ONEHUNGA BOROUGH LOAN.

Auckland Star, Volume XIX, Issue 177, 28 July 1888, Page 3

ONEHUNGA BOROUGH LOAN.

Mb M. Yates writes with reference to this subject. Ho says: — Instead of us, as a community, being held up as a laughing - stock to the colony, wo are an example of what a man, or a community, or a country can be _ when living within their means. Hitherto we have been free from debt, and thoso who want to put the town into a financial dilhculty are men who have no stake in the 'town, and they tell us, through your ; columns, vc want to hang up tho waterworks.

No such fchingf. Is it common sense to talk of sound business men asking to let i'o.COO Ho in :i dormant .statemen who would not let one hundred pounds of their own money lie without receiving interest; for it ? We have the money in the bank now'to meet all present requirements, and can, and will, pay the contractor in full, when the work h "passed" and handed over. You will aeo by the following statement, there has been a sufficient sum set apart for the working expenses of the borough for the current year:— Borough Accounts for June 9th, 1888.— Income and assets : By balance to credit, MOO; rent of water "to shipping-, £216 ; reserves, £91 19b 3d ; licenses and lees, I*3-11: amount owing for water, £150; unpaid rates, £140 ; Govermnenb subsidy .5.8. F., £137; broken metal on hand (218 yards), £74; refund from county reserve, £21. Total : £1,570 19a 3d. Estimate of expenditure for the year: By salaries, advertising and printing, £149; day labour, £195 18s"; broken metal and scoria ash, £234 G.s 3d ; outlay on reserves, £10; works under contract, £188 18s 3d; lighting for nine month?, £81; Hospital and Charitable Aid, £110; incidental expenses, £30; by balance, £571.13s fld; total, £1,570 19s 3d. Waterworks account, June 9th, 1833. — Receipts :By 10/ m, £5,000; forfeited deposit," £50: refund, 16s 6d ; balance to credit borough fund, £57113s 4d; Is rate on £15,000 assessment £750: total 16, 3729510 d. Expenditure : By contract, £5,369 17s 8d ; preliminary expenses, £253 4s ; one year's interest on loan, £300 ; extras, £50 ; ballauce to engineers, £67 2s 6d ; loan agents, £75 ; clerk of works, £76 4s; extra commission, £10: by balance, £171 2s 8d: total, £6,372 9s lOd.