HIGHER RATES LIKELY.

New Zealand Herald, Volume LXV, Issue 19976, 19 June 1928, Page 10

HIGHER RATES LIKELY.

MOUNT EDEN BOF?OUGH. REDUCTION OF VALUATIONS. An increase in rates in the .Mount Eden district was foreshadowed by the Mayor, Mr. E. H. Potter, at last evening's meeting of the Mount Eden Borough Council "Under normal conditions the increased yield of rates from new valuations and new buildings would have been sufficient to meet both the hospital and drainage demands," he said, "but a temporary setback will have to be provided for in this year's estimates. A large number of valuations were reduced, and those may not pay more rates than they did last year." The Mayor dealt with the conditions which had made it necessary to discharge a number of workmen. "The concrete and bitumen roading scheme has arrived at a stage which has made it necessary to reduce the number of workmen, which is unfortunate just at this time of the year, as the men have all rendered good service," he said. "The drainage charges must continue, for the next year or two, to provide for the southern end of -the borough, but when once completed the charge will not recur, and we may then look forward to a gradual reduction of rates as values increase and loans are paid off. The sinking funds now amount to £39,000, and with the amounts of capital repaid on Government loans mean a reduction of indebtedness of about £IO,OOO a year, growing as funds accumulate."