PETONE'S FINANCES

Evening Post, Volume C, Issue 89, 12 October 1920, Page 8

PETONE'S FINANCES

HALF-YEARLY BALANCE-SHEET.

In presenting the half-yearly cash account for the Petone borough, the Mayor (Mr. J. W. M'Ewan) made the following statement: "The general account shows a,n increased debit by £2558. When it is borne in mind that of this year's general rates (£7376) only £159 has been collected, there is no reason to fear that the debit will be increased or that tho estimates wiljj be exceeded. The expenditure for the half-year has exceeded the estimates for the period by £587. On the credit side the receipts other than rates exceed the estimates by £216." This small excess could easily be reduced during the next six months: In the waterworks account the debit amounted to £414. Of the collectable rates (£1600) £396 had been collected. The account should finally show a balance on credit side. In regard to the coal yard account, the debit had been reduced from £286 to £153. The coal sales had dropped from £4962 in 1919 to £1261. This was owing to coal beinr unprocurable. Firewood to the value of £760 had been sold, \and in addition this department earned £176 by the cartage of coke sold by the gasworks department. The position was satisfactory. In the gasworks account the receipts exceeded the half-year's estimates by £1600. The working account was in credit to the amount o£ £815. This was satisfactory, though it had to, be remembered that depreciation of plant and differences in accounts owing will reduce this amount.

The Borough Treasurer reported that the bank accounts wore £2800 bettor off than last year. The sum of £10,800 wds on loan to the council by way of temporary loans and £5500 was owing to tho bank.