MOUNT EDEN FINANCE

New Zealand Herald, Volume LXIX, Issue 21251, 3 August 1932, Page 13

MOUNT EDEN FINANCE

POSITION OF BOROUGH NOTE OF OPTIMISM STRUCK "NEXT YEAR WILL SEE DAWN" The financial position of Mount Eden was reviewed by Mr. W. 11. Nagle at a meeting of Uic Borough Council last evening. Mr. Nagle, who is chairman of the Finance Committee of the council, said that during the past four years the total amount paid in rates was £235.908, and for tho same period the external charges of tho borough exceeded the amount paid in rates by £1966. Tho external charges comprised interest, sinking fund, hospital and drainage levies, museum and overdraft payments, and several smaller items, and not one penny was spent directly in tho borough. "We can do nothing at present with the heavy burden of fixed rates and external charges, but I believe we are in the darkest, hour and that next year we i

will see tho dawn," continued Mr. Nagle. He said that next year the borough would save about £I3OO as the result of nonrecurring expenditure, and would also save about £I6OO by tho 10 per cent rebate of interest on debentures, making a total of £2900. If Parliament would sanction the suspension of sinking fund payments for three years thore would be a further saving. "We are right up against it at the present time, but we can look forward to a brighter period in the near future," he concluded. Referring to a suggestion that tho period of three years' grace allowed by tho council before legal proceedings were instituted against defaulting ratepayers should be reduced to two years, Mr. Nagle said tho reduction in the time would considerably increase legal costs. A great many ratepayers would pay promptly if they had the means, and they were not evading their obligations. On the recommendation of the Xinance Committee the matter of reducing the period of grace for payment was left in the hands of the town clerk, Mr. 11. Gribble, with discretionary powers.