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0520,000 IN THE WARI LOAN.…

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0520,000 IN THE WAR LOAN. i • — SWANSEA'S INVESTMENT. A special meeting of the Swansea Cor- poration was held on Wednesday to re- ceive a recommendation from the Finance Committee—who met in private before in reference to investment in the new War Loan. The ex-Mayor (Aid. Corker) Vvas voted to the chair in the absence ox the Mayor, and there was a good attend- ance. Mr. H. Macdonnell moved the ininute6 of the committee, who resolved that the ¡ iBorough Treasurer be instructed to toake application for £ 20,000 of the d4 per cent. War Loan to be allotted to the Corporation, such amount to be provided from the following funds: Con- solidated Loan Fund No. 1, 1:7,000; Mort- gage Sinking Fund, 1:2,000; Borough Fund (land and sales account), 96,300; Tram- ways Expenses Account, 1,2,500; Electri- city Reserve Fund, £ 2,200; making a total of £ 20,000. They further resolved that the necessary orders on the borough tredsarer be made and signed. Kerer in the history of that ancient borough, said Mr. H. Macdonnell, in mov- ing: tho adoption of the report, had an occasion similar to that which called ferth this recommendation arisen. The Finance Committee bad given the bai:ter very serious consideration indeed, Hided by the sound advice of the Borough Treasurer, and while they rightly felt that they had no money for expensive Undertakings which could wait until the war was over and when our forces and those of our Allies would have annihilated our abnoxious enemies, they felt that, in the present situation they were bound to do all they possibly could to assist in sup- plying the sinews of war to the Imperial Chancellor—(hear, hear)—to assist in raising the necessary men and supplying tho necessary munitions in order to has- ten the victorious end of the war. To that body, whose loyalty was as great as any in the kingdom, he was 6ure he should not appeal in vain to them to pass the resolution Seconding, Mr. W. W. Holmes con- fessed that when the suggestion to in- vest this sum was mentioned at the Par- liamentary Committee, he was inclined to criticise it from a purely financial point of view, more especially because of the fact that the" hank rate must inevi- tably rise, so that while getting 412 per cent. from money invested in the loan they would probably have to pay more on an overdraft. But having considered the question, he thought the Council had to take a larger view. Thoy had to consider what was our duty as a nation, and what was the duty of Swansea as a unit of it. They knew that in order to obtain the 1,000 millions af money it would be necessary for every ratepayer in the Kingdom to do something to help, because we wished to show not only the enemy, but the neutral countries sitting on the fence, that whatever re- eources Germany and her allies had, we had greater. And unless we had the silver bullets, of which Mr. Lloyd George spoke, no amount of heroism and courage would enable us to carry through the war. ThulS Swansea must do everything it could to assist thp loan, and although the investment of this £ 20.000 in the loan might mean their losing a little in one or two ways, he be- lieved it was the best course possible under the circumstances. Mr. W. L. Morgan remarked that when the matter was first discussed by the Finance Committee the proposal was not quite the same as it was now, and it was sprung upon them rather suddenly. After mature consideration, however, it seemed to him that the Corporation would not, i l the aggregate, be losing a single half- penny to the town, and at the same time they would be supporting the Govern- ment. It was the Council's absolute duty to set a good example, along with other councils, and buy up as much of the War Loan stock as they were really able to do without loss. They were told on the best authority, that of the/Borough Treasurer, that they could do it without any loss. I That was why he had changed his opinion eoniewhat from the last committee meeting. If the country was not successful in this war, he added, one might aI well find oneself in the nether- mbst corner of deepest Hades as have to live under German rule. Aldermnn Morgan Tutton said, after looking at the proposal in every aspect from the I)oiit of view of the burgesses, he had come to the conclusion that, even if this Jhoney were not invested in the War Loan, it would not go actually to the reduction of the rates. I have made up my mind/' he added. Our country calls; it is for us to obey." The resolution was carried with unani- laity.

LAW OF THE LIGHTS. !

COCKETT QUARRY RATES.I

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