EDEN TERRACE ROADS.

New Zealand Herald, Volume XLIX, Issue 14929, 29 February 1912, Page 5

EDEN TERRACE ROADS.

LOAN PROPOSAL EXPLAINED.

SUGGESTION TO JOIN THE CITY.

A rnoros.vi. to expend £17,000 on the roads of the district was explained to a meeting of Eden Terrace ratepayers last evening. A good deal of opposition was shown to the scheme, several of thoso present suggesting that the district should join tho city. Mr. 'J. A. Coles, chairman of the Board, presided.

Mr. Coles first said that the Board had been compelled to connect its drainage system with the Archhill gully sower, and it had been fomd imperative to thoroughly overhaul all the existing sewers. The sum of £3500 had been found'necessary to carry out a complete sewerage (system for tho whole district, and the Board had already borrowed this. .;um under the powers vested in it by the Act without taking a poll of ratepayers. Tho amount was borrowed for a term of 36 i years, at ojj per cent, per annum, which necessitated tho annual payment of £176 15s, to extinguish the whole loan at tho end of that term. The present valuation of the district (capital value) was £252,000, on which a rate •>£ one-fifth of a penny in the £ had been pledged, as security for payment of interest and sinking fund. This rate need not necessarily bo collected, owing to advance in valuation, through improvements and additions to buildings, etc. In any case, this rate would have no effect until the year 1013-1914.

In connection with tho street improvement scheme, Mr. Coles said that every road in tho district was practically worn out, and many of them were beyond repair. To get the roads in any kind of ordinary —without borrowing would require a very substantial increase in rates for next year, and any work done would bo of a temporary nature, It would bo a fallacy to increase tho i'&tes, say, every year or so, for temporary work, when practically the same- increase of rate would be sufficient to pay interest and sinking fund on an amount that could bo borrowed to lay down streets permanently. According to the engineer's report, the amount required for the necessary street improvements would bo £17,000. As the whole amount of the' loan would not be required at once, and would be expended over two years, rates would be chargeable as follows: —The first year's interest being paid out of tho loan, there would be no special rate in 1912-13, and in 1913-14 the rate would be |d in the £; and in 1914-15, subject to reduction by increase and valuation, Jd in the £. The total rate for 1911-12 was lJid in the £, for 1912-13 it would be l|d, for 1913-14 it would be 2 1-lOd, for 1914-15 ii would be 211-40 din the £. (Jreat advantages would be derived from the expenditure of this loan, not only from a sanitary point of view, but also from a financial one. After some discussion, Mr. F. A. Cleveland moved, "That the question of borrowing £17,000 be postponed, and that the Board should take into consideration whether it would not be better for the district to join the city." Mr. Coles said ho could not accept any resolution, as it would not represent the feeling of the ratepayers.- However, ho would accept the resolution as a recommendation. '. The meeting closed after several other ratepayers had expressed their opinions on the question-