NOW IN CREDIT
UPPER HUTT FINANCE
For the first occasion in the history of the Borough of Upper Hutt, the bank overdraft, which extended from 1927 to 1940, has been converted into a substantial bank credit, according to the annual financial statement presented by the Mayor, Mr. J. Blewman, to this week's meeting of the Upper Hutt Borough Council. Mr. Blewman quoted overdraft figures which reached their highest peak of £5992 14s 7d in 1932-33. In the 1939-40 financial year the figure fell to its third lowest level of £650 16s Id. At March 31 of this year a credit balance of £1494 14s Hid is shown. The receipts for the last year's working amounted to £21,768 8s lOd, and payments of £19,518 2s 8d left an excess of receipts over expenditure of £2250 6s 2d. Chief items assisting this position were the following increases over estimates:—Sundry works recoverable, £794; rates, £541; City and Suburban Highways Board, £540.
"In past years the progress of the borough has been hampered through lack of finance, but now that money is available the incoming council should have a good opportunity to implement a sound and constructive policy for hard surfacing of streets and footpaths and general improvements," stated Mr. Blewman.
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https://paperspast.natlib.govt.nz/newspapers/EP19410419.2.32
Bibliographic details
Evening Post, Volume CXXXI, Issue 92, 19 April 1941, Page 7
Word Count
207NOW IN CREDIT Evening Post, Volume CXXXI, Issue 92, 19 April 1941, Page 7
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