LOANS IN THE BANK

Sun (Auckland), Volume III, Issue 713, 12 July 1929, Page 11

LOANS IN THE BANK

CR. LUNDON OBJECTS TO BIG FIXED DEPOSITS MR. ENTRICAN REPLIES “Cr. Lundon is suggesting that we should all be in Mount Eden Gaol,” observed the Deputy-Mayor, . Mr. A. J. Entrican, at last evening’s meeting of the City Council, in replying to criticism of the city’s finances. J. R. LUNDON had spoken over his time in attacking the Finance Committee’s policy of placing unexpended lean moneys in bank fixed deposit when the funds could be used in expenditure on unemployed relief. Cr. Lundon dealt with the various balances as submitted by the city treasurer and made facetious comment as he progressed. He objected to a total of £154,000 lying in credit and, he said, unused. A remark by Cr. T. Bloodworth that Cr. Lundon had chosen to launch his attack in the absence of the chairman of the Finance Committee . (All*. Baildon) was gxeeted with laughter. “If we borrow money we cannot expend it all at once, and we consider it wise to bank what we are not using so that it may earn interest in the meantime,” Mr. Entrican stated. “The trouble with Cr. Lundon is that he cannot stand money being in the bank. He thinks .we should spend it. We are spending it as fast as we can. “Cr. Lundon should be proud that we have so many credit balances and only one in debit —” Cr. Lundon: The fish market, in memory of the council’s business ability. (Laughter.) Continuing, the Deputy-Alayor said it seemed that Cr. Lundon even doubted that the money was in the bank. He could easly be satisfied on that point.