MUNICIPAL INDEBTEDNESS.

South Canterbury Times, Issue 2448, 22 January 1881, Page 4

MUNICIPAL INDEBTEDNESS.

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 issued from the Registrar-General's ollice affords some interesting information on the subject. From it we gather that Dunedin, our premier city, is also tho premier borrower, her municipal debt being no less than £566.600, borrowed at 5,6, and 7 per cent. Her total liabilities on March 31 last amounted to £623,653, and her assets to £379,808. The total revenue of the City was £93,474, or about one-sixth of her indebtedness. During the year £130,203 was spent on public works, and £7047 ori office expenses, the latter item to our thinking, being somewhat disproportionate to the receipts. Wellington comes next on the list, and considering her rclrtive 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 there were only £2174, a very moderate sum compared with Dunedin. Christchurch seems to be the least heavily weighted 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 of the 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 favourable 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. Auckland occupies a good position, her debt being only £182,917, with a revenue of £4i,926. The office charges at Christchurch amounted during the year to £3336, and at Auckland to £3404. Oamaru has been “going tiie 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. Titnaru is very slightly in debt, £9906 being her total ; but in office expenses exceptional extravagance is shown, no less than £1247 out of a total revenue of £5692—0r nearly 25 per cent —being expended in that way. Napier occupies a medium position, Our total debt is returned at £75,556 , our revenue at £8,883 ; and our office expenses at £1653. Invercargill 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 as annual expenses go, the office charge absorbing £205 out of a total income of £661, or about 30 per cent.—“ Hawke’s Bay Herald.”