CITY COUNCIL FINANCE.

Dominion, Volume 2, Issue 464, 24 March 1909, Page 8

CITY COUNCIL FINANCE.

■ STATEMENT BY. THE MAYOR. Questioned by a Dominion reporter yesterday on, tho financial problems at present confronting tho'City Council, tho Mayor (the Hon. T. W. Hislop) replied that a full statement on the matter was being preparedi but it was not yet ready. The council would have to chooso which of the items out of those mentioned in the loan proposals would bo proceeded with first. Some of the money required would como out of depreciation funds and profits on the tramway and electric lighting services already accrued. Tho council would have to deal witli tho urgent works at once or within a short period,, and spread tho others over a longer term. Regarding the raoro urgent works, the corporation could take a little money in anticipation of the savings, and Jji that way bo able, with the usual banking facilities, to cairy on. The erection of some of tho buildings, including tho extra cai sheds, would have to be postponed, and thus run the risk of the cars sustaining a little injury from exposure, and undergo the inconvenience which at present exists in not getting the cleaners at work so conveniently as would bo done if sufficient accommodation were provided. The tramway depreciation fund and profit are approximately £20,000 per year, and about £10,000 or £11,000 conies from tho electric lighting seryico. The latter would tako a longeT , period to right itself than the former. .The new council will havo to face extensions of tho services, and will havo to seo whether tho ratepayers will sanction a loan for the purpose. Tho council could not go to the ratepayers for exactly the samo thing under twclvo months since the last poll, but the Mayor thonght that probably there would bo a way of overcoming that difficulty. It was not proposed to raiso any money except by' overdraft.