FINANCES.

Wanganui Herald, Volume XXXXIV, Issue 12754, 27 April 1909, Page 5

FINANCES.

Mr Mackay declared that at present and during the last three years there had been a drain on the borough finances such as had never previously existed. The interest on the waterworks loan had now to be paid out of the general rate. This in itself was a very heavy tax, equal to 7d in the £. During the last three years more of the expense of street improvements had fallen on the rates. Previous Councils had had the £ 16,000 loan and a good part of the £11,500 loan to do street work with, but the present Council had practically to do all the work, including new work, out of rates. For instance, all asphalting and kerbing had been done out of revenue, whereas some years ago it had been done out of loans. He thought the present Council, considering the difficulties it had to work under, had done very well. In spite of heavy and unforeseen expenditure, such as the bridge, the Avenue drain, and the purchase of Gibbons' corner, the district fund general debit had on*ly increased some £600, as against which they had a large amount of new and permanent work. In fact, if they had had as good a year with the gasworks as the previous year, he did not think the overdraft would have gone up a single penny.