AUCKLAND'S ENDOWMENTS.

New Zealand Herald, Volume XLIX, Issue 15132, 24 October 1912, Page 9

AUCKLAND'S ENDOWMENTS.

A GREAT SOURCE OF WEALTH. A wixr. -the arguments, advanced by the Mayor of Auckliftd last evening _to the ratepayers of Paniell, in advocating the amalgamation of the borough with the city, was ail interesting statement about the city's assets. Ho waxed enthusiastic in j describing the city's endowments. Many | of these, ho said, were earning rentals far below what they should be 2 and when the j existing leases fell in and new ones were j arranged, the revenues would be greatly j increased. .

The city markets :■■■ were only earning about £3000 a year, but when the leases fell in, they should return £15,000 a year. The city owned a great number of properties. Many of them .were only bringing in peppercorn rents, and when the leases were renewed ho believed they would provide more revenue than the whole of the city rates. Not to refer to the unremunerative, but valuable, parks, Mr. Parr added that the city owned! endowment* in many places outside Auckland. In fact, he was impressed with the belief that Auckland was the best-endowed city south of the line. The rents from them now totalled £13i542, and in SO years they . would be nearer £100,000. The city obtained £5009 a year .from the profits of tho Tramway Company. The total revenue of the city fyas £214,962 a, year, including the following items:— ' £102,502; licenses, £6429; rents from endowments. £13,342; revenue from abattoirs, £12,605; water, £31,974; electricity, £19,631; tramways, £4394; sanitation, £6647; interest, etc., £2276 sales and work done, £6912 fees and other charges, £8429.