PETONE BOROUGH

New Zealand Times, Volume XLVI, Issue 10718, 12 October 1920, Page 3

PETONE BOROUGH

ITS FINANCIAL POSITION. "VERY SATISFACTORY," SAYS MAYOR. According to the half-yearly statement mado by the Mayor of Petone (Mr J. W. MoEwan) to the council at its meeting last evening, the debit in general account had increased .by •£2568, but it had td bo horno in mind .that only £1591 out of £7375 had been collected in rates. There was, however, no reason to anticipate that the debit would be increased, or that the estimates for the year would be exceeded. The' expenditure for the half-year had exceeded the estimate by £387. On the, credit side of the account the feceipte—other than rates—had exceeded the expenditure by £216. There was a debit of £414 in tho waterworks ■ accounts. Of tho rates (£1600), £396 had been received, and when all the rates owing had been collected, tho account would show a credit balance Labour and material showed an advanco over the previous half-year by £2BO, but would bo less during the concluding half. . In tho coal account tho debit balance had been reduced from £286 to £153. The coal sales had dropped from .£4962 in 1919 to £1261; firewood to the value of £760 had been sold. The department had also earned £176 in tho cartage of coke which had been disposed of. In the circumstances, tho Mayor said that tho position was a satisfactory one. In respect to tho gasworks accounts,. Mr MoEwan stated that the receipts for tho half-year had exceeded tho estimate by £1660, which showed that the department had done an increased business. Tho working account was in credit to tho extent of £Bl5 5s 10d, but tho depreciation of plant would reduce tho credit.. Tho town olerk (Mr "W. F. Sterman) said that tho council's general account at the bank was in a better position than last year. Tho sum of £IO,BOO was owing to privato _ individuals for temporary loans, and, in addition, tho council owed the bank £5500, which placed the account in a better position by £2BOO than the previous year.