PETONE BOROUGH COUNCIL.
A meeting' of the Petono Borough Council was held last ovening. Present: The Mayor (Mr. J. W. M'Ewan) and Coun- , cillors Harding, Brocklebank,.. Piper, LiaTdot, Jones, and Short. . Among the correspondence- dealt vntfl. was a letter from Mr. J. H. Jackson, Korokoro, who stated that the amount ot tho valuation for which ho was rated was out of proportion to the value of his property. Tho letter was received. ■ The Mayor explained tho gross public debt of the borough was .£108,998, less tho accrued sinking fund, .£10,032, which loft the net public debt at .£93,906. Against ' that the borough had three assets—namo- ' ly tho gasworks, recreation ground, and the municipal buildings and land, which alone more than equalled the not debt of: the borough. The average, rato ■of interest was 4 per cent. In future the annual reduction of debt by means of >-■ the sinking fund would amount to ,£1684. , Tho present annual interest payments . amounted to JE«6G. Under tho consohda--1 tion scheme recently arranged it.would 3 bo only .£'ll2o, a saving of .£340 per an- ' The council accorded . the Mayor a a hearty vote of thanks for his efforts in securing the consolidation of tho loans.of the borough. '
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Dominion, Volume 4, Issue 974, 15 November 1910, Page 7
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202PETONE BOROUGH COUNCIL. Dominion, Volume 4, Issue 974, 15 November 1910, Page 7
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