MUNICIPAL INDEBTEDNESS.

Nelson Evening Mail, Volume XVI, Issue 26, 31 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 Engliah 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 £566,600, borrowing 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 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, the " Empire City" as her inhabitants are so fond of calling it, is even more heavily indebted than Otago. Wellington owes £454,000 ; her assets figure at £239,812 ; and her total revenue £67,160. The office charges thore were only £2174, a very moderate 'sum compared with Dunedin. Christchurch seems to be the least heavily jweighted of the 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 ofthe city is under the charge of a separate governing body; but even making all allowance for this, the City of the Plains shows in an exceptionally favorable light, thanks to the lavish expenditure of the late Provincial Council within the boundaries. The rates at Christchurch must be very low, as the total annual income is returned at only £30,000. Auck-' land occupies a good position, her debt { being only £182,917, with a revenue of £41,926. The office charges at Christchurch amounted during the year, to £3336, and at Auckland to £3404. Oamaru. has been "going the pace" very heavily' "for a small town. She return^ her debts at £174,402, with a revenue of only £13,084. Her office expenses' amount to £1046. Timaru is very slightly in debt,£^9Q6 .being her total,! but in office expenses exceptional extravagance is shown, no less than £1247. ;out of a total revenue of. £5691 —or jnearly 25 per cent. — being expended in 'that way. Napier occupies a medium position. Her total debt is returned at £75,556', her revenue at £8883; and her office expenses at £1603. r Tiivereargill appears to be economically managed, her debt being £66,367, with an income of £15,641, while the office charges amount to only £545. East Invercargill, however, is in a reverse position so far ns annual expenses go, the office charges absorbing £205 out of a total income of £661,' or about 30 per cent.