MIRAMAR OVERDRAFT

Dominion, Volume 14, Issue 255, 22 July 1921, Page 6

MIRAMAR OVERDRAFT

THE MAYOR’S EXPLANATION OUTSTANDING AMOUNTS WERE NOT COLLECTED Lest it should be supposed that he had made a statement which was only partly true, the Mayor (Mr. R. A. Wright, M.P.) gave a reply at last night’s council meeting to comments of tile Miramar borough commissioners on his recent observation that an overdraft of £5172 in connection with the late Miramar borough had been one of Die items responsible for swelling the overdraft of the citv. “While I was endeavouring to explain whv our overdraft was so large,” said Mr. Wright, "among other items I mentioned an overdraft in connection with Miramar borough, when that borough joined up, of £5172. Since then a reply has been published by the sinking fund commissioners of the former borough, in which thev challenge to some extent the statement I made. I had no intention of casting any reflection upon the management of the borough. The commissioners contended that 'Mr. Wright must have known there were liquid assets against the overdraft.’ It would appear, according to them, that I hnd made a statement that was not correct,,because we had received in the meantime some of the outstanding rates. That is where the commissioners are wrong. We had not received these amounts. It is perfectly true thnt there are certain amounts owing. I stated myself that there were outstanding uncollected rates to the amount probably of £3OOO. But the outstanding money was not collected. and is not nil collected yet.” The Mavor added that on January 31 of this year there was a Miramar overdraft of £5172. Between February 1 and March 31 there was expended in the borough £3171. which, added to £5172, made up .£8343. Receipts frm February 1 to Mareh 31 totalled £2734. When this sum was subtracted from £8343, £5609 was shown as the amount of tho overdraft at 'March 31. Between April 1 and June 30 (assuming that the borough had gone on) there was an expenditure of £3274. which, with the £5609 already mentioned, made a’total of £BBB3. Receipts between April 1 nnd June 30 were £1859. These receipts, deducted from £BSR3. left a bank overdraft at June 30 of £7024.

Councillor A. AUAUcar. formerly n member of tire Alirnmnr Borough Council. thanked the Mayor for his explanation. -