BRISBANE’S PROBLEM

Poverty Bay Herald, Volume LV, Issue 17608, 26 October 1931, Page 5

BRISBANE’S PROBLEM

HEAVY WEIGHT OF DEBT . The aldermen of Greater Brisbane are faced with an extremely difficult financial problem. According to “Local Government,” the council's overdraft; at the end of July was about £1,000,000. Much of the council’s money was borrowed in America, ami the market price for the council’s bonds in New York was -u dollars for a hundred dollar bond. This year the council has to find £192,000 for exchange. The total -debt is £18,000,000, which is carried by a population of n little over 300,000. On the other band, the ratepayers complain that -the taxation is (■.rushing them.

In a lecture recently delivered in Brisbane reference wits made (o u properiy in Queen street worth £BO,OOO, of which £40,000 is represented by land. The gross rent-roll is £II,OOO, and tin; net income £9584. Out of tins the City Council takes £3083 for rates; t]ic Federal Government £370 land tax and £l4lO income lax; tho ~State Government £1075 land tax, £9BO income fax, and £O2 relief tpx In other-words, opt pf the .income ,of £9584 the owner has £2BBO left after paying £OO4B in rates and taxes.