AUCKLAND.
(FRB9S ASSOCIATION TELEGRAM.) AUCKLAND, December 18. Something in the form of an inaugural address was delivered last evening at the City Council by the newly installed Mayor, Mr A. Boardman. He dealt at considerable length with the affairs of the oity, paying especial attention to finance. He condemned overdrafts as a step towards financial ruin, and unfair to those who later on should follow to manage the affairs of the city. He was not in favour of new loans, or of increasing the present indebtedness of the city, which was £499,000, less £43,043 sinking funds. It was quite true, however, that a time might very soon arrive when such a loan as would necessitate an increased rate would perhaps be necessary. " The interest on the present loans was not fully paid. Figures had been given him showing that in 1891 the unpaid interest was £4442, since it had increased to £9850, apart from the overdraft, and so it would really '/ seem to be standing at compound interestr Borrowing money to pay interest on borrowed money did not strike him as very sound finance.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP18961219.2.26.5
Bibliographic details
Press, Volume LIII, Issue 9604, 19 December 1896, Page 5
Word Count
184AUCKLAND. Press, Volume LIII, Issue 9604, 19 December 1896, Page 5
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in