WAIHI BOROUGH FINANCES.

New Zealand Herald, Volume XL, Issue 12282, 28 May 1903, Page 6

WAIHI BOROUGH FINANCES.

SPECIAL MEETING OP THE COUNCIL. [BY telegraph.-— correspondent.]

Waihi, Wednesday. THS adjourned special meeting of the Waihi Borough Council was held in the Miners.' Union Hall last night. Present: His Worship the Mayor, and Messrs. Adolf Katz, J. A. Brown, C. J. Saunders, H. J. Finn, J. Wewth, J. Slevin, J. Tanner, and J. Henderson.

The Mayor stated that the special meeting had been called to consider the borougn nuances, and lie would like to hear tne opinions 01 members on the same. Air. ±'11111 outlined a iclieme lor the raising of a special loan 01 £15,0g0, repayment to extend over a term of seven years; a sinking fund to be set apart to meet it at the end of that or any term tho Council agreed upon; the loan to be raised on MOO debentures, bearing interest at hve per cent, and repayable by periodical payment* to tne .amount of £1500 per annum. '.This scheme, if approved, would reduce the prospective liabilities to £6000, leaving, on the assumption of a gold duty revenue of £16,000, about £11.000 available to meet all liabilities and expenditure up to the end of March, 19J4. Only about £6000 was required immediately lor paymeut4o the Ohinemuri County Council, so that the balance of £5001) odd of further prospective liability under the award could be paid according to the terms of the award. This scheme was submitted on the assumption that their banker would take up the loan, for which there would be ample security, viz., gold duty, goldflelds revenue, and all other the real and personal property of the Council. Mr. Katz failed to see how the Council could pledge the revenue for a special loan when it was already pledged to the Government lor a water supply loan of £15.000. It would be like raising a second mortgage, and it would be the duty of the Council to inform the Government of their intention. He was not prepared to move that the men should be put on half-time, or that men should be discharged. He had not troubled his head about ways and means, as he expected the Mayor to formulate a scheme for the Council's guidance.

1 Mr. Slevin lavoured borrowing from the | bank to carry out urgent works during the I current year. , Mr. Tanner thought the men should he put Jon half-time. He was prepared to move in t that direction. | The Mayor coald not agree with Mr. Finn's j proposals. He thought the Government was I the best, source to borrow money from. Thsy might probably arrange an overdraft up lo £8800. In any case, it meant cutting down expenditure one-half. In the course of a recent conversation with the chairman of the Ohinemuri County Council he had been informed that any of the borough men who ! were discharged could tender for works on the Wnihi-Faeroa R.iad. He had spoken to the Premier during his recent visit, and I urged the desirability of commencing the j construction work at the Waihi end of the I Paeroa-Waihi railway, but he was sorry to say the Premier's reply was far from encouraging. After some further discussion, Mr. C. Saunders moved, and Mr. J. Henderson seconded, " That the -sheet per fortnight, including salaries, be limited to £435 for three months, and that the engineer prepare a statement of the works in hand, the number of men and drays employed, with names of I the owners of the teams, the number of I stonebreakors employed, and an estimate of I the more urgent works required for three | months." j The consideration of the Waihi Brass Band I proposals was deferred for a full Council to I deal with.