The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1886-09-04 00:00:00

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COMMISSIONERS' MEETING

The usual monthly meeting of this Board was
held in the Corn Exchange on Monday last,
M. W. J. Turney presiding; the lother members,
present being Messrs. Newnam, Haskew, Palfreys
Woolley, Gillum, Purkiss. Platt, Gee, W. Jones,
Hicklin, Cadwallader, Walker, J. Parkes, Baker,
Griffin, Hughes, Stlinger, and Collis.
Ti:e minutes of the last moathly and special meet •
legs were read and confirmed.

Jr. Platt moved that the following resolutiln
pas3,d Cu May 41 last, be rescinded, viz. : "That
in order to pay off the X 16,070, the debt of £1,500,
and the debt of £2,000, makin, a total of 19 570,
this Board do borrow a sum of £20,000 at the rate
3i per cent. per annum, to be paid off in fifty
ye:ra by equal annual instal:nents."

Mr. Woolley said they ought to know why the
resolution should be res3in.ied.

Mr. Turney said the resolution passed wast hat
the money be borrowed at 3?; per cent., but it was
found that the money could not be borrowed at 34
or 3iths per cent.

Mr. V(alker moved as an amendment that the
committee have no power to borrow the money
above 31 per cent.
The amendment was not seconded.
Mr. Platt said he wanted to improve the present
state of things. They had got down from sto 4,
and in ten years they would be able to say they
were gettin; near the end. He should only alter
the figures of the resolution he proposed in May
last. He proposed that they borrow the money at
31 per cent., to be repaid in 50 and not less than 30
years.

- Mr. Jones seconded this,
Mr. Turney read a letter which he had received
offering the money at 3.3,- per cent., and 1 per cent.
cmunission. less law costs.

Mr. Jones said it ought not to be left any longer,
they should start at once.

Sir, Purkiss thought the terms read by Mr.
Turney were as favourable as they would be able
to get._

Nownain said he was in favour of borrowing
the money if they could do it I,gally, but he did
not think the at allowed them to do it. One of
the sections distinctly said they should not borrow
money to pay oT the old debts. He was not against
borrowing the m uy, but it was host to tread on
safe ground and see if they could not do it by
creating a sinking fund. He wanted it done at
once, and said a scheme got oat by Mr. Jones
would only mean about in the pound on all
the rates.

Mr. Haskaw said it was an important matter,
and he shou!d wish them to refer it to the Finance
Committee to negotiate in the matter. There was
a difference of opinion as to their power to borrow
the money, aed if it was referred to that committee
no doubt they could settle it.

Mr. Turner said they had.been talking about the
mate: kr fifteen years to his knowledize. He took
it they were desirous to a man to improve the finan-
cial airs in the town. He thought it was utter
'loosens° to say that they could not pay the debt
off .It wastel htitne to discuss it, yet it was an
important matter, and 27 busanss men could surely
negotiate the loan lie would be very glad to
support anything that would bring them to busi-
ness. Ile was also very glad that Mr. Platt had
stu3k. to the matter so tenaciously. -
The resolution was carried.