WELLINGTON'S OVERDRAFT.

Marlborough Express, Volume XLIII, Issue 140, 11 June 1909, Page 8

WELLINGTON'S OVERDRAFT.

AND THE ABATTOIfefc&AN. MAYOR AND EX-MAYOR. [press association.] WELLINGTON, June 11,-Ex-Mayor Hislop and the Mayor {Dr. Newman) are now" engaged in a verbal duel about last year's financing. At last night's meeting of the City Council Dr. Newman said that the Council could not shut its eyes to facts, however ugly, but must work bo that the finances could be put on sound business lines. He then mentioned that the overdraft on the 31st March was over £45,000, and the loan of £15,000 raised for the abattoirs had been diverted to the repayment of an old loan under another head: The large overdraft is explained by the Council's pushing on with expenditure on works in spite of the ratepayers' rejection of loan proposals last February. Mr Hislop declares that the abattoir loan was not diverted, and the matter is still under dispute. The city's revenue on the general account for the current year is estimated at £142,627, and the expenditure at £141,497. " \