THE HARBOR BOARD AND THE BANK.
AN AWKWARD OVERDRAFT.
(united press association. ) Invercargill, March 25.
A few weeks ago the Auditor-General informed the New River Harbor Board, which is also the Borough Council of Invercargill, that they were exceeding their powers in borrowing money. The facts, shortly put, are that money was advanced by the Council’s bankers to the Harbor Board on the tacit understanding that the Corporation funds on deposit should be security for the Harbor liability. The Board has practioally no funds. The Bank appears to have taken fright at the Auditor-General’s memo, and has asked the Borough Council to furnish it with a statement of the funds coming in, available for extinction of the harbor overdraft. The Council’s reply has practically been a threat to remove the banking busmess to another bank. To-day a cheque drawn on the Harbor account was refused by tfee bank. The dispute ia of principle only, as the bank has £40,009 of the Corporation funds in band.
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Bibliographic details
New Zealand Mail, Issue 787, 1 April 1887, Page 24
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165THE HARBOR BOARD AND THE BANK. New Zealand Mail, Issue 787, 1 April 1887, Page 24
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