FINANCIAL POSITION.

Waikato Times, Volume 113, Issue 18930, 27 April 1933, Page 6

FINANCIAL POSITION.

HAMILTON BOROUGH. SATISFACTORY RESULTS. “The year under review has been one of most extraordinary difficulties," reported the town clerk (Mr W. L. Waddel) at the meeting of the Borough Council last evening. “We had loans tot ailing some i £64,400 falling due between February. 1, and July 1, 1932, and with the condition of affairs created by the drop in the market value of our primary products, and the results of various actions of those in authority, it was extremely difficult to arrange the finance to clear the maturing debentures. With tlie exception of a small parcel of £3IOO, however, all were finally placed on a sound footing. The £3IOO was for a gasworks loan, and the cash to meet this was obtained partly from the bank on hypothecation and! partly from the funds of the department. At the moment, apart from the moneys) necessary for the sewer loan works and the new bridge, we have debentures to the face value of £3350 for sale, all at 4f per cent, interest, and all required to clean up loans expended last year. Renewal loans of £9OOO are also required this year. “Despite the troubles the townspeople have had to meet and the reduction in values, our rate revenue has been maintained extremely well and the gas and electricity revenues have not suffered as much as I anticipated. Expenditure generally hasbeen carefully watched, and while certain items have slightly exceeded the estimates I expect that practically all the accounts will show satisfactory results and Hamilton’s financial position will continue to hear comparison with the soundest municipalities."