THE CITY BALANCE SHEET.

Dominion, Volume 4, Issue 989, 2 December 1910, Page 4

THE CITY BALANCE SHEET.

. » — . SOME ■ FEATURES 03? INTEREST. The City Corporation balance-sheet returned from Uio Audit Office last evening with fho usual adornment of tags. A number of councillors questioned tho Mayor in regard to details. Councillor ShirtclifTe inquired whether any provisions had been made for paying off an old horse tramway loan, niaturine in 1920. Tho Mayor replied that a siniing fund of .£50(10 existed, and there was furthei ■security in tho shape of a niece of land in Adelaide Road, valued at .-efiOOO. There was thus a snm of availablo against the loan amount of .£20,000, leaving a deficit of .£9OOO. Speaking of old loans in general, Mr. Wilford expressed the opinion that the liabilities taken over when tho new tramways scheme was "initiated should be regarded as part of that scheme, and sinking funds provided accordinsly. Personally, ho favoured a scheme whereby a sinking fund would be established for. all city loans, not necessarily nmturing in any fixed period, but a scheme that would gradually reduco them. Replying to questions aneut other features of the balance-sheet, Mr. Wilford remarked that outstanding rates were shown as j!4952. Of this amount XJSOO had been collected. Of .£732 due for rents J!ti3o had boon received. AH outstanding wator rates had been recovered.