HEAVY BORROWING.

Hauraki Plains Gazette, Volume XXXVII, Issue 4956, 26 March 1926, Page 2

HEAVY BORROWING.

MATAMATA TOWN BOARD.

DEBT EQUALS £BO PER HEAD.

Mr E?. S. Jenkins, writing in .- the Matama.SK Record in. opposition to the proposed loan for a new town hall» remarks : _ ‘“Fiat Lux,’ writing in Truth regarding the financial, position of Gisborne, describes that borough as>. ‘heading at express Speed to th'e rocks of destruction,’ ( and states that, its public debt amounts to £49 per head of population. What is the position of. Mata,mata ? The town’s, indebtedness on March 31, 1925, amounted to £51,0'00,' Jess £lOOO sinking fund, an average of £5O per head (taking the population at 1000). in, addition, a loan of £20,000 has been •authorised by the ratepayers for the streets improvement ischeme, of which sum £6600 -is now available for expenditure. TotaJ commitments to date, therefore, amount to over £70,o'oo, as Several smaller sums have had to be arranged for during the current, year. Adil another £lO,OOO for the *new town hall and we owe a Slim: olf £BO,OOO, or an average of £BO per head of population, or £2OO per ratepayer. 'These figures speak for themselves, and though it is (sincerely hoped that Matamata is not ,going in the same direction as Gisborne, yet the course indicated .to ratepayers in financial matters, appears to be one of extreme caution.” /