THE BOROUGH LOAN PROPOSALS.

Timaru Herald, Volume XIIC, Issue 13900, 11 May 1909, Page 4

THE BOROUGH LOAN PROPOSALS.

The Four new Councillors scarcely began their career well by butting against the stone wall of a thing decided on [ by the late Council, and had gone so far'as to leave nothing more to be done than submit it to the vote of the ratepayers. It was a foregone conclusion that they would bo defeated, as the old Councillors and the Mayor—nine to four —were committed to the proposals, so far as their submission to the vote of the ratepayers is concerned. The arguments used in favour of the rescinding of the Council's resolutions were not at all convincing; some of them were proof that the objectors did not understand the position they assailed; and some of the alternative proposals made were quite ntopian. Councillor Sinclair's calculation of the increase in the rate which would bo necessitated, was based on the assumption that the now loan will cost 5J- per cent., and Councillor Beck seems to have agreed with him. But surely the Council will decline to raise the money for the new proposals at any such figure. The, old waterworks loan must be renewed, and the balance of the drainage loan raised, no matter what the cost may be. There is no escape from that. But there is no reason to suppose that any such increase will take place in the present value ; of money in London within the next twelve months, as to require Timaru to pay 51 per cent, for the funds it* requires. Councillor Sinclair's .contention regarding an inevitable increase of the rates was vitiated by that unwarrantable assumption. t Some of the other remarks on the financial aspects of the matter were as remarkable as the engineering opinions on the improvement of the water supply. For example, before talking of pumping water into the mains to get ISOlbs prcsure, one should inquire whether tho mains were cast or laid to stand it, and whether it would or would not be necessary to relay an entirely new set of mains strong enough to stand it; and the annual cost of pumping a million gallons a day from 80 to 150 lbs pressure would be a sum that would astonish,its proposers.