THAMES BOROUGH RATES

Taranaki Daily News, 6 August 1934, Page 7

THAMES BOROUGH RATES

BIG DROP FORESHADOWED

COMMISSIONER’S EXTENDED TERM.

BONDHOLDERS’ GENEROUS HELP.

£4600 REDUCTION ESTIMATED.

By Telegraph—Press Associaticn. Thames, Last Night.

Substantial relief in rating in the Thames Borough will result if proposals agreed to at a recent conference in Wellington between borough representatives and the loans creditors committee are embodied in pending legislation to be brought down this session. The Commissioner, Mr. C. L. Grange, estimates that the relief will amount to £4600 per annum for three years if the agreement is ratified, and that the general rate will not exceed Is 8d in £1 of the unimproved value providing that no abnormal circumstances arise meantime. The present rate is 3s OJd. A special meeting of the Borough Advisory Committee to-day approved the proposals and decided to call a public meeting of ratepayers on Thursday next to consider the agreement. The principal clauses in the proposals are: That the Commissioner’s control be extended for three years; that in order to secure more equitable distribution in the incidence of rating the basis of valuations be those fixed by the general revaluation of 1931-32 after the determination of all appeals by the Assessment Court and subject only to the special provisions of the Municipal Corporations Act, 1933, the Valuation of Land Act, 1925, and the Urban Farm Land Rating Act, 1932, with the right of appeal on the ground of inequality to a special tribunal of three members, one nominated by the bondholders and one by the borough council with a magistrate presiding. Other proposals relate to the further reduction of interest to two tirds and similarly with sinking funds. The Mayor, Mr. S. Ensor, said he thought that with careful working the rate might be lower tnan Is Bd, possibly Is 6d. Other members of the advisory committee considered the terms offered by the bondholders generous and would give a fresh start to the town. They agreed that a stable basis of valuation was the first essential.

Three years ago the finances of the Thames Borough became so involved that although the maximum rate allowed by law was levied, it was not possible to meet the loan commitments of the borough. A commissioner, who acted more or less as a receiver for the bondholders, was then appointed to control the finances for a term of three years. Mr. Grange was formerly town clerk at Invercargill;