PELORUS GUARDIAN. FRIDAY, 17th. MARCH, 1898.

Pelorus Guardian and Miners' Advocate., Volume 4, Issue 21, 17 March 1893, Page 2

PELORUS GUARDIAN. FRIDAY, 17th. MARCH, 1898.

Local Bodies Loans and Government Loans to Local Bodies. Parliament passed two Acts in 1886. to empower' local, bodies to raise money by way of loan from Government, and to make provision for the repayment of the principal through the annual charge paid as interest. This was fixed at five pounds percem turn per annum, and in twenty-six years the whole amount became liquidated. A Road Board was empowered to borrow three thousand pounds and a Town Board three hundred pounds' in any one year. The loan could be raised for paying off any overdraft which existed, or public worke of any kind which a local authority is autho-' riaed to engage in; but to, guard against improvident or reckless expenditure every loan had to be secured 'by a special rate to pay the interest, if required; but the Act provided that the first year’s interest might be paid out of the Ipan, or out of the ordinary revenue dnring auy year, and in either such case the rate need not be levied Before any loan can be; raised-by the local authority they must publish -in’, a newspaper once in each week for four successive weeks a notice setting forth the particulars of their proposal. Then call a meeting of the ratepayers within ten days of the last publication to consider the proposal, at which the member for the” riding or subdivision wiil act as presiding officer. After due consideration and discussion the chairman will give notice that a poll will be taken within three weeks from the date of that meeting. All the proceeditigs -ati thfe tpolli will ' be. ppni ducted in the same manner as at the election for a member of the local body, each ratepayer records his vote or votes in the particular subdivision wherein liis property 11 is situated, either'for oi? against the If -a ; majority in number, of the ratepayers vote in favour of the proposal, and the number so voting are entitled to more than one-half, in the number of yotes, which can be exercised by the whole number of ratepayers, then, ! ahd hot otherwise, the resolution in favour of the proposal shall to. be carried. C&aw, this: isjhe htfpptftapl part of the whole proceeding, and we trust the ratepayers will show on that particular ■ day th6y are/fully alive to their own interests and duly record tHeir I votes InfaVdWr of the proposal; for under this absurd illiberal piece of ; legislation fthe a vote, but whoßlpps not?tals sufficient interest tpAtttehd the poll, Vpraqticallj| vote againstvthe ■ proposhf. IThe, sutn proposed to be borrowed is £1,500, and the interest will only amount to £75 annually, j?hich JpUvpflrJty yiMe,. of the lebtAm |ears. * |Bis(: sum Will provide uieftnVtd- complete' the road over Cullen’s Point and give us„easy communication ,with Mahakipawa ahd (Picloni? besides - keeping, faith with a Government who have shown they take a lively practical interest in the district; ! It hull provide means to. form and metal the remaining portion of main roads in the other subdivisions, thus, giving settlers and the mail coach suclr improved means of transit that could not be secured in any other way for many years, whereas if the ratepayers reject the proposal the same amount of money (£75) will be annually spent and show about the same appreciable alteration over our : great length of roadway as a pannikin of water would if emptied into the Atlantic Ocean. . a .