THE CONDITION OF THAMES.

Thames Star, Volume LXIII, Issue 17586, 27 March 1929, Page 4

THE CONDITION OF THAMES.

(To the Editor.) Sir, —The ebullition over the WaJomo Park purchase has apparentlysubsided. After all, the purchase, from a financial standpoint, is a triviai matter in comparison with the future benefit the public will derive therefrom. a nd right-thinking citi- - zens undoubtedly approve of the action of the Council in the matter. The real cause of the ebullition, however, , still remains with us, and it is no exaggeration to say that the future outlook for the Borough of Thames >is a. constant cause of anxiety to. all with an interest in its welfare. In manytowns, municipal improvements have been reflected in improved property values and increased business. That the contrary effect has taken place at Thames is only too evident, i The freehold of the town has been converted into what is practically a leasehold, with the bondholder as a landlord collecting an actual rental in payment * of his interest. The would-be bor•rower is out of Court. 1 He is how politely informed that what he fondly imagined was a sound property security is regarded only as a liability. The unfortunate investor, with a few properties to let, vainly endeavours to increase his rents, to meet the over-rent, but except for the "shack" variety of tenement, what property on Thames can pay its way and provideinterest on the capital invested? Not fools, but only madmen, now build houses oh Thames for more sensible people to live in. That is the position, however much we may regret to admit it, but since,-we are there, nei- . ther regrets nor laments will help to improve matters, and it is surely time that action be taken in an endeavour to assist citizens out of the morass of debt and despondency into which they have been led. Results will not be. achieved in' a day, or a year, but the moral effect of definite action will be a ; not unimportant factor in the first uplift of the town. To suggest a line of action is more difficult, and without a full knowledge of the municipal position, tentative proposals only can be made. To the layman, it would appear that relief might be , sought in three directions:—-(1) To adjust and equalise the rating burden by a re-valuation of the Borough. Why the inequity of the'present valuations is allowed # to remain year after : year is incomprehensible, except to '• those who are benefiting thereby. An honest endeavour should also be made to determine whether, rating on the capital or unimproved value is 1 in the" better interests of the town. (2) A searching inquiry to be made into every detail of municipal expenditure, and a ruthless pruning thereof where necessary. An expert Commission outside of the Council would be preferable for this work. (3) Full vestigation into the possibility of eas- ' ~; ing the annual loan and interest pay:ments by either a conversion and extension of the loans, or by obtaining Government assistance in re-arrang-ing the general finance of the Borough's indebtedness. A period of , lower interest rates is at hand, and some relief in this direction may be possible. The all-important object.. js to lighten the rating burden for the next few years to enable confidence to be restored. By that time, there is little doubt that the development of \ local industries, of the Hauraki Plajns and the Coromandel Peninsula will have made Thames a prosperous business centre, with sound values and a contented population. To enable that happy period to be reached is surely the paramount duty of those who are now responsible for our local government.—l am, etc., "THAMES." p.S.—The construction; of Baths will ■ no doubt have the sympathy of ratepayers after the Council has shown . its ability to let daylight into our present problems. . • ,•'.