The Feilding Star. TUESDAY, MARCH 25, 1884. Borough Finances

Feilding Star, Volume V, Issue 35, 25 March 1884, Page 2

The Feilding Star. TUESDAY, MARCH 25, 1884. Borough Finances

We have made enquiries into the present condition of the Borough loan fund and ordinary revenue account of the Borough, and find each, on the whole, in a very satisfactory condition. Of the £2,000 about £800 has already been expended, and contracts have been let for £446 ; works and contingencies that have been voted for, but for which tenders have not yet been invited, will cost £490 ; rates and sinking fund, £160. The balance now available for further works is £110. In the ordinary revenue account we find that the Bank has advanced £540 in anticipation of rates, &c. To pay this amount there are — Bates now overdue, £90; and a charge on the loan fund of £400. The revenue for the next financial year will be — Bates, £425; licenses, £160; dogs, &c, £50; which, including overdue rates, will make a total of £725, from which, deducting the overdraft £540, leaves £185 available for the year's expenses. To which may be added the £400 from loan fund if required. These figures are highly satisfactory, and prove the care which is being exercised by the Council in financial matters. We will, however, venture to point out to Councillors that, for the present, no more works can he undertaken for at least six months. A balance in hand of £110 will not admit of it. It is understood also, that the Bank will not make any advances against the debentures of the second instalment^ of the loan (£2,000), which is payable by the Government in October next. It is perhaps fortunate for the credit of the Borough that the Bank has so promptly and clearly anticipated any desire which might have been shown in this direction. When the loan was voted for by the burgesses, the intention to expend the money during a term extending over three years, was approved. There appears to exist in the minds of a few the belief that if the whole of the money was expended at once, the Borough generally, and business people particularly, would be much benefitted. No doubt for the short time the works were going on money would be plentiful and business brisk, but in the end we should be far worse off. For the £2,000 already received, work has been done, or is in hand, for nearly one half of the. whole chainage in the schedule of proposed works, so that when the whole are completed one third of the loan will remain to be spent on new works. While on this subject we may as well mention that in our opinion, as the whole pf the ratepayers had a voice in passing the schedule of works, their vote on a second schedule should be taken before any works are undertaken which do not appear in the first schedule, that is, should the sum of money remaining, after paying all liabilities, be equal to the present anticipations of the Council, viz., £2,000. We are as anxious as anyone to see the Borough of Feilding progress, but we desire to see it do so only by steady steps. We have the example of other places before us, which have had periods of " rampant prosperity " on borrowed money and are' now suffering for their extravagance. We have no desire to imitate such. Our present financial condition is in every respect sound, and by prudence and forethought we expect to see it kept in that state for all time.