SERVICES RECOGNISED

New Zealand Herald, Volume LXXIII, Issue 22489, 5 August 1936, Page 16

SERVICES RECOGNISED

BOROUGH COMMISSIONERS MOUNT ALBERT RESIGNATIONS The last official public act by the retiring Mayor of Mount Albert, Mr. K. Ferner, who has been appointed a stipendiary magistrate, was performed after ho had been farewelled at a special meeting of the council last night. Ha moved the formal resolution accepting the resignation of the present borough sinking fund commissioners and acknowledged their services. Mr. Ferner said tho commissioner# were three former Majors, Messrs. T. B. Clay, A-i F. Bennett and L. b. Rhodes. The amount which the commission had had committed to its cart totalled £45,000, exclusive of amounts which had been repaid and invested. The commission could show a splendid record of successful service in the interests of tho borough. Not a singU loss of capital had been suffered duruijS the whole period. Under tho conversion scheme recently completed by the council, the borough indebtedness was being extinguished by annual payments made in direct redemption and retirement of a certain specified number of debentures in each year, and the old system of standing sinking funds was no longer convenient. No new loans were being raised 9 n the sinking fund plan, so the commissioners had asked to be relieved. Mr. Ferner thanked the members ot the commission for the long and faithful service they had given and presented then, on behalf of the council, witn silver pencils. The chairman of the commission, :ur. Clay, replied.'