THE ELECTRICAL PROJECT.

Timaru Herald, Volume CIII, Issue 15742, 28 August 1915, Page 7

THE ELECTRICAL PROJECT.

To ihe Editor of tii? ■Timaru Herald." ! Sir. —Ivin'lly giro mo space ;n your j c iumn to clearly put be*.e:v :he rate- i payers my statement at tile St.lKxd l:;-c nieht in connection w.tii j tlto purcnase ot Sc\>tt Uros." c.c.u.cn. | works and the lo.ui o: !_"-3'-1.0;,.i pur- ! posed to ho raised by the Council. I i stated that the works we:e under ot;- r t-o the Council for the sum o. £3.3.7:U j l>c:.rtnjr interest at 4=; per tent, and | alt!.':iij:ii *»lr Scott h.:fl redu'-cd till' i I ru !• it) £32.!> iX» he i alsed ttie interest I to -3 per cent :::.d i:te extra p'jr j cent on a loan of £>>.;/>"> with a 2il i yi.acurrency was £:i.-3'<>. a'.d t!rs 1 extra intercut added ;o the £3"2.1? '> j m.ide the pif.e equal t> £3-3.4 a>—only b. saving of £3OO. which : s not much tho amount. involvedTnr'thiK to be rlghclv under-tcod. I at;:, etc.. AV. H. H TXT. Timaru. l\u_iust 26. f\Ve publish Mr Hunt's letter. I>ut we <{r> not admit that he was ni:s-ir-nm-ted- — Editor. ••Timaru T> thf Editor ot" the '•Timaru Herald." Sir. —At the South School " fveninu. Councillor Hunt mad? a statewent that the amended offer ot £3i?.£oo pnyahle in 5 per cent. debentures havtr'_: a currency of t-w?ntv years ar-r:;r.s:-?d by Councillor !Maiin;x and myi=eif with Scott Bros, in Christchurc'i fur the purchase of their electric inwas not a reduced offer, hut v.:v- really £37?t more than the original effer r.t £35.000 on account ot the ' jrcrcent. increased interest. Tnis snate■nentwa* refuted as your report of meeting show-. My reason in writing to yott is to pror-a to the ratepayers - that the offer secured by Counc-llor Hiding and my.;elf when in Cliristchurch is -£4170 better tha-i the c.frer J rcrerred to bv Councillor Hunt. Th : s i savins: is explained as under:—Reduced capital cost £'2OS2 ':iv ; n-' in interest for 20 years £'llSß—£4l7o. If i>> tf-i est is compounded add another £-350 t-> saving. Now this shows OnmcT nH"nr"s statement to be approximately £"-!-30"> in error. Surely a.'ier this he trili hardiy pVe .. s mi -h a w'znvd «tf

finance. :is lie tvouM have us believe. Alsii is it !!•>; up lO illiil ;o VO.i: '.'l' «{••.> p:op.v-al. st emir that at t:u* (. ;imci ralii-j h.> suid that he would support i; if it cnuM ho proved to be a i'a-v<-urable offer? This as far as ho s ' :-!ji.-erneu -hould be iio.v self evident. as ho ovorealculates the cost by .L'JoOO. Now ir the opposition to th<; proposed purchase is based on su'h misrepresentation as th c . and C'miiicillcr Murphy's ridiculous assertion that money was transferred illegally from one loan account to another by i !!•- Finance Committee, which w-is di-proved. it is an indicaron of tin* si ability of their opposition. >nre'v il:eir arguments should carry 110 weight. I an:, -etc-. J. W. SOUTER. Timaru. August -6th.