OVERDRAFT CUT.

Auckland Star, Volume LXIV, Issue 87, 13 April 1933, Page 12

OVERDRAFT CUT.

DEVONPORT'S EFFORTS.

YEAR'S WORK REVIEWED.

A reduction of £1555 in the bank overdraft for the financial year just ended was announced- at last night's meeting of the Devonport Borough Council. "That is a very satisfactory result," commented the Mayor, Mr. H. F. W. Meikle, who indicated that the overdraft now stood at £4580. Reviewing the results of the year the Mayor said that the policy of economy on which the council had embarked when it came into office had been carried through fairly and squarely, notwithstanding difficulties, including those created by some of the Government's enactments. The stamp, duty on local body debentures had produced a fair amount of money, which in accordance with the Government's policy, was to be set aside for remission to the ratepayers. Following the raising of the exchange rate, which meant an added interest cost of £600 to the council, came the plan for the conversion of local body indebtedness, but the council considered it would be in the best interests of the borough to leave that scheme alone and be content with the stamp duty, now increased to 20 per cent. It would be difficult for the incoming council to budget for a fixed amount to be received from that source. Efforts to reduce expenditure had not been at the expense of the municipal machine. It was moving nicely at present, and if it were maintained at the [same rate, continued good work could be done without placing additional burdens on the ratepayers. In reply to a question, the Mayor said the reductions made in the rates were equivalent to 10/ in the first year, and 5/ in the second, to each ratepayer. He thanked councillors for their co-opera-tion, and the borough staff for its loyalty and service. Mr. G. D. Hardie said the best method of thanking the staff would be to restore it to the former wages basis. Mr. W. D. Meiklejolin: Everyone would like to see that, but we have to consider the pockets of those who are paying the rates.