BOROUGH FINANCE.

Stratford Evening Post, Volume XXIX, Issue 118, 11 July 1911, Page 6

BOROUGH FINANCE.

WHAT AMOUNT OF LOAN CAN BE ■ STOOD. CUTTING THE COAT TO SUIT THE CLOTH. At last night’s meeting of the Borough Council Cr. Fagst moved that the Finance Committee be requested to report on the financial aspect, of the proposed loan on the Borough’s finances. Cr. Paget said he did not intend to continue doing useless work for very much longer. lie was quite convinced that the list of proposed works was growing wo an extent absolutely beyond the moans of the Borough. If they got a financial report and knew how far they coujd go in regard to a loan for public works they would be saved an immense amount of time and labour in considering the taking of estimates for' work which it was beyond- their financial ability to carry out. Furthermore they would bo saved a considerable amount of immediate expenditure in taking estimates for works which could not. bo done. At present much of the time of the Overseer was taken up in preparing estimates, and while he (the speaker) did not object to paying for estimates which could be used, ho did object to paying for useless estimates. He could not make out. why the Council contiually opposed him in the matter of the report ho had asked for. If the Finance Committee thought It was beyond their ability to produce such a report they should resign and make room for men with more knowledge of finance. At present the Council was only jogging along, with the loan ‘proposals, atid of the work done he bolieved four-fifths would be useless. Ha had a great objection to doing useless work. Cr. Morison seconded the motion pro forma. It was ridiculous to ask the Finance Committee to give a report before the estimates wore preSed. If the estimates were submittho Finance Committee could tell how much the scheme would cost. Cr. Paget: I do not ask for that. Cr. Morison: 1 took it that way. Cr. Paget: Well, you took it wrong. Cr. Morison said that until tiio estimates of the various works were submitted the Finance Committee could give no idea of the cost of the whole scheme. The Overseer was at present estimating the cost of the various works, and it was essential that the Finance Committee should have these particulars. He quite agreed with Or. Paget that the list ot proposed w-orks had already overstepped the sum which the Borough was prepared to borrow. Cr. Paget, in a personal explanation said he did not ask the Finance Committee for a report on the cost, but for a report on the maximum amount the Borough could afford to borrow. Cr. King said that as one of the Finance. Committee, he believed he was just, as capable, as Cr.- Paget of dealing with- trie Borough’s finance, although Cr. Paget was a good financier.

Cr. Paget: You’re a wizard. Or. King, could not see that the Finance- Committee could do any good without tire estimates for tiro various works. ■Cr. Mealy said Cr. Paget should amend Jus motion by asking for a report on the increase of rates which would follow for each thousand pounds of loan money raised. Then the ratepayers would bo able to tell exactly how a loan of a certain sum "'matter was one for the whole Council to N go into. lie did not think it .would bo long before the Council fiaty -get;' -estimates for the whole of the proposed works. Another thing v.TiiCf .might affect the proposed loan was ‘the electric light question. The Mayor said it would ’be- ■■impossible at present for anybody to bring down a report ‘which would -be of any use to the Council. It was necessary to get the loan ’ proposal into concrete form. By next Monday the electric light sub-committee would be prepared to bring down its report 10 the Couticil. ■; GiT Ward thought Cr. had made a mistake in not specifying a certain sum. The committee, should have been a sked to report -on the .financial aspect of a loan of £20,0d0 and to give the amount of increased rates.

Cr. Paget, in reply, said he did not desire to tio the hands of the committee as to amount. The Council wanted details before them to determine how much the Borough could afford • to borrow. The loan for electric light should not be tacked on to a loan for general works. If this were done it would mean wrecking the loan. He was very sorry Cr Morison could not understand what lie (the speaker) was asking for. To his mind it was natural before setting out to buy a thing to decide how much could bfe paid for it. It was no use to get a report on the increased rates per thousand pounds. He believed rates would never be Called on for the first six or eight thousand pounds—there were a large number of leases of municipal reserves falling in which, by reason of the access given through the expenditure of loan money could be re-leased more advantageously. The motion .was lost. The voting was equal and the Mayor gave his casting vote against the motion,