THE CITY OVERDRAFT.

Colonist, Volume LII, Issue 12770, 16 April 1910, Page 2

THE CITY OVERDRAFT.

(To the Editor of "The Colonist." Sir,— ln your report of my meeting at the Theatre Royal last night dealing with the increase of the overdraft and expenditure in the general account for 1910, I do not think you have . made the position quite clear. Would you kindly restatethe facts which are as follows f-In April 1909 the general account was overdrawn to the extent of £12,456. In 1910 it was overdrawn by £14,557, showing an increase of £2100 for the year. This would need a- sixpenny rate on present valuation to clear tho increase on the general account for one year. The bank.overdraft stood at £17,665 on March 31st, 1909, and at £21,-508 on tho same day of 1910, being an increase for the 'year of £3843. This would require a .rate of 10id to cf.car the additional overdraft in on© year, or l}d rate for seven years. Thanking you in anticipation, I am, etc., TH.OS. PETTIT.