SINKING FUNDS.

Dominion, Volume 2, Issue 513, 21 May 1909, Page 6

SINKING FUNDS.

OVERDUE SATES AND, BENTS, v i At last night's meeting o£ the City Counoil, Councillor Shirtcliffe moved:—That a return bo furnished to the Finance Committee at Its hext meeting showing: (1) The present position of the sinking funds, with details of the various investments and valuations of the securities; (2) particulars of overdue rents and rates as at March 31, 1909, with a report as to the reasons for their non-collection in each case. jTho mover stated that some ,£25,000 of sinking fund money' was invested on mortgages on real estate, and it was only right that the Finance Committee should go through the accounts at least once a year, and 6ati6fy itself that everything was in order. He did not suggest that everything was not in order, but as a member of the committee he would like to have an idea of what the mortgages consisted. Dealing with rates and rents, Councillor Shirtcliffs quoted a return showing that the amount of tates overdue on March 31, 1909, was just under .£IO,OOO. Since that date £3458 had been collected, leaving a balance of .£6500 overdue. If this total was compared with other cities, 6uch' t a vast difference would bo shown that it was made clear that the method of collection adopted here needed investigation. The amount overdue at Auckland at the end of March last was and although their rates only totalled abontlhalf of Wellington's, the fact that Auckland was able to show such a balance proved that the local position must be looked into As .to 1 the rents, £1719 was overdue on the same date, and practically half of it was owing by two firms. Ho did not suggest that the council was not going, to get the money, ,but the position was unsatisfactory.' Councillor Fletcher seconded the motion. He thought;that it should commend itself to councillors, i • Councillor Carmiobael said that he hoped that ; the, report would bo given not. only • to the committee but to all members of the council. \ .The Mayor: I can assure yon,' Councillor Carmichatf, that, whilst I am in office; all the councillors will have access to every figure in he corporate. If you, or any of the councillors, are m a difficulty about anything, just come to mi, and I will do what I 4n K

(Without Uurther discussion the resolution was adopted unanimously. resolution