NEWMARKET FINANCES

Sun (Auckland), Volume II, Issue 344, 3 May 1928, Page 16

NEWMARKET FINANCES

. NOTE OF WARNING * RECORD FOR BUILDING A note of warning was sounded by the town clerk, Mr. H. Wilson, when presenting his annual report to the Newmarket Borough Council last evening. There was a fairly large loss on the year’s operations, he said, and the position would require to be carefully watched during the corning year. Including £1,350 for outstanding rates, the assets amounted to £4,088, and liabilities to £3,880, leaving a credit balance of £2OB, compared with £1,522 last year. Councillors were generally of the opinion that the borough had come through a hard year most satisfactorily, particularly when the penny reduction on rates was taken into consideration. Most pleasing of the many interesting features of the report submitted by the Mayor, Mr. S. Donaldson, was the improved position of the water account, which had formerly been a source of anxiety. There was a profit of £lB3 on the year’s operations. Building permits issued during the year had been exceeded only once, in 1922-23, and showed an advance of £27,000 on the figures of 1926. More than 60 permits had been issued for buildings valued at £57,829; of these permits, 14 have been issued for new business premises.