CITY FINANCE

New Zealand Times, Volume XXXVII, Issue 8613, 26 December 1913, Page 4

CITY FINANCE

REVIEW BY THE MAYOR,

OUTLOOK REGARDED AS BEING SATISFACTORY.

In a statement respecting tho condition of the city finances for tho expired portion of tho municipal year, tho Mayor (Mr J. P. Luko) informed a reporter on Wednesday that tho not credit to date was £11,107. This represented a considerable improvement over tho position at the end of November, when there was a debit balance ot £2406 —the improvement amounting, therefore, to £13,514. “The rates collected to date for th*. financial year beginning April Ist, 1913, amount to £lO2, as compared with £90,442 for the corresponding period of 1912,” said tho Mayor. "Ah a matter of fact, wo have collected rates amounting to no less thar, £30,250 during the present month, and on a single day we received over £35011 in rates. Last year the amount collected in December was £25,553, so that citizens have nothing to make them downhearted in the prospects for the city. In fact, when tho circunn. stances of tho last two months are taken into consideration, they have every reason to be proud of the elasticity in the financial and commercial life of the community. “In regard to rents the City Council has received £22,065 for rents from its properties this year, and from its water charges measured by meter £9759. Both these figures arc better than those of Inst year. We also hold deposits by citizens to the amount of £29,597 this year, some few hundred pounds more than w© hold last year tor the same period. Arrangements have been made also by which a £75,000 loan maturing on May Ist next, towards which wo have by way of sinking fund a. sum ot some £7OOO, has been renewed —that is, lass the £7OOO, or £68,000 at the present time —by tha present holders of the debentures for a period of ten years at 4J per cent. 1 consider this is an excellent bargain for the City Council at a time when other local authorities have been paying 5 per cent, for some time past, On all heads I think the citizens are to be congratulated on tho excellent position the city enjoys financially—■ second to none in New Zealand.”