MOUNT EDEN FINANCE.

New Zealand Herald, Volume XLV, Issue 13918, 27 November 1908, Page 6

MOUNT EDEN FINANCE.

NO NEED FOR ALARM.

EXPLANATION OF THE POSITION. In view of the apparent, strained condition of the Mount Eden Borough Councilt exchequer, a Hexiald representative yesterday interviewed ■ the town clerk of Mount Eden to ascertain the full position.

The town clerk said that the reconstruction of the main roads involved a very large amount of extra work, which was not ascertainable until after the main io&.ds contract was let. A number of awkward corners, most dangerous to traffic, were rounded off, and in one a property, ■with dwelling thereon, had to be purchased at a cost of £600, to effect a needed improvement, and numerous other corners had to 'be paid for, the total amount being not far ehort of £800, for absolutely necessary and permanent improvements. Although some of • these disbursements were made during the last financial year, the district fund account was depleted to this extent. Then there were certain extensive works provided for in the loan proposals which had been taken in hand by the Council, and the wages, etc., provided temporarily out of the district fund, but eo 6oon as these were finished, and the cost ascertained, the amount would be debited to loan account, and the district fund credited with it accordingly. Many ,of the side reads, carrying heavy traffic, had been • metalled, instead of being dressed; with, scoria, thus adding greatly to the cost, but considerably lessening future maintenance. The Mount Eden Borough . Council, being also the . Domain Board, had taken in hand improvements on the mountain, , and the revenue from the latter had' : not yet been sufficient to repay the amount expended. Many other matters could bo mentioned that had taken considerable amounts out of ordinary revenue, but the borough finances were in a healthy state, and for the past two years ended September 30 last the amount paid to the bank for interest on overdraft was only £1 7s 3d. , The town clerk added that the published report had disclosed " the liabilities, but not the assets. A a matter of fact, the Council last year borrowed the sum of £17,500, and instead of striking a special rate for the interest could see ite way to even lower the existing rates to the amount of Id in the £. The rating in the borough at present was as follows:—In No. 1 district, Is 3sd ; No. 2 district, Is ; No. 3 district, Is 2d. The financial year ending March 31 next would probably " see the district fund account £200 or £300 in debit, but this was nothing to a fa«t-growing and popular suburb such as Mount Eden.