ST. KILDA FINANCES

Otago Daily Times, Issue 14358, 30 October 1908, Page 8

ST. KILDA FINANCES

<> . .STATEMENT BY THE MAYOR. At the meeting of tiie St. Kilda Borough Council on Tuesday evening Cr Goro expressed alarm at what he described as the large and growing overdraft at the council's bankers. In view of the above, the following state, men!, which was made by the Mjivor of St. Kilda (Mr W. T. MTarlane) in the cour.se of a. conversation with one of our representatives, will be of interest to the ratepayers. Mr M'Farlane said:-"I would like to give some figures for the information of the ratepayers which will at once set their minds at rest as regards this matter. The overdraft, at last meeting was £1356 12s 4d, and our 105-.11 limit al, the bank is £2200. We are therefore £3« 7s Od below our limit at a, time when the overdraft, is at its highest 011 accr.imt of the current ruics net lx>ing paid. The current rates the most- of which will come in before the 9rh day of December ncxi. being the data when the 10 per cent, will' be imposed, amount to £2341 16s 10d. Deduct amount of accounts owing (£163 2s 9d) and amount of overdraft (£1856 12s 4d or a total of £2024 15s Id), which leaves a credit balance of £317 Is 9d, so that if we had the rales all paid at the present date, instead of having an overdraft, we should have the sum of £317 Is 9d to our crtdir at the hank. With the legal limit of overdraft allowed bv our bankers (£2200) and this eridit balance wo have £2517 la 9d to spend diiiMiiif the next five months, of which not half will lie spent. '• Notwithstanding that uiir liimnees have been heavily taxed by the increased expenditure in street lighting, furniture for hall, plant for Fire Brigade, etc., 1 feel confident, iii saying thai our overdraft, at the end of our financial year will be less than during the. last two years, far about 60 newhouses have been erected. um\ will return us next, year 11,11 increase of revenue to the amount of £225. Our finances are in a very sound p'>ition."