THE PROPOSED LOAN.

Mataura Ensign, Issue 943, 10 September 1901, Page 2

THE PROPOSED LOAN.

to riu. union. Sir., l'erhitps your readers Uate heard of the man who had bceo ■ic sy infatuated about Kii'K Charles' ii l ail, t lathe invaiiably in troduced sonic reference lo it in eiery speech or conversation. It seems tliat Mr A. A. MaeGibbon labors under a similar iufatua tion with regard to luy.sell. Your reader.; have probably not his famous " tract " whieh hu issued when seeking elec tion to the Mayoral chair, in which euiy subject was made to circle ruund the bend of L>i Copland." At the electors' meeting on 1' 1 ldny night the same prospensity could not be restiallied. He said, 11 They had paid i'soo of the last Council's debts out of revenue. That expenditure would not occur Hgaiu. Although they had n„t gut ilie Iwm lit of Dr Copland's knowledge in the Council hu (the speaker) undertook that at the end of his term of ollice there would not le fwOO of unpaid debts." Seeing that Dr Copland was not a member of the former Council during the last eight months of its existence, when these liabilities were 10 itraeted, the intioJuction of his name 111 this connection shows that Mr MaeGibbon is still laboring under his Strange, but happily innocuous, hallucination.. Whether he regrets not having the benefit <jt l)r Copland's knowledge in the Council lio did not state, but even without that advantage be undertook not to leave behind him, tout) of unpaid debts. That amount is too paltry for his exalted ideas. If he gets hi, way he will leave £7.100 of unpaid debt wlI hunt the least prospect of their ever beii g p lid, lor lie do. s not approve of a sinking fund, lie like.-; 10 pose as a business man, and says it is not business-like to make any permanent improvements 011 business promises except on borrowed money. Any man who does so without any pro-peel of paying would run a great chance of lauding himself in the Bankruptcy Court, if not in gaol, but there is no such refuge for a town sunk ir» debt. Its property must pay, and onseijuently must depreciate in value. Ik presented a proposal for drainage for wiiich £-1100 was to be borrowed, hut the only guarantee he gave for ti.e work being done for the money was a rough scheme and estimate made by himself and other Councillors, with the proviso which lie mentioned that if it was not enough the ratepayers would' obligingly give hint more, lie also proposed to spend JJIoO on the saieyards, whieh are m belter condition than any other country Kaleyards. He gave no reason for doing so that any business man would listen to. The receipts from them are 110 le»s than in previous years, and any amount of improvements, will not increa-e them. As to the interest of .MOO on the proposed loan, the Mayor said it could he paid cut of » shilling rate, but Is .'(, l would be better. Hut if the ratepayers did not agree ta his proposal he threatened them with the pi, bable infliction of rates of 2, or ;t». l-'onunately he and tns Councillors cannot carry out this Uncut this year and ratepayer will keep that in mind in future, hi* very able enginu-r and accountant, Councilor Oav, sut<d that the amount now spent annually on streets would be sufficient to pay the inieiest on the loan. J hat might be so, but what woulu hevi.me ot the streets! it might be supposed be wa& speaking to little einldien. li the loan is raised there is no doubt rates will he taiMk to 18 i>d, and gradually further increased —I am, etc., .UMKK COI'I-AM..

IO TUB EIIITOK. Siu,—Then wm a meeting held in tb»