DEVONPORT AFFAIRS.

Auckland Star, Volume LVIII, Issue 152, 30 June 1927, Page 9

DEVONPORT AFFAIRS.

THE BOROUGH FINANCES,

NO NEED FOR PESSIMISM,

MAYOR REPLIES TO CRITICISM.

I am sorry tliat an impression lia been given that Devonport's financia affairs are in a hopeless muddle,"' sail Mr. Hislop, deputy-Mayor of Devon port, at the Borough Council meeting las evening. "Devonport s position com pares very well with any other bor ougli in the Dominion. We have equip iucnt and assets of splendid value ii our concrete roads and drainage am waterworks systems which should effee tively discount any feeling of pessi misni." Mr. Hislop further stated that th present bank overdraft of £Sooi was due to unpaid rates, on which tin borough now charged the ten per ccn penalty, which move than puid banl interest. Speaking further, Mr. Hislop regrettei that in the recent-frank review of bor ough affairs by the Mayor, only cole figures could be given, and doubtless ratepayers did not realise that behinc the statement of Devonport's publit lebt of nearly £270,000 there was thf ;otal value of all the rateable land ii ;.he borough and their assets of al mblic utilities,, which would amount tc icarly £2,500,000. He thought ii lesirable that the public of Devonporl ihould be assured that the borough was perfectly sound from a financial poini >f view, and, measured by ordinary busiless standards, was in a very enviable losition. In reply, the Mayor, Mr. E. Aldridge, igreed with Mr. Hislop, that there was 10 need for alarm or pessimism with egard to Devonport's actual financial tatus. His recent review was intended n the nature of a stocktaking statement if affairs as they actually existed on he borough's balance sheet for the year, t placed before council and ratepayers ,he bare facts, by which, as businessmen, hey had to administer the affairs of he borough for the current year. The acts and figures ho had given could lot be challenged, and there could be 10 doubt that the council had done visely in adopting a rigorous retrenchuent policy in their administration for he year. The Mayor also agreed with Mr. lislop in his recital of the borough's fine eries of assets, but they had to remeni' ler that their assets of drains and roads trid waterworks, while extremely valuible, could not be turned into cash to lischarge the liabilities of the borough n the way of wages or any other obligaion, and their bank account was the Inal criterion of their business efficiency, io far from being pessimistic as to the luoyancy of Devonport's finance, he was ireparcd to recommend the council to onsider a further loan for necessary nd urgent public works. In the meanime, as prudent men, they must face acts as they were. The bank overdraft s-as not entirely due to overdue rates s there was only £2150 now outstandng. The balance was chargeable to iurrent expense and had to be financed rom revenue, and, until new money was orthcoming, also bore its overdraft iharge. After replying to questions from mcmicrs of the council, the matter dropped vith a notification that rate notices for ;he coming year would be issued on July ' and that ratepayers would be ■equested to pay the demands as early is possible.