CORPORATION FINANCE.

Otago Daily Times, Issue 13386, 12 September 1905, Page 8

CORPORATION FINANCE.

TO THE EDITOR.* Sib,—l notico my, friend Mr „Tapper is ' advocating the receiving by the corporation of (jath: on deposit from tlio public as a laeans of relioving tho banlc overdraft and effecting an economy by a saving in into-:'/ , Tc fF"* 1 opposed:this echerno when I was actively interested in municipal affairs, and 1 ain still opposed to it. The corporation ■ has.its hands .full enough as it'is without .* adding to its burdens by attemnting to ; bccomc a bank of deposit. ■ If tho' receipts . from ■ tho publio under such a system were moderately small, tho saving in interest (winch would only bo 1, or at most, 11 per cont.) would bo largely absorbed by the expense of tho ™>w department. If tlioy • wore large, tho danger would arise that it might bo inconvenient or even difficult in a ' tight money market to repay tho deposits,-for ; it rnust.be remembered that it is just when money is jcareo that people require repayment. limes occur when the most liberal , ot banks become chary of advances; and v.-, justly good as tho credit of our. corporation ; is,, no 6ohomo of action should be enter- ,! r™ .whioh mieht result in a strain upon it. I hero is wisdom in the old adage-" Let tlio e.hoemakcr stick to his last'."—l am, . c ' 0 '' G. L. DENXISTON. I