FINANCES OF SYDNEY.

New Zealand Herald, Volume LXVIII, Issue 20900, 16 June 1931, Page 9

FINANCES OF SYDNEY.

brighter view taken. DEALINGS IN ELECTRICITY. ' [li'ROM OUR OWN CORRESPONDENT.] SYDNEY, May 21. The financial position of the Sydney City Council is now considerably brighter than at the beginning of tho year and there is a possibility of the civic budget being balanced without making any increase in tho demands upon the ratepavers, as compared with the to&al amount paid by them last year. At the commencement of the year thera was a fear that the electricity department might close tho year with a deficit of any sum up to £200,000. The subsequent rationing and economy measures have enabled the expenditure of the department to be considerably curtailed. In addition, there has been an encouraging increase in the demand for current, which is an indication that, industrially, thero nre brighter times ahead. The departmental officers now believe that the department will end its financial year with only a very small deficit, if any. In 1930 'the net valuation of the city was £60.848,883, which, at the rate ef 33d in the pound on the unimproved capital value, produced £1,009,015. It is confidently expected that the City Council will be able to about balance its budget in 1931, with about .£50.000 less from ratepayers than last year. ,H°v. e\ er> should tho assessments now pealed against ho reduced by or more, as is expected by many propelt£ owners, it will be necessary for he cou*cil to increase its rate from id to J# to produce an amount £50,000 less th»*. that received last year, 1