Page 5 Advertisements Column 3

New Zealand Herald, Volume XXV, Issue 9016, 31 March 1888, Page 5

Our Maungaturoto correspondent writes: The adjourned meeting of the ratepayers of the district was held on Thursday evening, the 22nd March, in the schooihouse, Mr. J. Kirk presiding. The special business was to consider the desirability of applying to the Government for a loan under the provisions of the Loan to Local Bodies' Act. Mr. Snelling mc ved, and Mr. Morrow seconded, " That no loan be applied for." Mr. Flower moved as an amendment, and Mr. Rowsell seconded, " That it is desirable to apply for a loan from Government, in order to do some very necessary work," a schedule of which the chairman read, together with the estimated cost. Mr. Jackman had stated that the local body could get a loan from the Government three times the value of one year's rate, to be repaid at the rate of five per cent, per annum, and in eighteen or twentyfive years, he was uncertain which, the whole of the loan would be discharged. It now appeared from what Mr. Mason read that five per cent, interest on the loan, guaranteed by a special rate, would be required, and the whole of the principal would have to be repaid at the end of the term for which it was borrowed. After some discussion, it was resolved and carried. " That no loan be apElied for unless on the terms Mr. Jackman ad stated, and that the chairman of the meeting wait upon the County Council for further information on the subject, and that this moeting stand adjourned to this day four weeks.

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