Balance Sheets.

Manawatu Herald, 25 May 1893, Page 2

Balance Sheets.

Ratepayers frequently growl at the expense of publishing tlie balance sheets of public bodies. They should not, as without that publicity it would be a hard matter to watch how their representatives were playing with the cash. The little breeze in the Palmerston Borough Council has helped to emphasize this fact. The (Jouncjlor in his wrath let out that k* was one of thnse who had to enter into a personal guarantee of £1000 at the bank for the overdraft. This it seems was a secret undertaking hid from the ratepayers, and the Mayor is reported to have been very wrath at its having leaked out, going , so far as "in a preemptory tone " to order the reporter to leave out the statement in his report. Two Councillors objected " as they were of the opinion that the sooner the ratepayers knew the position the b3tter," most certainly tor the ratepayers. The Mayor wanted to know how the Councillor " would like to have the state of his finances known if they were in ai bad state ?" which produced the sensible reply that he would in that case call a meeting of his creditors, and let the world know his position. This is the reason that the Act declares balance-sheets shall be published in the newspapers, so that all may have an opportunity of learning how their money is being spent. The Act declares a heavy p.enalty on those who omit doiag so, unless they have obtained special permission to act otherwise. It would appear that in this case, also, local bodies have become a law unto themselves which will not be righted until a few public spirited men take a test case Before a ''competent court " There is otfe way to avoid publishing a balance-sheet, but the grounds for doing so do not exist in these districts.