MATTER OF URGENCY

Evening Post, Volume XCVIII, Issue 82, 4 October 1919, Page 5

MATTER OF URGENCY

POSITION OF CITY'S DISTRICT

FUND ACCOUNT.

The advisability of raising a loan at the earliest possible : moment for the purpose of re-establishing* the. District Fund Account was stressed by the Mayor at this week's meeting of the City Council. He submitted a statement showing...the. capital charges which had been taken out of the District Fund Account since 1912.- On the Street Widening Account there was a debit of £13,516, and it was questionable whether it : would not be good policy for the council to. sell some of. the properties which had been acquired. It might be' better finance, and it was a matter which would receive attention later. In connection with outlying- district drainage the balance due was £15,048. ■ In addition to' that, they niiist take into consideration the recent expenditure incurred in the purchase of land under the council's hb.using scheme. These totalled £17;836. .The amount paid by the council fdr the plirch'ase of the ConsolidatedCental .Company's property in .Mercerstreet; opposite the Town Hall, was £8200, making the ariiount due to the District Fund for current expenditure £54;600. The other amounts paid out df the District. Fund were: Lyall Bay 'land purchase, £16,028; Kilbirnie recreation ground formation, £9827; Day's Bay Purchase (net); £10.003; land at Stbke-street, £2050; Hall lease, ; Market Reserve, £1500; Ross's lease, Market Reserve, £1300; : Ngahauranga , Quarry, £4267; Wilton's Bush. £700; land purchase a.t Island Bay and Vogeltowii, £2339. The Mayor stated that probably from £45,000 to £50,000 would bo required to finance the'milk scheme...

In answer to a question, the. Mayd? stated that the total amount, of tlio loan would probably be about £108,000, not including provision for the Milk Department. He hoped that the Finance Committee would give the matter its careful consideration during the.next week, with the object of making a recommendation to the next meeting of the City Council. The Inan was a, matter of urgency. He had been advised that there was little chance of successfully raising a loan in London at the present "time, but a gentleman had .made ail offer which was worthy of <-•:nsideration.