ORIGINAL CORRESPONDENCE.
[We do not hold ourselves responsible for opinions expressed bp correspondents.]
THE COUNTY BANKING ACCOUNT. (to the editor of the dunstan times.) Sir—l notice'an inaccuracy in your report of the last Council meeting, which, although trifling per sc, relates to such an important matter that I trust you will allow me to correct it. The question asked by Couuoillo- Jolly respecting the public banking account had reference only to interest on current account, and it was Councillor Colclough who brought up the question of interest on fixed deposits. My explanation to Councillor Jolly was that owing to the interference of the Council with the arrangements formerly existing with the Bank of New Zealand the County has sustained a loss of about LSOO per annum, and their overdraft has been reduced by LIOOO. In reply to Councillor Colclough 1 also explained that the prospective demands on the County Treasury would not enable ns to indulge in the luxury of fixed deposits, unless the Council desired to lend money' to the banks at 5 per cent, and borrow at 10 per cent. —1 am, etc., Vincent Pyke, Chairman Vincent County Council.
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Bibliographic details
Dunstan Times, Issue 942, 7 May 1880, Page 3
Word Count
191ORIGINAL CORRESPONDENCE. Dunstan Times, Issue 942, 7 May 1880, Page 3
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