MUNICIPAL FINANCE.

Colonist, Volume LXI, Issue 15059, 30 April 1919, Page 5

MUNICIPAL FINANCE.

(To the Editor of "The Colonist.")

Sir,—Cr. Hampson says: 'I hn\a been fighting for thirteen years to release Nelson from its bank overdnt't incubus so as to compel Councils to brnvr their expenditure within their L^icimatM income, and when I voted against an uttempt to increase the rates at the commencement of ex-Mayor Hurley's period it was in accordance ,vith this pnnci* pie. Or. Hampson has bwn.tho financial guide, philosopher, and friend of all Councils, during these thirteen years* and overdraft eventually reached the limit.. The present Council on ths recommendation of the late Mayor Mr Harley raised, the rates, Cr. Hanipsor voting for it, and the result is a substantial decrease in the overdraft and X understand that he said that this Council had the pluck to raise the rates. He claims some of the credit for the improved financial position brought about by having increased revenue from lh A iHt us on nigh* that he looks forward to a reduction of rates next year. On his .own showing, the overdraft steadily increased during t el en £f a- rs^? nd, when the rat«s wei? increased in the last two years the overdraft, was substantially decreased. To the ordinary min-1 tbe °£? v wa <*' to re^uce the overdraft is by surplus revenue, and \h& ■operations of the last two years prove I *\ Hampson has instituted systems of book-keeping, talked of the consolidation of loans, and Has figured as an authority on finance, and all the time me public indebtedness has grown greater until the Council instituted the new system of reducing it from sur- | Plus revenue. If I borrowed, say, 0110 pou^d sterling from Cr. Hamplon f would owe' him that amount or its equivalent, twenty shillings, and if after owing it for three months I trie^ ™ persuade him that he owed me fifteea shillings and by the payment of five shilhngs^hf. ought to give me a dean receipt, 1 have no doubt but that he would make remarks about my arithmetic However, to-day is polling day, a™. a« th? eketors always seem imbued with the idea that some day, somehow, li fie only, has the opportunity Cr. Hampson -will m some way do something magical with the, city finances, no doubt if they can t>e persuaded that by a reduction of rates they can secure a further reduction of that incubus, the overdraft <Jr. Hamp«on will have a substantial expression of their confidence to-night. , 1 am, etc.,

W. J. MOFFATT.