AUCKLAND CITY.
BUOYANT FINANCE.. [Per Press Association.} AUCKLAND, May 16. Mr C. J. Parr, the Mayor, in his speech at the first meeting of the newly-elected City Council, said that the finances were sound and buoyant. The city's debt was £1,550,000, and of this sum £900,000 was invested in reproductive services, the revenue on which alone was sufficient to pay the interest on the whole debt of the city. The sinking fund Amounted to £183,000 and was increasing at the rate of £15,000 to £20,000 a year. There was also in reserve £20,000 of accumulated tramways profits, and after paying all debts the city had considerably . over £1,000,000 to the good. The rates collected in 1893 totalled £29,905, in 1903 £48,584. and in 1913 £96.474. The total revenue from all sources this year will reach nearly a quarter of a million.
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Bibliographic details
Star (Christchurch), Issue 10770, 16 May 1913, Page 3
Word Count
141AUCKLAND CITY. Star (Christchurch), Issue 10770, 16 May 1913, Page 3
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