DEBT OF DUNEDIN.

Evening Star, Issue 14036, 17 April 1909, Page 11

DEBT OF DUNEDIN.

£1,163,460. THE MAYOR'S PROPOSALS. Money is the chief feature of municipal affairs, as it is of many other things, and the position of Dunedin as regards municipal finance is always interesting to the citizens. Sometimes, indeed, the position is painfully interesting. The mayor (Mr J. MDonald), xvho has offered himself for xe-electiou by a public request, discussed the City’s financial position last night in the course of his address in the Howe Street Hall. The position is worth locking at. He said; Our loans to date amount to £1,163,460, and there is also an overdraft at the Bank of New Zealand of £81,665. The annual charge for interest and sinking fund is £54,402. The hank overdraft costs 5 per cent., and it might be advisable to raise a loan at about 4 per cent, to clear the same off, and hereafter compel the Council to keep "within their allocations. The average rate of interest paid by us on all our debt works out at about £4 15s per cent. Against these liabilities may be placed our assets, consistin' l ' of; k . B Net Profit Over Interest, Sinking Fund, Loans, and Depreciation. £ £ Water 221,535 9,000 Gas 108.000 9,000 Tramways ... 300,000 3.500 Waipori ... 219,200 Waipori new loan 92,800 _ General ... 204,725 Loans not alallccated ... 17,200 £1,163,460 Bank overdraft to be added to general account, £81,665. \Ve have accumulated sinking funds amounting to £12,935, which of course reduces our debt to that extent. In addition, there are our endowments, valued at £323,000, which yielded last year an income of £9,572 'Pile abattoirs,, which stand at £II,OOO. showed a profit of wbout £l,lOO. The Corporation quarry stands at £4,500, and results in economy on our costs for road metal estimated at saving £I,OOO a year. We have freehold property in King* Edward street valued at £9,500, acquired through the streetwidemng operations in South Dunedin rurally, we have in hand £17,200 loan money not vet allocated, which I propose to devote «is follows : —Markets, £10,000; underground conveniences in Octagon, back of Telegraph Office, and one for women and children in a central position, a fanev goods shop owned by the Corporation, and affording the required accommodation, being in my opinion u satisfactory solution of this much-vexed problem. These conveniences may be estimated to cost, =.2,750. The approaches to our railway station have long been a subject of just complaint, and this matter, as well as approaches to the Art Gallery and the Early Settlers’ Hall, improving the condition of Ganongate street, etc., will be provided for out of this loan balance.—(Applause.)