THE FINANCE OF THE CITY.

Evening Post, Volume LXXXI, Issue 87, 13 April 1911, Page 6

THE FINANCE OF THE CITY.

When ho took office as Mayor last year, Mr. Wilford had the unpleasant handicap of a debit of £16,500 on-;, revenue accounts. This overdraft hasbeen wiped out in th© twelve months,, and there is a. deal* credit of £7200 for th© new financial year. Councillors,gave warm praise yesterday to Mr. Wil-i ■ford for his keen and intelligent attention to the city's large business affairs, -and his record of solid work deserved the compliments. His 'practice was to ' keep a vigilant eye ons th© various departments and to take a close reading at least once a fortnight. Thus th© ebb ,and flow of the funds were regularly noted, and the expenditure was kept "within dv© bounds. After a strenuous, year the Lighting Department finished with a profit bf £4346. Electric light had been much cheapened, and th© list of customers had to be largely increased to recoup th© council. We agree with th© Mayor that the concessions- have gone to th© business limit. Th© -price is down to a sufficiently low point now to at- • tract trad©, and any further reduction .would not be sound finance. A profit -of £6123 is set against th© tram-ways. 'The depreciation and sinking fund al'Jowances here are on a sounder basis «tfasrc they are in Christchurch or Dune.din, but the actual. profit on the Wellington enterprise is stall a subject of con*ttoversy. It is comforting to observe 'that the Mayor has promised a, "thorough overhaul 1 " of the tramway 'department. He has been watching carevf ully dor evidence, and his hints warrant •,a hope that he is -touching the right s-spot — traffic. Various -candidates have •expressed agreement with The Post's vi©w that the -traffic system palpably needs re-arranging. The Mayor says that he -noted this need long ago, and

!he has been preparing for a recommendation of the necessary change. He ■evidently scents difficulties, but ho should not be dismayed. Reform in this largest department of tha municipality's trading will entitle him to the citizens' On the general survey, the outlook ia cheerful. The Mayor naturally counsels another year of prudence, but he offers the comfort of an improving Wellington. His specific statement of accounts is a good answer '■to vague pronouncements of pessimism. .His advice to the city is to go steadily for two or three yesu's, and then the revenue will be improved by £30,000 annually, due to a revaluation of municipal properties, on lease. This Sum, which " capitalises " at £600,000 at 5 per cent., will enable the corporation to undertake any necessary public workswithout increasing the rates.