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Star (Christchurch), Issue 19107, 27 June 1930, Page 11

D. Acland said that there would »shortly be a Tramway Board election. “Here we have a large amount of money owing by us as ratepayers to the tramways bondholders,” he said. “If the tramway system ceases to pay its way and a sufficient sum to redeem its bonds we will, as ratepayers, soon realise the position when we get an addition to bur rating bill to meet the deficiency, and our spending powers as individuals will be diminished. Modern transport, methods are revolutionising the older system,’ but that does not get away from our liabilities for interest':’-bn - the ' tramway bonds which built ‘the trams* which belong to the people,’ another catchword that sounds well. The trams are really the security for the- mortgagee bondholders and until- the bonds art redeemed the trams do not belong to the people, but the liability to find the interest upon the debenture coupons is an obligation upon the people.”