EXCESSIVE BORROWING.

Auckland Star, Volume XLIV, Issue 155, 1 July 1913, Page 7

EXCESSIVE BORROWING.

<To the Edltor.i Sir,—ln view of the. repeated advices from the highest financial authorities in New Zealand and elsewhere to go slow with our borrowing and expenditure, together with the fact that the majority of our loans have not been subscribed when issued, but have been taken up by the underwriters, and also the continuous advice that we should study our domestic economy for a little time, surely it is time our worthy Mayor (Mr. Parr) called a halt with the loan proposals? Have we- not got our hands pretty full with local works' expenditure? Do you not think that it would not only be wise and prudent policy for all our local bodies to ease down for a little while on capita! expenditure, and so give a lead to the individual members of the community to exercise economy? If that were done now it would probably save trouble in the near future, whilst if economy is practised at the present time in a little while we can safely go ahead again with our municipal and other expenditures, which if persisted in at the present time will become an extravagance. There is no gainsaying that money is very tight, and likely to be still more so for a time. I maintain that we should study the times on this question, and ring the telegraph "slow ahead" until this money crisis is past, even at the risk of being called unprogressive by those who, perhaps, do not realise that the question of finance always did, and must continue to dominate" the position.—l am. etc., ANTONIO.