HAMILTON LOAN ISSUE.

New Zealand Herald, Volume LXI, Issue 18685, 15 April 1924, Page 8

HAMILTON LOAN ISSUE.

WORKS TO COST £190,000. I BRIDGE, STREETS AND BATHS [BY. TELF.OE.VPH.OWN CORRESPOKTJTSNT.J HAMILTON. Monday. With respect, to the loan proposals, totalling £190,950, to be submitted to ! Hamilton ratepayers on May 22, the - Mayor, Mr. J. R. Fow, has issued a statement giving details of the various pro-: . posals and their annual cost. . The council, said Mr. Fow, had been compelled t6 ask the ratepayers for \,i authority to borrow "an additional £70,000 $ for street purposes. There were some 60 f miles of streets requiring attention, and -it some 120 miles of footways. The author- ir ity asked for involved the collection, by ■■;■. way of special rate, to cover interest and ! sinking fund, of £4900 per annum. ,;| The present borough offices had out-- 3 lived their period of usefulness, and wer» I entirely unsuitable for economic and effi- : $ cient • work. The loan of £25,000 re- I quired' for new offices would involve the f collection of only £325 by way of rates. ;| Money derived from rents and ; other ::% sources would make up the balance re-?i| quired. Of the loan of £26,800, to pro- | vide for additional sewer mains, £10,000 Um was wanted to complete the work at pre- -s|] sent in ■■. hand. The annual charge on %\ rates would be £901. ::■■' : -S'M'

. The Frankton trade waste and .sewer ■ -|, effluent loan of £12,350 was designed» to ',M, provide effective drainage for several factories at Frankton. The , owners of each factory would pay a ;pro^rtion.of thellr; cost, and the ratepayers would be sailed on to contribute £145 annually., *': '. ':*fe - To provide pubb'c baths \at Frankton ;<| and Whitiora, and for an improved lining to the Hamilton baths, the : capital cost would ;: bo £6800, and the annual charge si £436. " ?•:■"• \ ' : ; ■*:>-' W • ■•'.■vth*. <-"$ The need of "a new bridge :across the 'M Waikato was unquestioned,. , said' th« i Mayor. "' The;' existing traffic bridge was 'Jf badly '■.. congested, ; an ■*•, average of 360 . -iff. vehicles ■■ passing •- over it • an hour v during : : s£ working hours. ; The ' Bryce^JStireet' site '$M .was chosen as the most convenient for the f - : "M majority/ of * persons living ' in Hamilton j||!« to-day. The loan of £50,000 would ' cosift| £4900 annually, to cover interest andtli sinking fund charges. " T "1 *•: .; J ; . The f total ;| amount of additional ; rates to be collected; annually to meet the pro,posed works was estimated at £9952, and, based on the present valuation -of the :-?' borough <of £2,040,000, the increase in . ; \ the general and special rates would be .!f 1.17 d in the £, or 9a 9d ;*or every £IQO ' ? of unimproved value: ; .«.i-':^v<-;-'/> ; .-,?■•■ ; ■!: ! *^4l|- ; ':, f. ?-'■'■■• ... ■: '■"•' -'"' ■■■ ■>• ■■'•■-■- •■ -■ ■■■ij''.-:. ■ ■>'■''-;'■