NEW CITY MARKETS.

New Zealand Herald, Volume LV, Issue 16816, 5 April 1918, Page 7

NEW CITY MARKETS.

I\the; FINANCIAL POSITION. statement by the ' WOE; A'REPORT dealing with the new. city ma?Il» ket buildings, just completed. was pre'tented by the Mayor, to the City Council llflijaji' evening. Mr. Gunson stated that in I the forecast of the financial position upon 1 which the council decided to proceed with the erection of the markets on August 12,' ||sp 1915, the estimated receipts were stated at £5395, and the outgoings at £5250, leavpiling'a surplus to credit of £145. No. 1 |||i;aiid No. 2. buildings were now completed, gnd the lessees entered into occupation on April 2 for a term expiring in 1937. Summarised, the position upon the completion ■ I of. the accounts would be :— Credit: Pro',ceeds of debentures, £55,000. Debit: To '' payments on account market buildings and > convenience, £51,915; , net cost of steel on fV hand,. £330; leaving a credit balance of *$'?■ £3755. The steel on hand was valued at *; to-day's prices at £1000. In regard to revenue from the markets the forecast of gfj|l9ls had been realised. The receipts from : v rent'and interest on the balance of loan 5 money totalled £4618, and the rent pay-

','. money totalled JttfOlH, and the rent pay- . able the Harbour Board and interest on . I debentures, totalled £4818, leaving a debit j'• of £200- Against this was the annual }\ value of the site of No. 3 building, esti- • mated at' £420, and steel and iron in hand IM* valued at £1000. The debit balance in :"v/: r market account was considerable, due pri- • - marily •to the annual rental of £2000, •' i .which for the last two years had been pay. ''"'• able to the Harbour Board and to other debit charges, which prior to this year |%f were accumulating. The lease of the mar- ': ket .site was for 50 years, with right of . renewal on easy terms for a further 21 years. Negotiations were now proceeding ''' for the lease of a portion of No., 3, area. ', ; '.' The result,'," added the Mayor, " while '■■•. at present not advantageous to the council from -a purely financial point of view, should, nevertheless, 'be deemed sa'tLsfac- : l tory, particularly in view of the discon- .' ■ certing position, with heavy financial liabililr, which rested upon tho council in Plill9ls"ji The present nominal deficit in the course of a few years, with the development ,of the:remaining area of the land, >''■(■ should .not only disappear, tut the pro- , ,-.'- pertvjsjtould produce the sinking fund for " the "buildings as originally proposed." Re- ;•, ferring to the old i market buildings the v-v- Mayor stated that tho : site which they occupy.'- when rendered available and suitably subdivided, should produce a stun in excess of that previously received in rents I from the) old buildings.,. 1# '•» ■ &:<>.■■S'-'HtiiL J. Entrican, in moving the adopifMtion'r'ot" the < report, suggested • that por»lf||ttioh -of - ; No. ' 3 - site,should be ; made '. into ||#;ah open market; to;which producers could * bring their own goods, rent a stall for the ' day, and;dispose*!of them' direct Do the i . consumer. ■ ",, v ?:;■■-■ ,: v . v . - The report was adopted. t _i 'ill '•! S ' ■.— ——i '"■-•■"'■-• iVf?Kh