EASTBOURNE FINANCE

Dominion, Volume 37, Issue 198, 19 May 1944, Page 3

EASTBOURNE FINANCE

Non-Borrowing Policy

Stating that his policy was the same as he had followed during his 11 years m office, Mr. E. W- Wise, who is offering himself for re-election to the mayoralty of Eastbourne, addressed a large meeting of electors in the Theatre Royal on Wednesday night. Progress on non-borrowing lines had been successful, he said, and he saw no reason to doubt that it would be equally successful in the future. When he came into office in 1903, said Mr. Wise, the ferry service showed a loss of £7OOO a year, of which £5OOO, raised from the rates, had to go in partial liquidation. The bus department showed a profit af only £2OO a year, while the newlyinstalled water and sewerage system cost £4OOO a year. In 1933 the rates collected were £10,500, and because of water and drainage costs and increased hospital levy, and in spite of a reduction of £lOOO a yAar through loan conversion, a further £4500 had to be found in 1934; yet in 1944, with an increased hospital levy of £l5OO and a cost of £l2OO for water, tlie rates raised were only £13,200, which clearly showed that there had been no increase in the general account. The council had prepared a full scheme, to cost £17,000, for stormwater drainage, which it was proposed to complete in instalments, without raising a loan. The construction of sealed footpaths and roads would follow, and the council had already begun the sealing of streets. The. f°t9sliore protection work would be continued. The ferry service, which showed a loss or £7OOO in 1933, showed, for the first time in 20 years, a profit in 1943. The bus service at the end of last year showed a profit of £7OOO, after allowing £3500 for depreciation. At present the loan indebtedness had been reduced to £7O,UW, and provided no further loans were raised the borough would be debt-free in 14 years.