PARK EXCHANGE

Poverty Bay Herald, Volume LX, Issue 18180, 30 August 1933, Page 6

PARK EXCHANGE

LOAN OF £2500 SANCTION TO BE SOUGHT A resolution was passed by tho Borough Council at its meeting last evening to apply to the Local Government Loans Board for sanction to borrow the sum of £2500 to provide? tho balance of the purchase money required in tho proposed exchange of the Makaraka Domain for the Park racecourse. ’ ,

As a result of the statutory notice of its intention advertised by the council, throe objections were received to the proposed loan, all of which were based on a contention that the borough was already overburdened with rates. One objector, Mr. B. Black, drew attention to the fact that the council had increased the rates, whereas house owners had been compelled to reduce rents by 20 per cent, and also had to meet the emergency tax upon the gross revenue from their property. The council had reserves all over the place, he wrote,-and two examples of purchasing folly were Gray’s Bush, which was shunned by the public, and the Awapuni section. The other objectors were Mrs. Jane Dixon and Mr. W. L. Spence. The Mayor, Mr. John Jackson, remarked that he was satisfied that the Park would pay for itself, but as it would now be necessary to go to the poll, £l5O would have to be found for that purpose. He believed that arrangements in that respect might be made, and on his motion that aspect of the matter was referred to the finance committee to meet the vendors. » It was pointed out that the resolution involved only an application for sanction to raise the loan, and the matter could be further considered when sanction was granted.