BOROUGH OF LAWRENCE

Otago Daily Times, Issue 22257, 9 May 1934, Page 12

BOROUGH OF LAWRENCE

_ » ( PROPOSED NEW TOWN HALL FINANCIAL POSITION DISCUSSED. (Fnoji Oob Own Correspondent.) LAWRENCE, May 8. On Monday niglit, in the Council Chambers, a meeting of ratepayers was held to discuss the raising of a loan of £2500 to demolish Lite present Town Hall and rebuild a new one on a fresh site. Cr M'Kinlay gave a comprehensive record of the borough's present financial position compared with that in the years 1906-7. when the council first decided to establish a sinking fund. On March 31, 1907, the borough had loans of £BOOO, a temporary loan and bank overdraft of £B3B, making a total indebtedness of £BB3B, with an annual interest bill of £SOO. The sinking funds were nil. On March 31, 1933, the debit of £BB3B had been reduced by £0438, leaving n balance on loans floated in the sevenites of £2400. The only fresh loan floated in the meantime had been the. Phoenix Water Loan, which had been a splendid investment for the borough as well as giving an abundant supply of water. It had paid interest and sinking fund, and contributed largely to the revenue of the borough. The position at tho end of March, 1934, had further improved. A sum of £l6O representing band moneys had been taken- out of the general account, where it had remained for years, and placed at fixed deposit. Tho credit balance at the bank was £IOO, and sinking funds standing to the credit of the borough at that date amounted to close on £SOO.

Cr M'Kinlay said he had no hesitation in advising the ratepayers to vote in favour of the loan on Wednesday, as he felt sure that with the revenue from the new Town Hall and the present state of the boiough's finances, the interest and sinking fund could be met without increasing the general rale. The general rate would be reduced by at least one penny if the loan proposal was carried.