FINANCES OF THAMES.

New Zealand Herald, Volume LXVIII, Issue 20986, 24 September 1931, Page 11

FINANCES OF THAMES.

COUNCIL AWAITING REPORT. COMMENT BY THE MAYOR. [from our own correspondent.] THAMES, "Wednesday. Commenting on a statement by a Thames Borough debenttire-holder in the South, the Mayor of Thames, Mr. S. Ensor, said to-day that no good purpose could be served at present by further ventilating the affairs of the borough. It was not denied that the council was having a most anxious time and a complete investigation had been made into the position by an able Government officer, who would present his report in the near fu( ure. The expenditure of loan moneys was undertaken when it was anticipated that the borough would develop largely. The' rich Hauraki Plains were doing well and money was flowing into the town, while industry was also flourishing, said Mr. Knsor. The recent reduction in valuations had not helped ratepayers, who were feeling the burden of finding interest and sinking fund on a heavy debt for town improvements. The position was aggravated by the large amount of rates outstanding. in as much as tlie council had been compelled to borrow on overdraft to meet its obligations, causing an. extia interest bill of £I2OO. The Mayor added that Thames was only suffering from the reaction of the boom period, in common with other parts of New Zealand, and he stressed the fact that at no time in the history of I hanies did the prospects for Ihe future look brighter than when ratepayers decided to launch out on the various schemes which included sewerage system, roads find the, harbour works. The town s difficulties were very real, but lie felt confident that a Way out would be found. As the matter was at present almost entirely out of the council's hands, he considered it- inadvisable that anything further should be said until the report mentioned was available.