BOROUGH FINANCE.

Hauraki Plains Gazette, Volume XXXIII, Issue 4416, 19 May 1922, Page 3

BOROUGH FINANCE.

STATE ADVANCES OFFICE. COMPLIMENTS COUNCIL. ON ITS PRUDENT POLICY. Cheerfulness and a bright outlook ’ for future years were the features of ‘ the report, and discussion thereon, of the Paerba Borough Council Finance ■ Committee (Cr W. Marshall chairmin) submitted .to the Council on ’. Thursday night, as hereunder : ? “Your Committee begs to report ’ that during the month the revenue has been £3O 14s lid and expenditure ~£132 6s 9d. Including the attached accounts, which your Committee re- ?, commend for payment, the balance Jin the District Fund. Account will ’amount to £639 7s lid. "As authorised the Council, a deputation, consisting of His Worship ■ the Mayor, Cr. Marshall, and H. ■ Poland, Esq., M.P., visited Wellington ; during the past month, with the ob- • jecc of interviewing the superinten- ’’ dent of thie State Advances Office with ■ reference to obtaining loan moneys. Wc are pleased to state that satisfactory' arrangements were arranged ‘ for the obtaining ofl a.further instal-’ ment Of £5OOO for sewerage purposes. ; Application has been duly made, and we anticipate the amount comipg ’o hand in the early future, at any rate, ? in time to meet the commitments of , the present contract over and above ! the moneys in hand. Your committee asks for authority to obtain from theenigr.eer inofrmation as to .the' cost of the Station Road-Corbett Street sewerage area, so that we may be able to place figures, before .the Council at a later date as required," His Worship the Mayor (Mr P. E. Brent n) referring to the visit to Wellington, said they had a satisfactory : interview with Mr Waddell, superin/tendent of the State Advances Office. >.He was Satisfied that the Council .(would rece;ve as favourable .treatment'as’wojfld any other local body ; in the Dominion. .The superintendent • congratulated the Council on the fact that it was' One of the very few local bodies in the Dominion that had no “antecedent liability’/ Mr ■ Waddell ' ’was Very complimentary in rpfer•encc to the Borough balance-sheet. His Worship said .that much of the success of the visit was due to Mr Poland, who had rendered very valuable assistance indeed. The superintendent gave the deputation a two- ‘ hours’ interview. Cr. Marshall expressed gratification at the satisfactory attitude of the State Advances Office towards the Borough Council methods of finance. Its policy was endorsed from the highest possible quarter. He, like the Mayor, was satisfied that it* was 'Tbetter .to wait for a while and get money at 4% per cent, instead of rushing in and paying a higher rate of interest. Also, there being ho "antecedent liability," the Borough would, not be in the position of many other local bodies, shouldering a burden of interest and sinking fund on a. loan to wipe off . an overdraft extinction loan, for a period of 33% 'years, or a very.heavy burden for 7 years if a rate were struck for that purpose. In due course, when the Council was able to go in for roadin g thoroughly, people would soon forget the present temporary Inconvenience.