PROGRESS OF TIMARU.

Timaru Herald, Volume XC, Issue 13276, 3 May 1907, Page 7

PROGRESS OF TIMARU.

: The following is a summary of the scate;ment mada by His Worship the Mayor at .his ins'tallatipn gathering regarding i'_. finances of - the Borough, the work done during the past and some, proposals for the future: — .'''*' The indebtedness of the Borough (apart from loans) on 31st March, was £6302, ' against which there were liquid cash assets amounting to £3834. Of tho debt, £4676. was bank overdraft, and if the a ; sets were collected that would be reduced to £2468. During the year heavy payments had been made out of overdraft—engine and roller .which had proved of great value), £1520, wat:rwork3 pipes £llsO, new by-laws and Jaw costs. £750. Had it not been for these the financial position would have been very mnch better than in previous years. Th? total revenue from all ; sources, exclusive of loan funds, was £20,552, as compared with £12,008 in 1901; • and the expenditure was £20,964, an increase from £12,065 in- 1901. A large amount of surface drainage and street improvement, works had been done out of loan money—on the former had been spent? out • of loans, £1217, on the latter £1690. O.hcr valuable improvements had been done out of rates, in reforming parts of Stafford Street, some of it with tarred metal, which though expensive- at the on ts.et was cheapest in '1 ho 'long-run, and the should ba extended. . They had bought- and used 2700 yards Of metal and 7829 yards of clay. The water supply had been extended in several directions, -and 141 house connections' and 72 others had been made in the bbbrough . and 69 outside. In reference to the electric light contract ho stated that Scott Bros, has decided to use the old Mill site for their power house, and he expected that they would make a rtart this we3k. ' Probably the chimney stack would ba used later on in connection with a " d'.structor." Regarding the new by-laws, he said that.they had been expensive and had taken a long.time to prepare, but now Town Clerks elsewhere toldthem they were the best by-laws in New Zealand. The abbatoir. had been a great success; the revenue had been £1319, the expenditure £1224: The loan for their erection had been obtained oh remarkably favourable terms from. 1 tho Government—3£ per cent., including sinking fund. He wished he could get £IOO,OOO at the same rate. -The Carnegia library was, also mentioned, and the selection of Mr W. l >Paton's design for a combined, library,,.-town hall, and municipal offices. The" Mayor said he was very anxious to see the library built—he had come back for that purpose—but he would not push the town hall and municipal offices; he would leave it to the Council and the ratepayers to decide when they should be gone on with. Brief reference was made to the underground drainage scheme, and the successful poll. It would be for the the Council now to push pri that work as fast as possible. Since the poll offers had been made of the money required at per cent., but he had hopes of getting the loan even cheaper. A few words ■ of congratulation were given to the Eire Brigade, and the promise of a motor-car was mentioned. The Council were waiting for a reply from the Fire Insurance Association to the request for a contribution of £75 towards the cost. If the request was declined, the Eire Districts. Act might be adopted, when the Association would have to pay a great deal more. The Mayor then gave a statement of the Borough's loan debt and annual interest payments: 'Waterworks £60,000 £4237 Drainage No. 1 £3,844 £172 Drainage, No. 2 £10,044 £357 Abbatoir . ' £7,286 '£253 Caroline Day £2,500 £162 Stre t Improvement .. £4,000 £230 Totals ....£67,674 £5410 The Mayor repeated,' and was applauded for it, his suggestion that the drainage loan should be raised by short-dated debentures, to permit of one loan to be raised to cover this and the rercwed waterworks loan, and to this should hi add«l £25,000 for extensions of the waterworks in the shape of a larger reservoir, say of 20 million gallons. He suggested too, that any new res-n-oin should be placed or made lCft- bieclier, - and tlm.t the present reservoir should "bo rai:e<t 10ft, if possible, to give a Ije'it-.r'huul for the supply of the upper levels of the town. Add £BOOO for a town hall, and' tho total of these loans would be ' £1'! , 3.000". and if the money could.be got at 3i, with sinking fund -A per cei:t., the

interest' would bo £5720,-' tor very, little more than they were paying now. His WorsMp.also referred ?to the setting back of. street lines, to improvements to the Bay which he. would, like to see carried out ..especially in connection with the men's bathing shed. Improvements were also desirable in the " somewhat neglected but beautiful" Park, and he hoped to see a sum set aside every year, to; this purpose.