THE Poverty Bay Independent. Published every Tuesday, Thursday, and Saturday Morning. Thursday, September 24, 1885.

Poverty Bay Independent, Volume I, Issue 53, 24 September 1885, Page 2

THE Poverty Bay Independent. Published every Tuesday, Thursday, and Saturday Morning. Thursday, September 24, 1885.

In conformity with the resolution passed on Cr Townley’s motion in the Borough Council on Tuesday evening, the ratepayers will shortly be invited to decide upon the matter of raising another /"ro.ooo loan. Whatever may be the general opinion as to the manner in which our public funds are being administered, it cannot be denied that the time has arrived when it has become absolutely necessary to take some steps whereby the ratepayers may be relieved from the heavy drain upon their resources by paying nine per cent, upon an overdraft of upwards of /2,000, and also providing for a Sinking Fund of /'"co a year. But whilst recognising

the necessity for relieving this severe strain upon our pockets, it also becomes our duty to point to the fact that the whole of our liabilities have been incurred during the last two years. Taking the Balance-sheet for it, we find that on March 31, 1883, the Borough was not alone solvent, but was in funds to the extent of some/"i,000, whilst on March 31, 1885, we find ourselves indebted to the extent of some /’2,300, thus showing that during the past two years, and notwithstanding the large increase of rates, we have spent upwards of /3,500 over and above our income. And what have we got to show for it ? Nothing but that arid structure —that “ greatest work on the East Coast ” — the Turanganui Bridge. We have little hesitation in saying that large sums of money are constantly being expended in total disregard to the urgent necessity which exists for economy and retrenchment, and it now becomes a question whether, in the face of late events, the ratepayers will consent to any further loan until they have some better guarantee that their money will be more judiciously expended. At the same time it is only right to point out that by adopting Cr Townley’s proposal the ratepayers will at once relieve themselves of the payment of say /*2OO a year as interest on the present overdraft, and also reduce the Sinking Fund from £7OO to X‘2oo a year. The present loan was raised at seven per cent., and at a time when the security was very inferior to what we can now give, and taken with the fact of money being plentiful at the present time, there is little doubt but what we could now obtain the money upon far easier terms. Viewed in its proper light the present position of affairs points most forcibly to the urgent necessity which undoubtedly exists for dividing the Borough into Wards, as amidst numerous other benefits which must undoubtedly follow such a movement, not the least would be a judicious check upon reckless expenditure and tinkering,