CITY WEST RATEPAYERS.

Auckland Star, Volume LVI, Issue 53, 4 March 1925, Page 9

CITY WEST RATEPAYERS.

DISCUSS CITY FINANCE. SOME STARTLING FIGURES. The City West Ratepayers' Association held a meeting last evening at the Leys Institute. There was a good attendance. The president (Mr. A. J. Jarrett) said he objected to the civic square scheme because it was a city endowment, given by the Legislature to raise Tevenue for the city. The scheme proposed by the Council would not raise any revenue, but would be a source of expenditure, whereas the scheme proposed by the association, namely, a business site for shops and offices, would bring in a steady income overyear. He also quoted figures from the Council's Year Book up to March, 1924, showing rates received to be £380,000, and interest paid on loans was £295,000, leaving a fonlance of £83,000. This meant that £3 out of every £4, or threefourths, was swallowed up in the payment of interest, leaving very little for general purposes. The figures also showed that the liabilities of the city were at that time about £6,614,000, whilst the surplus assets over liabilities was only £1,208,0 W. This meant that five-sixths of our assets were already mortgaged, leaving an equity of onesLxth only; but he remiuded tbe ratepayers that the Council could create an asset, or security for a loan, by .striking a special rate of threepence or sixpence in the pound. He argued that the above figures would not permit further borrowing unless for revenueproducing purposes, lie also referred to "the arbitrary manner' in which the Council pulled down buildings, purchased property in the city and at Waitakere, without consulting the ratepayers.

Mr. Henry Green corroborated the above figures, and quoted statistics from the Year Book. He said he considered expert accountants should be appointed to investigate the accounts and issue a leaflet showing the exact position of the city finances.

.Messrs. Alluni, Thompson and Bennett, members of the City Council, Mere present by invitation, and were called upon to address the meeting. It was pointed out, however, by these gentlemen that it was scarcely reasonable to expect them to deal with the wide range of subjects brought forward without any previous notice. Some of the statements regarding the figures quoted were challenged by the councillors and corrected, particularly those regarding the relation between the rates received and the interest paid on loan money. At the conclusion of the discussion several ratepayers joined the association, and it was decided to hold the next meeting at the same place in a fortnight's time.