OVERDRAFT REDUCED
UPPER HUTT FINANCES
Referring to the. financial year just closed, the Mayor of Upper Hutt (Mr. A. J.: McCurdy) stated yesterday that when he was elected to office in May he made it part.of his policy to wipe oil the borough overdraft, and on a three-year term this worked out at an average reduction of £700 per annum. The district general fund account showed, that this was being, done, the overdraft being in the neighbourhood of £1300, as agairist £2039 11s 4d at the same period last year.
In the December quarter there was a credit balance at the bank of £251, but since then • the payment on loan money alone had amounted to £1220. The standing charges for the last quarter had been provided by rate collections and otherincome. The bank overdraft was less than half the amount anticipated. The amount allowed in discounts for the prompt payment, of rates had saved the ratepayers about £260 a year that would otherwise be paid to the bank as interest on overdraft. The estimates had worked out very satisfactorily. ■
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Bibliographic details
Evening Post, Volume CXXI, Issue 84, 8 April 1936, Page 4
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180OVERDRAFT REDUCED Evening Post, Volume CXXI, Issue 84, 8 April 1936, Page 4
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