LOCAL BODY DEBTS
LECTURE TO ACCOUNTANTS
(Special to the "Evenfhij Post.")
PALMERSTON N., This Day.
The opinion that the position regarding local body indebtedness was not generally understood was made by Mr. J. P. McDavitt in a lecture to the Palmerston North branch of the New Zealand Society of Accountants last evening.
: Mr. McDavitt pointed out that owing to the special features of public and local body finance, where there were no liabilities there were no assets. He commented on the fact that the' development of large business concerns and the progress made by life insurance companies, newspapers, etc., were, regarded with approval, 'but that the increase in local body debt was described as "alarming." While the net loan debt of all local bodies increased by £41,500,000 from 1913 to 1933, the value of-assets in the same period increased by £56,600,000. The assets did not include roads,, streets, footways, etc., which represented a latge proportion of the loan debt.
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Bibliographic details
Evening Post, Volume CXXIII, Issue 124, 27 May 1937, Page 7
Word Count
159LOCAL BODY DEBTS Evening Post, Volume CXXIII, Issue 124, 27 May 1937, Page 7
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