Auckland Finances.
A SERIOUS POSITION. HALF A MILLION INDEBTEDNESS. Auckland, Dee. 18. Something in the form of an inaugural address was delivered last evening at the City Council by the newly installed Mayor, Mr A. Boardman. He dealt at considerable length with the affairs of the city, paying especial attention to finance. \ He condemned the overdrafts as a step towards financial ruin, and unfair to those who later on would have to manage the affairs of the city. He was not in favor of new loans or of increasing the present indebtedness of the city, which was £499,000, less £43,043 sinking funds. It was quite true, however, that a time might very soon arrive when such a loan as would necessitate an increased rate would perhaps be necessary. Interest on present loans was not fully paid. Figures had been given him showing that in 1891 the unpaid interest was £4342 ; since then it had increased to £9850, a part of the overdraft, and so it would really seem to be standing at compound interest. Borrowing money to pay interest or borrowing money did not strike him as very sound finance.
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Bibliographic details
Hastings Standard, Issue 201, 19 December 1896, Page 2
Word Count
190Auckland Finances. Hastings Standard, Issue 201, 19 December 1896, Page 2
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