BOROUGH COUNCIL.

Poverty Bay Herald, Volume vii, Issue 1142, 8 October 1880, Page 2

BOROUGH COUNCIL.

Special Meeting— Thtosday Afternoon. All the Connoiliors wore present with the exception of 0:. Clayton. His Worship the Mayor iv the Chair. This was a special meeting called to consider the question of tenders sent from the several local Banks with respect to interest to be allowed on balance standing to the credit of the Council on Loan Account. Proposed by the Mayor seconded by Cr. Piesse that the Finance Committee's minutes be read that day six months. — Carried. Ci\ Ward moved and Cr. Berry seconded that tenders be not opened, the Committee of Finance having exceeded their powers. This resolution was withdrawn and j the following substituted. By Cr. Ward seconded by Cr. Berry — " That this Council is .of opinion that the Finance Committee have exceeded their duties in calling for tenders, but in the interests of the ratepayers this Council will proceed to open the tenders with a view of obtaining an early arrangement to get interest on the loan. Crs. Bennett and Townley opposed, when the resolution was withdrawn. Cr. Whinray moved that the Council endorse what had been done by the Finance Committee. Withdrawn, there being no seconder. ► The Mayor thought the Committee had acted with the best intentions, but he doubted the power of the Committee to decide without bringing; the matter before the Council. Cr. Piease thought the Finanoe Comhad exceeded their authority in calling for tenders. Proposed by Cr. Townley, seconded by Cr. Bennett — " That the tenders be returned unopened, and that this Council call for fresh tenders in a slightly altered form as follows — Tenders to be called for one year on £4,000 deposit for that term ; and rate of interest for monthly balance and for half-yearly balance of sinking fund, rate of exchange ; also for rate chargeable on general account up to the amount of rates." Carried. Resolved to adjourn the meeting until the next afteonoon, at 4 o'clock, tenders to be in one hour previous. R^sob-ed that the thanks of the Oou.icil be accorded to Mr. Matthews, manager of the Bank of New Zealand for the care and trouble he hpd taken to negotiate the loan successfully.