West Coast Times. AND WESTLAND OBSERVER. SATURDAY, NOVEMBER 6, 1869.

West Coast Times, Issue 1287, 6 November 1869, Page 2

West Coast Times. AND WESTLAND OBSERVER. SATURDAY, NOVEMBER 6, 1869.

The financial position of the Borough Council is worthy of the most serious consideration, both on the part of the Councillors themselves and the ratepayers they represent. The limit of the banks forbearance has been reached, and the existing overdraft will not be more thau met, if it is met, by the mouey that, some day or other, is to come from the County Council on account of river works, whilst it is apparent that further outlay in the same direction must speedily take place, otherwise much that has already been constructed will be washed away. Ihe outside rate that the public would care to have imposed, or indeed that the ratepayers could afford to pay would be one shilling;, and this would give but a very small contribution towards thu maintenance of the Borough. The annual value last year was assessed at about £50,000. It is very evident chat this value cannot be maintained during the present year, for no one will venture to deuy that rentals have fallen enormously, it would not we think be r.oo much to say twenty per cent. If this is a correct estimate it brings down die annual value to £40,000, a shilling .•ate on which would, on paper, return £2000. " But to expect to collect every iraount set down as due in the rate hook is of course ridiculous, and cor>orations of every kind, as well as iulividuals, must sometimes make bad lebts. During the last year the sum uncollectable was about £400. If we consider the scarcity of money in the Borough it is not unreasonable to expect that a similar loss' will occur next year, and this would reduce the actual cash to £1600 derivable from this source. From rJheir Land Revenue they have very little to expect, for pretty well all the valuable ground is gone, with the single exception of the Railway Reserve. This is to be offered, we understand, and there are a good many on it, wishing to buy their holdings ; but there are many who cannot aiford to buy, even at the upset price, from wh©m no income will be derivable. If the sum realised in the Municipal year amounts to £600, we think that will be the outside on this account. The next sum of importance is the Wharf, which last year yielded over £1800 in dues ; and just for argument's sake, we will admit the very improbable fact that the same return will be obtained. Out of this, however, has to come £250 for wharfinger's salary ; necessary repairs (luring the year will not cost less than £250 more, so that the net income cannot be more than £1300. Allow for petty licenses of various kinds, say £100, which is the very outside. Thus the annual revenue would stand so : — Rates, £1600 ; land fund, £G00; wharfage dues, £1300; and sundries, £100. Total, £3600. This, too, is looking at things, in our opinion, in the rosiest lighl. There may be a few pounds got from letting the Hall occasionally, but these are too insignificant to vary the calculation. As long" as a Borough Council exists it must have officers, and even if a reduction is effected a very large hole must be made in the paltry income at command. Last year the Council spent, in round numbers, £15,000, and, with the exception of the Town Hall, no fault was ever found with the manner in which it was expended. Taking- off the cost of the Hall, more than £13,000 was laid out in useful works, and the working of the department. No doubt, year by year, the new works uecessary, decrease, and maintenanco, instead of construction, only has to be borne out ; but a difference of some £10,000 will be felt with a vengeance. Under these circumstances, either necessary improvements must be withheld, or money to execute them must be provided. This cannot be done by either general or special rates at present, and the only resource is to borrow, as the Borough Council is empowered to do on the security of the rates. Thus not ouly the present ratepayers, but those t© come, would annually pay a fair share of the sinking fund, and in any advantages that the money so raised conferred, both would be alike interested. Instead of of paying ten per cent, on overdrafts, and every now and then being brought up with a round turn by an iuconfidential Bank, why not at once consider the advantage, or otherwise, of borrowing sufficient to carry on public works with, and conTplete any that

may have been contemplated, but have uot been hitherto completed for want of funds? Oue thing is certain, £3600 will not meet the expenses of the Council, for the ensuing twelve months ; the next question comes, how what is warning to be obtained ?