The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1881-07-05 00:00:00

iMaLOkMATIO:4 SCHOIL

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The rep( rt of the Amalgamation Cmunittse was that
they adjournol it till to-dare.
Mr. Roam moved that U any scheme be adopted for
suislestmeting the asperses bootie' trusts, notiaar Nati
propylaea nor rates a the borough be rendered liable to
nop further charge is emiseqoesme, beyond any Mready
in.lxislanou"

_
- Mr. Roams explained Vast he wished to secure tbe
splendid inheritance of the town, which le coaling into
their cwt. train &agar. Tae Royal Rotel and other
spkarrriroperties would come into the possession of the
borough M a few years.
A. long discussion earned as to whether Yr. Row's
motion, or the general smalgantation questiaa, should come
oa first. .

--li-1-1;M ultimately decided to take the two together.
Mr. waucta addum that if they went in for antalgeme•
Moe, thio Gm and Water °magentas had better be included
In Ike whams.

iiiiiTiVeakt Town Councils in various Darts have
been creating Municipal stock. which has been taken up
by the public with crest favour. and ha referred to the
Load GAnwrosasent Ckrosticia, welch stated Leeds had
crested such stock at per mut. interest, and it is now
at Pe premium; it wee raised to discharge outstanding
mortgages bearing a higher rate of interest than the new
stuck. _ _ _

"-kr. TKOKAS said Lads Council had gas and water
"pplies perms £50.000 • 70a,,
The Mateo ssasated ; they bad base able to pay off
existing mortgages. and buy in gas and water companies.
Amalgamation meant the mating of municipal stook ; we
have serious funds here haring each as income, and the
question is whether the issuing of municipal stock will
reduce the interest, mid be beriefinial. He was decidedly
in favour of IL; we have here • coosiderabie amount of
freehold property coming in. and in opposition to the
scheme, the first idea was that nothing ought to be don*
to touch tbeis freehold.; many of the ideas published had
been misleading and misguiding, sad the Income, espedally
the Harbour Fond, had been stated not In accordance with
fact..

ELIOT said the priotiple of renalearriatlon would be
accepted by every member; but there are two ways of
carrying It out, one by raising stock on security of the
funds alone, and the wider basis and broader issue. Funds
had been raised here in an old-fashioned way, .hen a
particular work was curried out it was saddled with Its
own burden. But that mode is passing away; magma-
tion provides • wider door foe improvements and for
liquidation of the debt, and 'ben we invite the public to
lend, we should take care that every shilling is repaid with
Inters it. Another advantage is that power is gamed of
reisiug money at • lower rata of interest, in proportion as
recent. y is offered, for the more questionable the security,
the higher the interest. We can hand down a very
valuable property, producing • large income, and Wee who
succeed will reap the benefit In illustration take the
railroads; private competition onion open feeding liner, and
the larger campaniles obtain authority to purchase them,
making terms with the Legislature, and raising stock at
a muck lower rate of interest than the small companies.
He proposed to raise stock at • very much lower rate of
Interest by giving broader security then on the individud
funds, standing on their own bottoms; but Mr. Hoboes's
motion would at once do away with the advantage of
extra 'temerity, while the sorority ought redly to be the
best they could offer. Mr. It doses bad given • great deal
of information; but be seemed to have two predominant
fears—first as to the taxation of the town to relays there
trusts; but this was no novelty ; court, of justice have
decided, and the rstrielY•lll bad le Pal eery coullidorablis
some, therefore no fresh step would be taken to the dee+.
meat of the ratepayers; they would be simply except-
ing the state of things already existing; hut must.
gamation would go a long way towards preventing
such a thing been done again. No one could tell when •
legal mine would be sprung upon us; the glorisue us-
omelet, of tbe law is such that we can never be rife A
second grated of apprehension is that of toughing the
freeholds; but they are &Leidy mortgaged, and very little
more can be done in that way. The idea of the tore-
stalling an inheritance is excellent in theory; but it may
be carried • little too far, and Instead of good, do harm.
A young men may he very rash in end train( bids; but •
man in business who had the certainty of a reversion
coming to him which he could calculate, it he were being
distanced by his competitors in trade, would not be very
wise not to use It to keep his place in the roc-, and not
eking being thrown beck so monomer to beside to recover.
It is not very. rash to back the bill of • very substantial
friend, like Mr. Robson, for Instance. The risk of a very
small deficiency wait nothing to Ton in comparison with
the very great advantage!. Again, it cannot be long
before something is done with regard to the vastly femme-
hag traffic of the Harbour; unless some memories are taken
the traffic most be strangled or driven away; built ought
to he treated as the TNT app'e of our eye. Municipal
stock should be raised on thi very beet security thet can
be offered, and he would not conent to tie their herds
with such a resolution as Mr. Robena's ; it would be
suicidal. This question e ittnot he decided at ano irutrogs
eating ; it will require the omit curia advice of their
legal adviser, and take up many mornings. The Council
have the greatest diffioulties, some the result of their
predecessors unwisdoon, sod ought to strike out • bold
course, for the scheme will really help forward the liquid-
ation of • very heavy debt, and to handing a very valuable
property to the town. They were asked not t fritter
away and encumber their properties; but what could be
more likely to do so than the course adopted for year.
past! One of the most valuable poueeione had been
allowed to fall into mix or seven you.' debt; another fund
had as additional debt on it equal to half of the original
cost. It was to prevent such ensumbrances being piled
upon *hem that be was advising them to take some bold
and immoral's...sive step, to raise stock whine will at ono.
put these fend. on • very different footing from their
present one, and enable the Council to go forward to the
public and make the best terms.
Mr. Deems thought they ought not to go ea without a
resolution being put before the ConneiL
Mr. Twine replied Mr. Eliot's intention was to
ventilate the question; but there was s .0111,hinii eery
deficient in his observations. Hs had t oil them about
raising preferetew stook, but not bow it ir oi t.. be raised
without involving the propertieslof Oh, t .•n. Toe Mayor
had referred to centree of in lostry, as 1,...,1,, to .ny of
which planet had irqeire I valuable prop roles as g is and
waterwrrke ; hut when town wee a 'ii (or Vitt Wey-
mouth Corsmratenn tc buy up th gss
•one mayor
wee one of th principal opp meat.. Me. I lot told them
money mull be borrowed on rum , adveniageoue terms ;
but the r1n05511 in tame were they dictated istend pm of
the pubic, ia placing their property as meueity for built.
rupt funds. Mow were they bemeht into exictonce I By
party epirit, and he met himself in oppositmu to some of
his friends with refer-nee to the Market-house and l'ilr•
pier. Thmie two jeeelji being abeidy on th I town, they
ware not juotided in spending tie property for them, but
should h Id it asi inheritance for the children. We aro not
morally liable for the debt, either 00th, other-house or
the ri'e.pieer ; one was carried out by the c toting vot • of
the then Mayor, the °deer by the amabtametion of the
two °poops. •piaielli. As to the Harbour, there was
dancer as to the cocaina ince of the interest therefr ;
it wse impeemblio money sould lin raised without tench-
in. noon the Firmed's", and an sioolgametion based upon
that he .You'd oppow.,
Kt Wean should ob to ject amalgamate the Bridge with!
the other feuds; hut the Market house Pond w et obtained
from the bondholders by falsepreteneeo; token up under
an Act of Parliament which hid never teen carried out,
acid if the tools, according to the Act, hal boon collected,
and the money borrowed at 3t per cot., the intere.t
wonid her. been paid. The Mir-pier had pad it; inter .st,
and the Harbour had always toed .C 5 ner c int. The
three funds together amounted in fibna £44,300 and the
interest at £5 per cot. senoonted to £2417 10s. ; but at
£3l this would only be SIAM Last y sr Vier, wag a
revenue from the three funds of Ai 317. Trey mu t crop
the reckless expenditure on these funds; Mar it wee toe
very peewee who bluebird themeless abroad with their
letters who weal I sign the halo. A moo in r moonsibie
situation requires bondsmen I but if the foods w.re
properly mulatto t, ill, properties will not be called upon
for one poesy. The fund. were managed In • hat way
and reckl ad? spent, and therefore the interest is n
paid, but they ought to co Into the matter carefully and
see whether it can be put right
111,. LUSIDIE thought it exceedingly unwise to Wartae
therneelyee to Mr. Ramos'e resolution, and not allow the
properties to be mad. collateral secur.ty. Everyone
wet agree with Kr. Webb at to Nis want of care in
collecting end obtaining the proper receipts (rote the
Markethoese, end, knowing the interest I. five years In
sorrier, every meniter octet to feel himself respoomble.
! No doubt Mr. Thome otif Sited to the Merkel-boons; but
that did not prevent us from hiving • Market-house
unsurpassed in the South of Kurland, and which would
answer if properly managed. Very C maiderable outlay
bad been made there in shop., and it wou 4 not be
required to be made again. Toe Pile-pier yielded .C.BOO
bet year, and hod never been any constderahle inoon•
realest o to thi C 301161. and if they had kept It in hand,
and not ellowed VISO or £3OO to be token from the
Conseil, they would been to put aside money every
your to keep it repaired, 4/ last they wore waking up
to the idea *ethos* trusts ere reloabla and they meet
not lee things remain jest as toes aIWaTII were. Me
should opuses Mr. 110 a resolution. and 'jelled to
look forward to praises vs improvements, instead Of
the humiliating position in 000 wilt. 14 present

tending down.
Mr. Wst.Lis Ws don't want ths trusts of this borough
. . .

tcni—el 4;1, and theta 1:-er-e;d:
Mr. Rosana retorted the chugs of being ringleader In
this matter on Yr. Eliot, who inherited it from Ms
honoured father, who brought it forward some years ago,
and fear users IWO it was brought forward by Mr. Itlot
himeelf. ?be li.rlset•house trait had been the came of
braising forward this amalgamation scheme. (Mr. gLIOT :
No.) It was • strong* idea, by ameigarnati in of funds to
iwrease their property.
Kr. Damns : We It are not got the *chews.
Hostall, then commenting on the Mayor's statement
that 61,000 • year wont" be saved by scnalgamstoun„
•dreneed &phut it arguments similar to those already
published; and urged the Town Council were no more
morally bound to rake on As bondholders wen' paid
than they were to see those repind who 64
adranexl
money on the Haekwater•bridge, who mi hays bet
every shilling they Invested, &ad who wool oat get •
penny from the o misty He pointed out the insecure state
of the Harbour food, it being so uncertain whether the
Great Western will continue the Palle hers, and urged, if
the Harbour fund Is se substantial • security, tow the
ameihnematioa scheme an that, and not endanger the
borough freeholds by involving Ku inheritance of their
children In any scheme whit& bag for la (mad %Use
Manaus and iaa.csrt.

Kr. liOntirillOP %bandit it %bey could borrow the mosey
at .1:31 per mat. on security a the funds. titer would be
very
Mr. ?COWLS urged the Council ought to emus c ma-
donna In t iopeople from whom they borrows I inonsy. and
that confidence could not be better shown Chan by saris I
If the tootter con los put on an eqotiahle boa% it can be
arrange I. Supposing .oine of the lauds run be iweld'it out
at 50 par coot., at some future time the 31 ,rket-hous, may
be more pro.ps• ono than the Hub nu. If a large to ma
were thrown over, It would be • vast convenisnok and
might he made profit Me. eves if some of di. trusts are
somewhat crippled, they ought to fattier their own
eidldreo and do the best for them. Us should like t
gas and wat ir supplies Ili the Corporation's hand*.
The following resolution was then brooght fniw.rl.
proposed by Mr. ELIOT and sec 'tided by the Maroc rust
It is desirshie forthwith to mite steps for carrying out •
scheme for raising 'municipal stock for tn. 'wry* g of
discharging the pros mt loans on the Ceporati which
are now bestiag a high rate of interest, 11111 tia. •
con:mitts, be appointed to carry oat Ms dad's of t
scheme and raise additional funds for necessary linpr Are-
meats."
Mr. Daum protested against tlia springing of such •
res guidon on them after an hour and airliner's discussion
—it was most notitir.
Mr. Etior c one to the C nincil to propose an amend-
ment to Mr. Rohens's reasintioe, and not to propom •
substantive one It melt,
Mr. THOMAS said tte notation entirely committed the
Council to atnalgaoi.tion.
Mr. Alderman %Munoz saW nothirg ho Sail tattle
with.

The res3lntion was amended by striking act the words
" carrying out. sod inaertin premmi NC'
M. Garrets qu te und wetood the matter required much
cons deratiou ; but he ciold tee it wintil b easier to pay
£1.700 • year that' /C 3,000 and it they could redoc tie
laterest, they ought to wander the wham,
Tb• Karoo charged &wand Mr. R awn, that he bad
mud, when they were larked for the stag n, fur the
Harbour, that every shilling would come out of t •
town.

K. Rosin: That I deny; I will challeop ye
Toe MAYOR promised to be reedy with dat-s and words.
He remitted teat Mr. Dennis had returned "LA us have
• more la-giebearted policy." Me. Roberts had said last
year £3,141 odd iris recetved for Hatblur duet, hut at Um
eni of the year the Weems was only .Ll 9 124. thi. That
started from • false statement of lama. Mr. Kontos also
stated he wee preparel to ender., his opinion that tor dye
years every *Whitt thA steamers paid would be enstune I
on them tor their benefit.

11,. Ronvts chailsocod this.
The Moron: 01, you shill bare the dates.
Mr. CURTIS interpmed, and
Mr. THOMAS said: I protest against the personal:ties
indulged in by the Mayor.
The MAYOR MIER OR SO say the besides the balance, of
la odd, the cost of the slicing, the straw dredrit r and
other matters for the good of the lierbJer were osid tor,
and not a shillmg was carried in for the lead ma Is. som,
thing like SA" and which they could sot have sot dosti
In any other way for.., than £7Oll. They bad been told
the Market-house was at the beck .of this. and the object
wits to maks the Market-home fund god, but there was
not a member of that Blard who would talcs at per soy
stock proved to be insolvent; they must take the reel
monetary value of each stook its • basin As to the Pile.
pier. it was cmstructed not only torn promenade, bob to
Improve the Raton: ; Kr. Cabitt. said It would add to the
scour, and prevent its being silted up. The May,r went
on to argue in favour of the creation of monk:lost stock;
recalled his statotnent that it would tos a proud day for
him when the Cherbourg treat came here, and referred
with pleasure toils fulfilment. In conclusion he promised
the fullest ventilation sad fullest detail, berme the
Cruncht should be pledged to the Municipal Stock Scheme.
Yr. Roam rep, and there was a discussion, appar-
ently to mule some terms without a die lion.
Kr. THOMAS mentioeed he but beard it sworn in the
Rouse of Commons that the Pile-pier bond hoiden will Mk*
511 per cent.
Kr. Swirls wanted to hear the mum for promotion of
the ockeme, and what gain it would be ti the ratepayers
and the funds. Municipal dock covered a multitude of
thlogs, the whole of th. rates and oropertien of the
borough. He should like to see the word "desirable taken
out of the resolution.
Mr. Rosette did not withdraw his motion, but on •
dividers. the Mayor's and lb. WIWI was tutted instead.