The Opunake Times. TUESDAY, SEPTEMBER 26,1894. ELTHAM ROAD LOAN.

Opunake Times, Volume I, Issue 25, 25 September 1894, Page 2

The Opunake Times. TUESDAY, SEPTEMBER 26,1894. ELTHAM ROAD LOAN.

Enquiries have been made during the past few days about the proposed loan for the Eltbam Road, and there appears to be some misconception with regard to the amount of rate. The Treasury has approved of the loan, and the only formality required to be gone through is passing the special order striking the rate as security for it. In the special order which is being advertised at present for this purpose, the rate is set out as threepence and one-third in the pound, and on the strength of this statement in print certain parties are endeavouring to mislead the ratepayers. It will be remembered that when the loan proposal was first put forward, twentyfive of the ratepayers in the proposed area signed a petition requesting the Council to take steps to raise the loan. This the Council consented to do. The first step was to make out a valuation roll of all rateable lands in the proposed area, and then calculate the amount of rate that would be required. The next step was to advertise the proposal for four weeks, and then hold a meeting of ratepayers to discuss it. In making out the roll, the late clerk to the Council, either through ignorance or negligence, only counted the properties of the twenty-five who had signed the petition, and on this valuation the rate amounted to threepence and onethird in the £. The chairman of the county, Mr Bewley, presided at the ratepayers’ meeting, and informed those present that there must have been an error mads, as he had taken the valuation from the Parihaka Road Board's roll, and calculated that the rate would be twopence and one-fiftieth in the £. He clearly explained and quoted the Loans Act in support of his contention that it was a matter of indifference what amount of rate in the £ was struck, as there could not be more collected in any year than was sufficient to pay the interest. In the face of this information, which is perfectly correct, ifc was decided to pro-

ceed with the loan to save time, as altering the amount of rate would necessitate commencing the proceedings again, and there was nothing to be gained by such procedure, as the ratepayers were amply protected by the Act, and it was hoped that some of the worst parts of the road might be put in hand before the winter set in. Since the loan was inaugurated some more land has been taken up, which will make the rate twopence in the £. We might point out that a loan area rate differs from all other rates in this particular, that as the rateable value increases, the rate in the £ for loan purposes decreases. For instance, after the valuation which takes place next year, if the land should be valued one-third higher than at present, which is more than probable, then the rate for loan purposes would be only in the £. If a settler at present holds a property valued at £BOO, a 2d rate on this produces £2 10s a year, whereas if his property is increased by one third, making it £4OO, a rate on this amounts to £2 10s, which is the only amount he is liable to. There are at present 86 occupiers of land in the area, amongst whom is divided the total amount required for interest, but 5 as * there is a large amount of unoccupied land in the area, accordingly as it is settled every fresh occupier reduces the annual amount each of the present holders has to pay, and proportionately reduces the rate in the £ to which they are liable. The alternative to the loan was a toll on the Waiau bridge, and there would be considerably more raised out of the settlers by this means than the special rate would amount to, with the disadvantage that the Council could please itself whether it expended such toll income in payment of its present incurred liabilities, or to road maintenance within the area. By raising the loan, under heavy penalties, every penny of it must be spent in the area rated, so that those who pay have the satisfaction of knowing what they paying for. We tender this explanation to clear up a misunderstanding—not that it can make any difference to the loan now, which was polled by a substantial majority, and is altogether in the hands of the Council, who have already incurred certain expenditure in anticipation of it, and it is unlikely they would, on any pretence, forego their claim for expenditure on account of it.