MUNICIPAL INDEBTEDNESS.

Globe, Volume XXIII, Issue 2152, 18 January 1881, Page 4

MUNICIPAL INDEBTEDNESS.

[“Hawke’s Bay Herald.”!

To say that New Zealand has in the past developed a marvellous capacity for borrowing is to say nothing new. But few suspect the extent to which some municipalities have insinuated themselves into the pockets of the English capitalist. A return recently issued from the Registrar-General’s office affords some interesting information on the subject. From it we gather that Dunedin, our premier city, is also the premier borrower, her municipal debt being no less than £566,600, borrowed at 5,6, and 7 per cent. Her total liabilities on the 31st March last amounted to £623,653, and her assets to £379.808, The total revenue of the city was £93,475, or about one-sixth of her indebtedness. During the year £130,203 was spent on public works, and £7047 on office expenses, the latter item, to our thinking, being somewhat disproportionate to the receipts. Wellington comes next on the list, and, considering her relative position, tho “ Empire City ” as her inhabitants are so fond of calling it, is oven more heavily indebted than Otago. Wellington owes £454,000 ; her assets figure at £239,812 ; and her total revenue £67,160. The office charges there wore only £2174, a very moderate sum compared with Dunedin. Christchurch seems to be the least heavily weighted ot tho large towns, her total indebtedness being put down at £40,792. We believe, however, that this is fallacious, as there are several boroughs within the town proper, while the drainage of tho city is under the charge ot a separate governing body ; but even making all allowance for this, the City of tho Plains shows in an exceptionally favorable light, thanks to the lavish expenditure of the lote Provincial Council within the boundaries. The rates at Christchurch must be very low, as tho total annual income is returned at only £30,000. Auckland occupies a good position, her debt being only £182,917, with a revenue of £41,926. The office charges at Christchurch amounted during tho year to £3336, and at Auckland to £3404. Oamaru has been “ going the pace ” very heavily for a small town. She returns her debts at £174,402, with a revenue of only £13,084. Her office expenses amount to £1046. Timaru is very slightly in debt, £9906 being her total, but in office expenses exceptional extravagance is shown, no less than £1247 out ot a total revenue of £5691—0r nearly 25 per cent. —being expended in that way. Napier ocounies a medium position. Our total debt is returned at £75,556 ; our revenue at £8383 ; and our office expenses at £1603. Invercargill appears to bo economically managed, her debt being £66,367, with an income of £15.641, while the office charges amount to only £543 East Invercargill, however, is in a reverse position so far os annual ex penses go, the office charges absorbing £205 out of a total income of £661, or about 30 per cent.