MUNICIPAL INDEBTEDNESS.

Waikato Times, Volume XVI, Issue 1352, 1 March 1881, Page 2

MUNICIPAL INDEBTEDNESS.

To say that New Zealand has in the past developed a marvellous capacity for borrowing is to say nothing ne\v. But few suspect the extent to winch some municipalities have insinuated themselves itto tho pockets of the English capitalist. A return recently issued from the RegistarGenerd'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 assests to £379,808. The total revenue of the city was £93,475 or one-sixth of her indebetness. During the year £130,203 was spent on public works, and £7047 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 a& 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 ££7,160. The office chirges there were only £2174, a very moderate mirn compared with Dunedin. Christohuroh seems to be the least heavily w*ii(hted of the large towns, h. r 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 tho chargcof a separate governing body ; but even making all allowance for this, the City of the Plains show* in anexceptionaEy, favorable" light, thanks to the lavish expenditure of the late Provincial Council within tne 11 fceninfiaries. The rates at Chrirttchurch mu&p be very low, as the total annual income is returned 5 at only £30,000. Auckland occuDiea'a" good {kwtiou, her debt being only £182.917, j with a revenue of £41,926. The office i-h irtr^s at Christchuroh amounted during thf yp^r to £3336;, and at Auckland to 63404. O iihftru ha<* been •' xoihar tho pace" vpry heavil'/ for a small town. She return* her debss «t £174,402, with a revenue of mly £'.3,084. * Bbr office "expanses' amount to £1046. Timaru is very 'lightly in debt, i9oo6 being h'ertotal, but iv o.BJoe expense* exceptionally extrava* gance fa snown, no less 1 than £1247 out of a total revenue 0f ; "£569l — or nearly 25 per epntr. — beinir expended in that way. I Napier occupies a medium position. • Her' total debt • i« returned at £75,556 ; her iwen'i0 f afc4SBS3 ? and har office eipenaes at £16O£|. luveroirvill appear-* to bo n<3i>t\ .micully matfa*edi Her debt being £66,3,(37, with tm inoowe of £1p,841, t .while the office charges amount , to, only $ £545- Ei-t lnvercarfriJl, however, is in a r ;verse position sq fariia annual 'expenaei ifo, the offltre oha^esab-orbing £20> out of a : tot-ti income of £f>6l, or about 30 per ce.'at. -*•#«»&'* Jhy jjtcrafdi >v»■> *■ < t