THE Otago Daily Times. 14 Inveniam. vaim out faciam" DUNEDIN, THURSDAY, MAY 30.

Otago Daily Times, Issue 1689, 30 May 1867, Page 4

THE Otago Daily Times. 14 Inveniam. vaim out faciam " DUNEDIN, THURSDAY, MAY 30.

The report of tho Select Committee of the Provincial Council, appointed to examine into tha affairs of the City Corporation, appears in another column. Tho conclusion the Committee came to as to the financial condition of ■ the Corporation is briefly told.. It finds that without excessively and injuriously high taxation, tho City cannot meet its current expenses and liabilities. The evidence amply substantiates tliis conclusion. Exclusive of a Loan liability of LIO,OOO, the-'de-bentures representing which have a long currency, the Corporation liave more or less pressing debts to discharge, amounting to between £20,000 and £25,000. Against this are sundry assets sot down at £ll,000;tbut wliich' include 2' rates- for 1862-G4, prohouueedby the Town Clerk to be !' 'nearly "' worihlm." It is nb mewt.'ficfcibn| to term the liabilities pressing;; since' amongst; them, it seems,^are; suclf item^ as overdue bonds 'a^ salaries^^ii^^ there havebeen, such .items,as over-due! wagesi' Looiring, indeed, at tlie particulars which have ' fcMt&pired, it seems a matter'tob^wondered at thatj. with such /difficulties .to joverepme, the .Corporation has been able to keep any position at all. The Finance Committee must have had some trouble to avert a total stoppage of payment. ■ But perhaps the surest, as it is the saddest evidence of the difficulties wliich have over-clouded the City, is the fall in the value of property. It seems that in 1863 the annual value of City property was £223,840; in 1804, £235,880; in 1866, £181,720; and in 1807, £121,750. Allowing for a difference iv the mode of valuing and for reductions in the cost of building, such an immense depreciation as the last two .years shows, must be deemed to afford the evidence that there are causes afc work to unduly lessen the value oi City. property. Commercial depression is not one of the causes, for, on the wholo, business ia in:a healthy

condition in Dunedin. 1 A irelftpsc. froni excessive speculation and from speculative prices is probably ft material cause ; ] but, so also must bo the undue heaviness of the taxation. It ia a matured consequence of excessive ratea to reduce the value of property, and there f seems good reason io believe that ifc has had that effect in Dunedin. The tendency is indeed §o marked as to awaken one to the consideration tliat exorbitant taxation defeats itself. For instance, a. Is 3d rate in ISM yielded much moro than a JsOd rate m calculated to yield on the present years valuations. It is to be hoped that in fnfcure a balance will be strpek between rates that serve the purpose feir whichthey are intended, and those wliich; reduce the value of property.' It would be wrong to leave the impression from what we have quoted that tliere has been, a systematic fall in tbe value. On the contrary, looking over a series of years, wealth has been rapidly aedirauktcd. In 1857, the rateable valne -was £4380; ihlBG3, as already stated, ifc waa nearly a quarter of a million, and now it is a little less titan lialf that, This, be it remenfbered, is (he-.'"annual value. Capitalise the amount, and deduct the money expended on buildings, and there will be a very largo margin left to represent the rise in tlie value of itown lands, wliich, in one shape or another, lias been wealth to fortunate owners ot lessees.

f The City possesses many properties I which, let at low rente now*in course of time will be of great value to tlie Corporation, ~. The public subsidiesreceived by the City amount to £5^943 bk Id; whilst therates collected, together with those absolutely good, 'amount to over £03,000. There has thus been, from the first, something less tlian a contribution from the public revenue of a pound for every pound raised by rates, ; The Select Commitee recommends that for three years there should be a tor* ther contribution of 10s. in tho pound on the money raised by a shilling rate. The other assistance the Committee proposes is a guarantee of the Loan which the Corporation already possesses power to negotiate. The guarantee, ifc is suggested, should bo extended, in the first instance, to only £25,000, the proceeds to be devoted to cleairing-cfF the present liabilities of the Corporation. On account of this £25,000, the Committee recommends that the Superintendent bo authorised to guarantor an advance to the Corporation oi: £0000 for twelve montlis, the proceeds to be devoted to the payment of the Corpora, tion's most pressing 'liabilities.' The rest of tho Loan tho Committee recommends should not bo negotiated nor sjient without the consent and appropriation of the Provincial Council. Then come provisions to guard against auy irregularities ou the part of the Corporation. The Committee nofc only requires that the Government should see that the Loan Money is expended as directed, but that the ratification of the appointments of tho Town Clerk and Engineer, as also their dismissal, should rest with fche Government. Tlie last recommendation perhaps, in the long run, is' tho most important, for ifc hi .one which, if eflect be given to it, must have a very large future influence on Municipal institutions in Otago. The Committee' points ont that the Corporation has only to deal with, tho management of property, and not with political matters ; and tliat, therefore, it would bo fair to allow the votes to bo regulated to some extant, by the amount of the rates paid by tho voters. A sliding scale is suggested, which gives one vote for property-of a less assessed value than £50, two votes when the property does not exceed £150, three votes when ifc is less' than £500 ; and four votes over fcluifc amount.

We""are" compelled te holds over several letters on a variety of subjects, through want of space. In compliance with a request by tbe Central Provincial Committee, the Mayor has convened a public mating, to lie held in the Princess Theatre, on Friday,, afc,3 o'clock, for fche purpose of explaining the relative position.of the Provincial andGeneraLGovernments. The Otago Kilwinning Lodge, 417, S.C., Will meet for instruction this evening. A special meeting of the City Council was' held yesterday afternoon.' " There wore present the Mayor, \Y. Masbn, Esq., who presided, Messrs Chalmers, Barnes, Garrick, Birch, aiid Turner. The teporfc of the Finance,, Committee was rea<k It merely stated that' the Committee'liad 'passed sundry accounts for jpaymehfc, and (fchat they had considered the application of Mr Duncan to be reKeved from the --'-payment of certain? rates. Theyirccomm<mded tl«it the application should not be acceded te. A letter was received from the Provincial SecnstaVy, in which: waa ? ehialesed, a copy? of i a.- des;patch frqmJMr Sfcat&?i& in answer to an application madeby the 'Provincial Cteve^unenfc to be allowed te "occupythe upperfrooms 'in "the now Post Officer until "r<*qutred" by the LGeiieral Government. The despatch stated that fchefwhole of theropmssin the building were required for the use of General Govern, ment departments.* The Town Clerk was instructed te acknowledge the receipt of the Provincial Secretary's letter. The Town Clerk and the. City Surveyor wrote acknowledging the receipt of notices; intimating tliat their services would not be required after the Ist of June, and asking, that as they had consented to the reduction of their salaries at the beginning of the year, npon the under- | standing, thafc their situations would be permanent, the*arrears duo migbt be paid at the Kite of salary J given before the reduction was made. Considerable discussion ensued, and it was resolved to agree to the Town Clerk's ajiiplication, aad to refer that of Mr Mirams 'to the Finance Committee for consideration. Mr Cook, solicitor, wrote informing the Council of the intention of Messrs Heymanson and Low to commence an action against the Corporation. The Mayor intimated hia. willingness to undertake the duties of Building Referee,' until the appointment of an officer} was made, and' there being no other business, the Council adjourned. ~.,.'