GIEY LYNX BOROUGH FINANCE.

New Zealand Herald, Volume XL, Issue 12280, 26 May 1903, Page 5

GIEY LYNX BOROUGH FINANCE.

IMPORTANT STATEMENT.

A LOAN SUGGESTED. At last night's meeting of the Grey Lynn ; Borough Council the Mayor' presented a financial statement which had boon prepared , by th« town clerk, giving a complete review '■■ 0 { accounts up to May 25. 1-rom this it appeared that the overdraft in bank at date of district fund account was £1155 5s 6d ; due interes; account. £469 15s 4d; due charitable aid account, £352 8s sd; due water account, £45 IS lid; contractors' deposit account, £110; Accounts to date due, £304 5s 9d: total, £2467 10s lid—less sanitation rate, ,'£24 17s 3d: making a total of £2442 133 fad. ■■' On the credit side- there were: Rates outatafidini. £183 3s 7d; Government subsidy, . £187 10s; Coronation expenses. £18 18s; licensing election expenses, £40; loans account expenses, £100; Archhill Road Board, £50 8s; private drainage accounts, £179 6< sd; infectious diseases hospital, £/9: total assets, 1373 6s. The sum of £1569 7s 3d .■was de-lit to the general account. The Great North Road contract account showed on the debit side £3655 10s. The moneys available, including £1124 3s 4d from the Archhill Road Board, amounted to £3524 3s 4d. There was thus a debt of £131 6s Bd. There was an extra contract of £520 10s, less one-third, £173 10s, from the Archhill Road Board. The total indebtedness on this account was therefore £478 6s Bd. The Mayor remarked that it was obvious t&«y could not carry on the work of the tooDUgh unles3 means were available. It. wai necessary something should bo done, find he proposed therefore to move at the next mectiue-. "That a public meeting be called to consider the advisability of raising a loan to tarry on the work, the loan to be allocated to the various wards »3 per ratio of income, and extended as the Council might determines each ward representative being asked to consider the work most necessary in his district." At 4 per cent, a loan of £5000 would mean a farthing rate. There were several important works to be carried out. He did not tie himself to a proposal of a loan of £5000. The Council might conaider the 'raising of £5000 at a farthing rate on the unimproved values, or they might even go to a half-penny rate if necessary and raisie something like £10,000.