PETONE'S FINANCIAL POSITION

Dominion, Volume 13, Issue 181, 27 April 1920, Page 8

PETONE'S FINANCIAL POSITION

OUTLINED BY THE MAYOR

SATISFACTORY STATE OF \ AFFAIRS ,

O ; The fianancial position of the Borough of Petone, as shown by tho annual bal-ance-sheets, .was outlined by,tho Mayor (Mr. J. W. MTEwan) at last night's meeting. In laying the position before'the council he 6aid that altogether things wero in a satisfactory state and thought that councillors had reason to congratulate themselves on the result of tho year's work. Tho following resume was then submitted, and authority given to have the balance-shect printed and circvlated to councillors:—

In the general account receipts had heen .£12,231 6s. 7d.; expenditure, .fi11,381 ,2s. lid., leaving a surplus of ,£Bl7 3s. Bd. The debit account was thus reduced to iC11.395 16s. This was due to the reccipt of Native rates outstanding lnsf- financial year, wh ! ioh lia<l been collected by Mr. W. J. Gardner, the late town clerk

Tn the motor service account the debit of £21X1 18s. 2d. had heen reduced by ,£197 2s. 2d., and tho loan account by .£4lO. , . '

Tlio water maintenance account was in a satisfactory position. After paying interest, wages, etc., and transferring ,£7OO to general aooount, there remained a credit in the cash account of J3WI 3s. Id.

The position in tho gas' working account was much improved. Pales amounted to .£15.(144 19s. 9d., at against .£I3.ASfI Is. !)d. last year. Residuals brought in 9s. 4d„ as against .£1994 7s. sd. This was due to tho shortage of coal, for domestic purposes. Thero was at ill n debit of 17s. Cel. Tn this connection it should be borne in . mind that there were current accounts outstanding amounting to ,£7lB. and that thero had been no expenditure on new nlant, fnr u whiob somo nroviiion would have to bo mndo this year. The increase in wages would also have to be taken into consideration.

In tho gasfitting and maintenance account the sum of ,£lOl 12s. had heen transferred from the gasfitting to gasmaking acconnt, whilst maintenance account showed a debit of .£4B Bs. 2d.

Interest accounts were -all in credit bv .small amount, and a slight reduction of .interest rates might he possible as a co"'eouenee.

The bank accounts. less cash in hand, worn as follow:—Overdraft in district

fund accounts, ,£180; temporary loan account. ,£11.313; on fixed deposit. ,£1179. The coal yards account showed that the sales of eoal amounted to ,-£3512. as compared with-,£i9(!2 last year, a fallintr-off of .£1421. due' to the shortage of sunplies. The cartage of colce hy this department had increased bv ,£152 and ,£304 had been received for firewood sold.

The debit in the c-ash account amounted to .£28(1 16a. 2<1., against which the sum of .£2!)!) cxnewled in tho firewood undertaking conld he claimed a= credit. Tho sales of coal durinij the last tWs vears Kid lieen in 1017-18. ,£19 1 (! in IPIS-IH. and .£1073 in 1919-211. tho fnll-iiiT-off heini? due to the lack of supplies;

• Out of the 1913 scwerasre loan there still remained a balance of .£(1913 3s.'fid., after tho April account? had been paid.