TRAMWAY FINANCE

Press, Volume LXX, Issue 21122, 24 March 1934, Page 14

TRAMWAY FINANCE

i POSSIBILITY OF A RATE BOARD AWAITING REPORT OF ACCOI/NTANTS Not until Messrs James Anderson and H. A. C. North, the two accountants appointed by the Christchurch Tramway Board to go into and report upon the finances of the board, have completed their investigations and made their re- | port to the board, is it intended to |«o seriously into the question uf ! levying a rate to wipe out the exist- ■ ing deficiency and to make pro- ! vision ior the anticipated deficiency !on the board's operations_t'or the | present financial year. Some specu- ' lations on the subject, such as that I the lowing of a rate is inevitable, and that, h levied, the amount will bo about £ 20.0U0. which on a proi pert-.' of a capital value of £ 1000 : would result m an addition of 10s Ito other rates, wire submitted to {the chairman of the board. Mr J. , K. Archer, yesterday for his com- | ment. but he was not in a position j to make anv definite announcement, i Under the "Rating Act, section 48 ](a>. every rate made by a local authority shall be for a year, or ! some period iess than a year: r.nd : section 50 provides that notice ot intention to make a rate must be I publicly notified not less than 1-1 | ciays before the rate is made. Ac- ! eorcling to the report of the eliairj man of the board fur the financial ' vcar 1032-30. the board possesses j rating powers to the extent of the \\ !_!•-• o! the interest and sinking i fund demands, which amounted, in [ 1i)32-33. to il 57.741. together with i;i genera! rale not exceeding 3-Hi :<a Id in (lie £ on the capital value. | !f a rate had 1o he collected. t!ie I valuations are such that 77 per i ceai. would be contributed by the | city of Christchurch. and 23 per cent. !)'.• the remainder of the tramway district. ] "Purely Kite-i lvini'," I "it seems to me." said the cliair- ! man of the board, Mr J. K. Archer, jto a representative of "The Press" 'yesterday, "that all the.se specula- ! lions about a rate being struck are | purely kite-flying. There is no | doubt, of course, that the levying j of a rate will have to be considered i seriously, and when it is considered I the amount of the rate will Lie one jof the factors. As to when the ; final consideration will take place, lor what the amount will be, I have j not the slightest idea. As to the | area over winch the rate will have jto be levied, thai is a foregone conclusion -it will be the whole district: obviously it would have to be the whole of the tramway area. ' I am sorry that T cannot satisfy the j various persons who are speeulat- ; ing about the matter by giving hhem ('■.■ finite information."