BOROUGH ELECTION

Greymouth Evening Star, 29 April 1938, Page 2

BOROUGH ELECTION

SOME “FRENZIED” FINANCE. Only a brief resume of financial affairs of the Borough of Greymouth is necessary to convince electors that a change is required in control, if the municipality is io balance its budget with any degree of satisfaction. LJ]) to March 31, 1922, the Borough had accumulated an overdraft of just over £lO,OOO, this representing moneys borrowed from the Bank and private lenders, less cash in the Council’s hands on March 31. Under the Antecedent Liability Act, the Borough borrowed £ll,OOO to square its debts, and at March 31. every year thereafter, except in 1928, the Council’s account was in credit, .until the depression started. From 1931 to 1935, an overdraft gradually crept up. until it reached £2258/10/1. in 1935. the “corner” was turned, and a new Council was elected, but at. this election the Council lost the services; of Mr. F. A. Kitchingham (present, candidate for the Mayoralty?, who had been 'a. member of the Council for 12 years. By 1936, the fresh overdraft had more than doubled, by 1937 it had all but trebled, and in 1938, so far as information goes, it has gone up to £15,000 —between six and seven times the 1935 total —despite the turning of the "corner,” and the fact that revenue was easier to collect. In three years, the overdraft has increased by more than the pioneers could accumulate in half a century! Exact figures regarding the overdraft on March 31 last, cannot be govern because they have been carefully guarded. It. is public knowledge, however, that Mr. Meldrum and Crs. McK'ane (Deputy Mayor) & Kent told Hon. R. Semple the Council could not get another penny from the Bank. Banks are good judges of how much they can safely lend. Electors should exercise similar good judgment, and vote for Citizens’ candidates for the Mayoralty and Council. Citizens for safetv! —P.B.A.