THE LOAN PROPOSALS.

Stratford Evening Post, Volume XXXV, Issue 44, 20 February 1913, Page 5

THE LOAN PROPOSALS.

THE MAYOR REPLIES TO MR RICHARDS. (To the Editor “Stratford Post.’’) Sir, —Traversing Mr Richards’ last letter, I do not question the accuracy of the figures of the capital values of boroughs as set forth in the Year Boole: I questioned whether in all cases the foundation of the compiled fi 0 ires was the correct foundation to work from, T»nd I contend that working on Mr Richards’ method there would be no guarantee of accuracy. Mr Richards is wrong in his statement that with the increase of the capital value of the borough the rates have also increased. Although the capital value has increased by nearly « one-third, the rates have not increased at all, the rates collected for 1912-13 being as near as possible the same as collected for 1911-12. The rates for 1911-12 amounted to £3033, and the estimated amount for 1912-13 £291*1. These amounts do not include the special rates which, of course, remain practically the same from year to year. \ Mr Richards further states that the £4.2,000 loan at 51 per cent would inj crease the rates by 70 per cent. Pre-j cisely, and does any ratepayer expect for a moment able to make material improvements in the borough and not pay for it? However, the increase in the rates will be in proportion to the amount of money borrowed and spent, and as the loans will be put to the ratepayers in four issues, any amount from £6OOO upwards may be borrowed. Now, to return to Mr Richards’ figures. He evidently overlooks the fact that the average ratepayer is not concerned as to how much in the £ he has to pay, but how much the rate will affect his 1 pocket, and this can only be gauged by the valuation of his property. So that the ratepayers may have the fullest information before them, the Town Clerk has worked out a further table, which goes to prove his original figures. Taking Mr Richards’ figures as ,a guide the comparison is as follows : Penny in £ New Plymouth ... ... 1-746 W Feilding 1778 Dannevirke ... ... 2-055 Hawera ... ... ... 2-376 Eltham ... ... ... 2-417 Stratford t. ... ... ... 2-425 Whangarei ... ... ... 2 853 Newmarket ... ... ... 3-437; Inglewood ... ... ... 3-764 Average capital value per acre of the above boroughs ) ■ /■ • a \ /; ; ■ u k • i i - 1 ' ” ? §)' §) ' | 2 o. 2 £ Cj O -> O < < £ £ New Plymouth 1,096,158 850 1290 Feilding ... 765,519 2300 333 Dannevirke ... 662,703 1222 542 - Hawera ... 431,180 500 862 Eltham ... 280,245 1590 176 Stratford ... 327,460 1920 171 Whangarei ... 306,023 2038 151 Newmarket ... 393,194 150 2617 Inglewood ... 136,159 703 194 '„X- The total rates produced per acre at the rates struck by the different boroughs is as follows;

If the average acreage owned by each ratepayer is taken and the above turns multiplied by the number of acres the Town Clerk’s original figures will be arrived at. In conclusion, I desire to say that I am glad Mr Richards opened up this correspondence, as only good can result from all sides being put before the ratepayers. Further, it has been a pleasure to reply to Mr Richards, as the nature of his objections and his manner of making them has not in - any way taken the form of abuse or suggestion of actions being governed by self interest. —I am, etc., W. P. KIRKWOOD. P S.—Mr Richard’s reference to the point of view of the money lender is beside the point, as the questions under dispute concern only the view ol the ratepayer.—W.P.K.

£ per acre. Newmarket ... 37 10 0 New Plymouth ... 9 7 6 Hawera ... 8 11 0 Dannevirke ... 4 13 0 Inglewood ... 3 0 9 Feilding ... 2 9 6 Whangarei ... 1 15 9 Eltham ... ... 1 15 6 Stratford ... 1 14 6