer' stated that if some of the money was now available the quarrying of the local rock which would be used as the foundation metalling' in the Putaruru-Tokoroa scheme could be done during the winter, permitting of good progress with the scheme next summer. Accordingly it was decided to apply for the' £4500 and call for tenders for the quarrying work. OVERDALE ROAD. The Putaruru riding member, Cr. R. A. Bent, asked that the widening of the cuttings on the Ovcrdale road near Putaruru should also be put in hand, this being necessary preliminary work—to be paid for out of general rate money—required before Aie metalling of this length could be 'jndertaken. The chairman said the vinter weather might prove too wet 'or this work, but if practicable it vould be dealt with. Cr. Bent exdained that he had promised the ")verda!e settlers to give attention to heir roads and in this connection £IOO had been spent on the approaches to the Taumangi overhead bridge. Tie vould leave the matter of the cuttings in the hands of the chairman.