MIRAMAR’S SINKING FUNDS

Dominion, Volume 14, Issue 247, 13 July 1921, Page 5

MIRAMAR’S SINKING FUNDS

liquid assets against overdraft

REPLY TO MAYOR OF CITY

Tho Sinking Fund Commissioners of tho old Miramar Borough (Messrs S. Af. Stone and B. F. Gardiner) held their final meeting on Monday, and tn response to tho City Qouneil’s request handed in their resignations., This was the last step in the amalgamation of the borough with tho city. Satisfaction was expressed at the healthy condition of tho late boroughs sinking funds. The total loans' ramed bv tho borough were -£134,998, of which .£22,057 is held by the Sinking Fund Commissioners, and is out at mortgage at an average of 6 per cent.; £784 is held bv the Public Trustee; £3588 has been taken over by tho Harbour Board; £6575 has been repaid; leaving a balance of public debt of .£101,944. With the exception of one loan of £30(10 raised at 5i per cent., the whole of th e ‘lobt was raised at Us per cent., and £48,(£0 of the public debt was borrowed from the Government, and is ' repayable in half-yearly instalments of principal and interest, extinguishing itself in LJ-• The majority of the balance of the debt is arranged by sinking funds which work out in under twenty yearn. Surprise was expressed by the (a mmissionors at the statement of the Mayor of Wellington at Inst meeting of the Citv Council, that the. overdraft of tlm citv had been increased by the nf>ment of‘the Miramar Borough's < verdraft of £5172. From this, they said, it would appear, both to the council and the public that Miramar was that much to the bad. nnd that the ratepayers of Wellington would have to shoulder the whole of this amount. They contended that Mr. Wright must have known that there wore liquid assets against this overdraft. These liquid assets. mountiim to £6989, were ‘uncollected rates an l sundry payments owing to the b<>( ( ’’s’ nt time of amalgamation, which look place two months prior to the evd or tlm financial vea». , Tho r k>mnii. c ßi oners have prenareo a statement of affairs as at January »1, nnd express the opinion that the majority of <ho outstanding accounts bad been’ collected nt the time of Mr. Wright's statement. Their figures show that tho amount of debt taken over by the city was only .£2512. or loss Mb., half the amount named by Mr. V i UThe statement discloses on tho debit side:—Overdraft at January 31. J9M, £5172; temporary loan. £L9I; ' ,tu • £6953; to which aro added the follow, ing estimated payments required during February nnd MarchLabour, vragW', etc.. £699; interest duo March m JD’L-. charitable aid hwy to 'V.,., This gives a total debit of £9;>Gl On the credit side are the following Items: Rales duo to March 31, 1921. £4020; water supplied to consumers, £719; s.-.mlry debtors, £418; drainage instalments, «£3-15; fees, permits, tolls, etc., to March 31 .£5O; tramway revenue due from Wellington Corporation, £106; due to district fund from loan accounts, .18W); Government subsidy on general rates £450; total. £6939, leaving ft balance of £2312.