THAMES FINANCES.

Auckland Star, Volume LXVI, Issue 158, 6 July 1935, Page 12

THAMES FINANCES.

£20,000 PAID OFF. OVERDRAFT DISAPPEARS. BOROUGH'S ACHIEVEMENT. (By Telegraph.—Own Correspondent.) THAMES, this day. A statement regarding borough finances and municipal activities was made to-day by the commissioner, Mr. C. L. Grange, to a representative of the Press! "Something over three years ago the council was unable to meet the interest on its loaiu debentures," lie said. "Since that time the ratepayers have faced the position most creditably, so mugli so that the overdraft of over £20,000 has been paid off and all of the council's accounts arc in credit. The final payment 011 account of arrears of interest was made this week. "Debenture holders have now been paid full interest for the past two years and 03 per cent of interest for the year previous. This splendid achievement by the people of Thames is one of which they may justly be proud. The overtaking of the arrears of interest has not been done at the expense of the borough services. All these have been properly maintained and a considerable sum spent on capital works, including tlie permanent surfacing of footpaths, the tar-sealing of more than three miles of road and an expenditure of £0000 011 improvements to the electricity plant reticulation. The total annual rate levy has been reduced from £25,385 in 1931 to £14.325 for the current year, a reduction of 43A per cent. Ratepayers and holders of borough debentures can look forward with confidence to the future."