The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1871-11-21 00:00:00

VII ORZAT LOAN.

The TOWN Cheat( detailed thu steps he had taken in
reference to the loan to the Council of 4:6000 or E7OOO,
in pursuance of the resolution of 29th September last.
A proposition had been male by the company with
whom be bad been in treaty, and tie propossl had
been altered by himself, and now the company hid
aaseeded to Ili terms in every remect. Tney were
that the £7,000, with interest at 41 per coot.,
should be repaid by instalments extending over 30 years.
the Corporation to have the optiot of repiying la2o
years, if they pleased, and of borrowing £6OOO instead
If £7OOO. The security to be the corporation property,
including the Guildhall and the ground rents. The
Treasury had autliori.ed the C,rporation to amidst:lgo
their property for £7OOO, and to l"ate a butough rate.
In se.wor ti Mr. 'MUM. the ToWN CLERK nail the
lea krs were the Mutual Life Aeurana: Co II:, viy. itiil
El per cent. ounimissiou would be charged for übt
the money.
Mr. 'fIZAILD : And their costa?
The TuWN CLERK said that included everything.
Mr. TITLED said ho happened to be a shareholder in
the Mutual Life Assurance Company, and know
thing about it, and ho considered that the El per cent.
Salter and Co. could have for getting the money win
a very large amount.
The Tows CLERK said this would be a groat saving
to the town, for no one here would advance the money
under 5 per omit.
Mr. ATLING asked if the property of the town is
sufficient to pay the interest, din., without a borough
rate?
The Tows Cheisk said: Quite sufficient-
Mr. WILLBPUED understood they would have to pay
off cue thirtieth of the principal and the interest every
year, and it was aboard to say they o mid pay that out
of the property of the town. But the money must be
paid, • writ of (fruit is hanging over our heal, and our
property is liable to be seised. It, no use to attempt
to deceive the public; if they entered tato this inert.
gage, they would be boned to pay • certain sum, and
If the property would not pay it,they mast have recourse
to • borough rate.
The TOWN CLERK spoke of • debt honourably due to
the late Treasurer. He was happy to say that 6.1 in
the E would pay off that debt principal and interest,
and it would be searoely felt by the town.
Mr: WEBB milked if the committee appointed to meet
Mr. Welaford sal others about re-leasing their pro.
pony, bad met? If they could raise £2OOO on their
property, why should they borrow £7000?
The Tows CLERK said no formal committee had been
appointed. The redeaea had been offered over and
' over again. He had had the greatest difficulty in
obtaining the money at 4j per cent., he mast tell them
he had had letter after letter from Mr. Williams, and
it they did not enter into this arrangement, the writ of
okgig would be put in force at once. Even if matters
could be arranged as to the re-leases, probably six weeks
would elapse, and they might not coin, to terms after
all. It was very diffioult to say what leases of such
property as Devonshire Buildings were worth, and
there was the difficulty of arranging_ with Mr. Andrews.
Mr. WELSNORD said that, as • Councillor, he would
not send in his reply to • previous offer; but said he
was quite ready to meet any committee, but hi had Wit
heard anything of it in any shape or way. As to Mr.
Andrews, there was no difficulty, the only question
was what would be offered and accepted, and as men of
business they could settle in hall-au-hour or an hour.
Mr. TITLED said if the Town Clerk wrote to-morrow,
what he pro would not be earn-id Out in less than
six weeks. r Mar: Welsford is prepared to offer /3,200
or £1,300, and the loan be reduced by £I,OOO, it would
be most important. Ile should oppose • borough rate;
but should boob b• 0011116 necessary, lessening the loan
would make it much less. If Mr: Andrews's property
could be arranged for, he (lit. Tossed) would be pre-
pared to take • lease of that at the back ['Mug the
Quay. He thought the matter should be delayed •
fortnight.
The TOWN CLERK raid It woull ho quite impossible
to give als abstract of the property, if it were to be
thus dealt withl
Mr. HOWARD thouAht the time was came for the
Council to know their own minas about this maniac.
Hon. He proposed that the Town Clerk be instructed
to complete the negotiations for the loan of £7,000
unless be receives within a fortnight such offers for thu.
leases of the town property, as ho can reoonnuend tho
Council to accept.
Mr. TITLED objected that this would give the Town
Clerk power to say "I have such all application but I
do not think it can be accepted."
The TOWN CLERK said he did not take upon him-
self to fix the %slue of the property iii Devonshire.

buildings.
Mr. ATLINL: would second thu proposition of Mr.
Howard. The Corporation had ha,' the writ hanging
over their heads fur slung time, and it was time they
should come to a resolution to borrow thi tummy, sod
get out of their difficulties,
The Mayor then attempted to put the amendment
and resolution, but Mr. Howard's proposition was
altered while it woe being put to one giving the Council
power to borrow £7OOO, 4000, or any loot sum.
The Tows, CLInK said that Mr. Howard, during his
mayoralty, gave the figures for everything.
Mr. Ttfultart : I have never seen the moonlit*.
The TOWN CLZRIC NO, you will not see the account
of judgments registered, in the Queen's Bench.
Mr. WLLISTORD called the Council's attention to
what this vote involved. Mr. Alderman Tiz ird had
given 110ii30 that when they came to tho question of
a borough rate, ho should, unless his opinion was
alterod from what it is at present, oppose a borough
rate being granted. The resolution of Mr. lb o surd
would have a binding effect • they would pay off a
part of the principal, and ali3 the morning interest,
and it was not likely they would virtually pledge them-
selves to a borough rate. Let them not allow this
resolution to be passed.

Mr, MOWARDI It has been passed.
Mr. TIZaRD : No, no vote has been taken yet. As
the bands were being held up, it was altered.
The MAYOR ruled that no rota had been taken.
Mr. WiLaTORD slid that if it had boon taken. it
would not have been right to step him. He wished
the Council to understand what they are going to do.
He was not sure it might not be necessary trr them to
pass a borough rate at some time; but this vote would
make it certain.

The Tows CLIRK said: IT IS PERFECTLY TRUE
THAT A BOROUGH RATE WILL BR REQUIRED ;
but the security to be given is upon the property of
the Corporation and its rents. The borough rale will
be required to carry on ihe business of the tow*, and pay
the officers' salaries.
'Mr. HOWARD claimed the d weld. All Mr.
Weleford'a observations might heve done very well
mane time ago; but the matter had been discussed over
and over again, and they were now too late. If a
asthma ordered a carriage, Is was no use for Mar to