MIRAMAR’S SINKING FUNDS

Dominion, Volume 14, Issue 248, 14 July 1921, Page 5

MIRAMAR’S SINKING FUNDS

LIQUID ASSETS AGAINST OVERDRAFT REPLY TO MAYOR OF CITY The Sinking Fund Commissioners of tho old Miramar Borough Oleßsrs- 8. M. Stone and B. F. Gardiner) held their final meeting on Monday, and in response to tho City Cbuncils request handed in their resignations., This was the last step in the amalgamation of the borough with the city. Satisfaction was' expressed at the healthv condition of the late boroughs sinking funds. Tho total loans raised by tho borough wore 31184.998 of which 3*22,057 is held by the Sinklug Fund Commissioners, and is out at mortgage nF nil of PCr cent.; » held by the Public Trustee; .£3588 has been taken over by the Harbour Board, 316575 has been repaid; leaving a. balance of public debt of .£101,914. With the exception of one loan of .£30(10 raised at 5J ■ per cent., the whole of the debt was raised at 41 per cent., and .£48,000 of the public debt was borrowed from the Government, and is re .W ab . le half-yearly instalments of principal and interest, extinguishing itself in -• • Tho majority of the balance of the debt is arranged by sinking funds which work out. in under twenty yenm. Surprise was expressed by inis«ionors at the statement of 10 J of Wellington nt last meeting of tie City Council, that the overdraft of tlie citv had been increased by the of'the Miramar Boroughs i verdraft of .£5172. From this, they said. it would appear, both to tho council and thn lu,b--lic that Miramar was that much to tho bad, and that the ratepayer M Wellington would have to shoul<’* l W? whole of this amount. They contended that Mr. Wright must have known that there were liquid a'sets against this , r i’i,rt-o limbi assets, -(mountoverdraft. these liqmu as»e> . - in<r io ,£8989, wore uncollected rates and sundry payments owing to the b * ’ l '"'’ at time of amalgamation, which too* place two. months prior to the ei’d of th” financial yea». , The Commissioners have preperea a statement of affairs ns at January «i, and express the opinion that the • jority of Gm outstanding accounts had been collected nt the time of MlWright’s statement. Their figures show that tho amount of debt taken ever by the city was only .£2512. or less ths. half the amount named by Mr. « r.i. . The statement discloses on the deb t side Overdraft at January 31, 19.1. 3*5172; temporary loan , ,?’ f p ,T,' .£6953; te which are added the fi, loving estimated payments required during February' and March-Labour, irngro, etc., -CHOO; interest duo March m 3.1.-. charitable aid levy to March 31 X 6311. This wives a total ilfblt of v the credit side are the M’™’’ng Jte ™ : Rates duo te March 31, 1921 wa e, Riinnlied to consumers, a7J<L '“•' V' debtors, 32418; drainage .nst.il monte; £345; fees, permits, robs, etc., to Man 31 <£so; tramway revenue due from Wellington Corporation, 31186; duo o district fund from loan accounts, .£860; Government subsidy on general rates .£450; total, 316939, leaving a balance of .£2512.