The Timaru Herald THURSDAY, MAY 20, 1909. THE LOAN PROPOSALS.

Timaru Herald, Volume XIIC, Issue 13908, 20 May 1909, Page 4

The Timaru Herald THURSDAY, MAY 20, 1909. THE LOAN PROPOSALS.

The verdict of the jury of COO odd on the four issues placed before them yesterday was very much what had been generally expected, two proposals approved, two rejected, though there were not a few who thought the third proposal would be lost by a smaller majority than came out against it. Those who voted against the proposal to improve the water supply may never see reason to think that they voted the wrong way, because if the improvement proposed is carried out it should be the means of avoiding a convincing experience. That, was byfar the most important question, and the former Council will he gratified tq

i.ud that their proposal lias been endorsed' by a large majority of the ratepavers who voted. Authority to borrow further for street improvements was also carried by a large majority. To appreciate the need for a further considerable expenditure on this class of work needs no exercise of the imagination: a stroll round the western part'of the .Borough offers ocular demonstration of it. One of the new Coirneillors the other night wished the amount had been made £IO.OOO instead of £6OOO. It is a pity that the sum was not made large enough (if not hir«-c enough now) to provide for the conversion of Cullmann and Commer-cial-Streets from half-chain lanes into chain-wide streets. for the western thoroughfare of which these inadequate ways form a part is already a busy one, and-if of proper width would . probably become the most important road into and out of town on, that *ide ; . The proposal to erect new municipal buildings was put aside, by abont six to five. It is not to be wondered at. perhaps, as the appeal to T the aesthetic taste and the argument of added dignity to the town, would not have much effect upon ratepayers who have to worry along with a close grip on small or moderate incomes, and who must look to their rate notices to contain no clainv for anything that can be put off for a while. The chances of the Town Hall scheme being carried were never hopeful, because of the division of opinion, even among the Councillors who prepared : the issues, whether it should be hall, theatre, or neither. ' There was a.demand that the three questions be placed on the voting paper, and had the three been submitted, it is certain that the. negative vote would have been less than,377. but almost equally certain that neither affirmative would been carried. -'The poll would simply" have furnished an indication of the proportion qf the voters in favour of the two kinds of building. '' The. poll wnstiot Ky any means a heavv one. COS 'out of about IflOO on the roll; but tKere is always a large vote unavailable, possibly at least half the number enrolled, and on that supposition vv have one-third of the possible voters indifferejit to the fate of the rnposals. The net result financially, on the basis adopted by the Mayor in his final statement, namelv. the raising the combined loan of £-126,700 (£60.000 for waterworks, £42,700 part of the underground drainage loau, and £-24,(W> sanctioned yesterday) at 4J per cent.' for interest and I per cent, for sinking fund, w.iil make the total annual charge on the resources of the Borough on account of loans £6046, or only £BBO more than the present bwrden. And the additional benefits to be gained will be well worth the extra money, for these include the drainage service and a security and improvement of the water supply Possiblv the new loan will'be obtained on better terms, and every reduction of.i per cent, in the rate of interest wi!l lessen the expenditure by over £3OO a year. The fact that Timaru h\is paid" 7 per cent, on half, the , aironnt to be raised all these years without fail, will no doubt be a fact in itsi favour when making this new : application. One good feature about , the new proposals that have been ap- < proved is the Fact that except for a ( slim of about £7OOO for water-pipes, i the whole of the loans sanctioned yesterdav will'bo distributed abont Timaru ( as wages: and it may he that the Pipes "will tie manufactured in New Zealand. '