THE MIRAMAR RATE.

New Zealand Times, Volume LXXVII, Issue 5374, 6 September 1904, Page 5

THE MIRAMAR RATE.

ONLY O-X'&S’EVEXTH Of A PENNY. Though tho municipal authorities propose to take power lo levy a rate of Ml in the £1 to meet the deficiency which it is suggested is likely to result from tho running of the proposed Miramar and Scatouu tramway service during tho first few years of its working—should tho ratepayers at to-mor-row’s poll agree to the proposals—it is quite wi*ong to suppose that the full amount of £d will be collected. The Mayor, of Wellington, speaking yesterday lo a representative of the ■■Times,” .said that a rate of Ml upon the unimproved value, in Wellington anti Mkdro-vO will yield £13,574; but as tho deficit cm tho working of the tramway, according to his estimate, would he £4OOO a year for about eight years, this loss would be fully met by tlio imposition of a rate of only oneseventh of a penny. Jn explaining why the Corporation thought it necessary to sock power to levy a rate of Ml, if only one-sevontn of a penny will be required, Air Aitken said that such a course was followed wit.li all loairs, in order that there should be a fair margin of security for the lender if any fall occurred in the value of property. Such a contingency, of course, is not likely in Wellington,: but tho precautionary measure is taken in the case of every loan. For instance, to meet the loans for tho wood-paving and tramway schemes, tlio Council may collect up to lOd, bub lias found a Id rate sufficient for the purpose.