ALLOCATIONS EXPLAINED

New Zealand Times, Volume XLVII, Issue 10966, 30 July 1921, Page 7

ALLOCATIONS EXPLAINED

PROVISION FOR OTHER WORKS. SMALL LOCAL LOAN PROPOSED. At the conclusion' of the meeting, the Mayor explained to a “Times*Representative the works upon which the loans would be expended. The whole of the amount provided fpr in Loan No. 1, he said, would he applied to the completion of the Orongorongo tunnel and tho laying of the main through the tunnel to convey the water from the Orongorongo stream into Morton dam at Wainui. The question of laying another line of pipes from that point to the city had yet to be decided. The city engineer estimated that the work would take about two years and a quarter. There was a certain amount of elasticity about the vote of £57,000 to street works. The finance committee had not laid down any hard-and-fast rule as to itiß expenditure. It would be devoted mainly, however, to tho permanent paving of— Victoria, Wakefield, and Featherston streets. The last-named thoroughfare would be .laid down, right through to Thomdon qifhy. In the case of Wakefield and Victoria streets, of course, the laying of the tram tracks provided for-in the loan would have to be attended to first of all. The tramways loan was fairly explicit. The other iteme on the schedule of the big loan authorised by the ratepayers would expire by effluxion of time if they were not proceeded with before September 15th, 1922. That matter had been discussed in the council, and it had been pointed out that it would be necessary to apply to the Government for legislation for an extension of tim©j if required. If that course failed, it was proposed to endeavour to raise a small loan locally. Mr Wright remarked that the bank manager thought the prospects of raising the loan moneys were favourable. An embargo had been placed on the raising of l6an moneys in England, but he understood it applied only to foreign loans. In any caise, it was for only two months, and it ./ould be an excellent thing to issue the prospectus just as the embargo was lifted.