SOUND FINANCES

Auckland Star, Volume LXXIV, Issue 290, 7 December 1943, Page 2

SOUND FINANCES

BOROUGH OF MARTON SMALL, CAPITAL DEBT (0.C.) WANGANUI, this day. In ten years the borough of Marton, which is already in an extremely favourable position financially,'will be unique with a debt of only £50G0. By 1948 loans on the table mortgage amounting to £27,530 will .have been fully paid up, and only a further £30,584 will remain outstanding in leans, aIL of which are self-extinguishing. In fact, at March 31 last only two-thirds of this sum represented capital debt. No other borough in New Zealand can poi/1 to such a low capital debt. Marton has for some years been classed as gilt-edged security by financial firms. The annual charges on loans maturing by 1948 amount to £1361, which will be available for current works, as an increase in the general rate will be possible without extra cost to ratepayers as special rates are deleted. Gas works, service improvements and capital works are being financed by a loan of £7000 on overdraft for a term of nine years, this money being drawn only as required at a favourable interest rate. Leans outstanding after 1948, totalling £30,584, mature as follow: One in 1950, of £3000; two in 1952, totalling £20,109; and the last in 1964 of £5060. This position is subject to change, since urgent or additional works might require new loans. For example, it might be necessary to renew water mains or contribute to the cost of the district hospital. Perhaps the most unique feature of the financial position is that ratepayers of Ma; ton can face such contingencies with equanimity.