NEWMARKET AFFAIRS

New Zealand Herald, Volume LXX, Issue 21471, 20 April 1933, Page 5

NEWMARKET AFFAIRS

FINANCES OF PAST YEAR CAUTION ADVISED BY MAYOR "While the general financial position of the - council is undeniably sound, the operations during the past year were not as successful as one might wish, and a very cautious policy will need to bo followed during the next two or three years," stated tho Mayor of Newmarket, Mr. S. Donaldson, in a report to the Borough Council last evening. The position at the end of the financial year was not as good as had been expected, due to shrinkage of revenue in several directions and to penditure in others. Purchase of land to provide work for the unemployed involved an expenditure of £6OO, and £lB5 had been spent on a motor-truck for the removal of refuse. Additional interest and sinking fund charges, and an increased hospital levy complicated matters further. Under the circumstances, however, the position was satisfactory. The interest reduction proposals would assist during the coming year, and, although a severe loss of revenue due to reduced valuations was to be expected, it might be possible to give some relief to the ratepayers. <•* Unemployment had been a heavy burden, and special works were inaugurated to. absorb men under the No. 5 scheme. In view of the stage of development reached in the district regarding public works, it had been difficult to find suitable avenues of employment for the men. The treasurer, Mr. H. Wilson, reported that the net public indebtedness at March 31, 1933, was £151,581. The amount in the hands of the, sinking fund commissioners was £22,332; The estimated deficiency on the year's workings was £1373. At the commencement of the year, the. council had budgeted for a deficiency of £IOO9.