ST. KILDA LOAN.

Otago Daily Times, Issue 19903, 24 September 1926, Page 13

ST. KILDA LOAN.

THE PROPOSAL CARRIED. LITTLE INTEREST SHOWN. Yesterday the ratepayers of St. Kilda wore called on to exercise their votes on a proposal that the borough should raise a loan of £25,000 for the purpose of maintaining and improving its streets. Little interest was shown in the poll, and even the delightful weather did not tempt out more than a handful of the electors to record their votes. Of a total of 2781 on the roll, only 576 exercised their privilege, arid of these a substantial majority favoured the raising of the loan. Details of the purpose of the loan as shown on the ballot paper are as follow; (a) The formation, metalling, tar-sealirig of streets, construction of concrete, kerbing and channelling of streets, the formation and asphalting of footways, and such other works as arc detailed on the schedule of loan proposal deposited at the Council Chambers, St. Kilda, £24,900; (b) preliminary expenses and cost of raising loan, £100; total, £25,000. The proposed security to be pledged to meet the annual charges on the proposed loan and its repayment is an annually recurring special rate , of j. l-10d in the £ on the rateable unimproved value of all rateable property within the borough of St. Kilda. The currency of the loan to be for a period of 10 years from the date of the issue of the debentures, or other #uch term ns may be lawfully prescribed. The provision for the repayment of the loan is that the loan shall be repaid in full at the date of the maturity of the debentures to be created in respect of the same. A sinking fund of 1 per cent, per annum on the amount of the loan shall be provided towards such repayment. It is proposed to pay out of the loan the, cost of raising it, but not the interest and oinking fund for the first year of the loan. The town clerk, Mr W. G. Griffin, who was the returning officer, and his staff at the four polling booths had a tedious rather than a busy day, and at the close of it the results were all made up and announced shortly before half past seven. The figures are as follow: For. Against. ‘ Town Hall 235 111 St. Clair ... 19 14 Forbury Crescent ... 77 41 Musselburgh 34 43 Totals 365 209 The majority for the proposal was therefore 156. One informal vote was cast at tho Forbury Crescent booth. A small group about tho Town Hall received the final result without any extravagant enthusiasm. When the Mayor> Mr R. W. Hall, began to speak he was persistently interrupted by a noisy and irate bystander, the burden of whoee complaint appeared to be that the ballot paper was “crook” and that the mayor knew it. The Mayor said that although only a small percentage of votes had been cast it really served to show what the Government had in mind when it introduced the Local Bodies Borrowing Bill. Nearly ‘all these loan proposals which came before tho ratepayers received very little support. His reason for holding a meeting the previous week was to infuse soma interest into the proposal and to give the ratepayers an opportunty of discussing the pros and cons. Even so very little interest bad been taken. Now that the loan had been carried it would be the council’s duty to use the money in the best way possible. They wore bound to a large extent by the allocations that had been made,, and he hoped that when the money was expended the borough would be in a. much better position. Ho. trusted no one would be disappointed with the result. and that the money would carry out tho, works expected of it. The issue had been decided by tho ratepayers. Cr Leary said they knew he had been opposed to tho loan, but now that the ratepayers had decided that they required it. he would do his best to see that the money was expended in an economical manner. Ho hoped they would evolve some better method of doing the work than they had had in the past. He believed they could raise all this money within tho borouch. Cr Long worth expressed himself as very pleased to know _ that the proposal had been carried. Going in for this loan was a progressive move on the part of the council, and councillors would now all pull together and see that the money was well spent. He was disappointed that they did not have a bigger majority, and suggested that people who did not vote ought to be disfranchised for a period of five years. He thought that would have some effect.