1.—15

(c) Indebtedness and Annual Loan Charges Some idea of the financial importance of drainage can be gained from the following tables showing the net loan indebtedness of these Drainage Boards, which approximates £'2,250,000 at the present time. When it is remembered that most other urban local authorities have fairly large indebtedness on account of drainage, the importance of these works to urban local bodies can be easily recognized. In all probability drainage-works in New Zealand are responsbile for nearly £5,000,000 of net loan indebtedness. Table showing the Amount of Net Indebtedness on account of Loans of Urban Drainage Boards from 1924-25 to 1943-44 Year Amount. Year. Amount. £ £ 1924-25 .. .. 1,435,322 1934-35 .. .. 2,413,030 1925-26 .. .. 1,688,460 1935-36 .. .. 2,417,946 1926-27 .. .. 1,930,584 1936-37 .. .. 2,496,417 1927-28 .. .. 2,140,199 1937-38 .. .. 2,478,224 1928-29 .. .. 2,364,675 1938-39 .. .. 2,444,051 1929-30 .. .. 2,509,216 1939-40 .. .. 2,429,641 1930-31 .. .. 2,621,717 1940-41 .. .. 2,399,146 1931-32 .. .. 2,583,035 1941-42 .. .. 2,370,609 1932-33 .. .. 2,469,895 1942-43 .. .. 2,329,928 1933-34 .. .. 2,423,006 1943-44 .. .. 2,244,766 The only occasion on which an Urban Drainage Board rasied loans through the State Advances Corporation was in 1939-40, when £3,000 was so raised. It is important to remember that this item of expenditure is not likely to drop. The Auckland Metropolitan Drainage Board has a major drainage programme in view, the finance for which will probably have to be raised almost wholly by loans. The following table shows the annual loan charges paid by Urban Drainage Boards

Table showing Annual Loan Charge of Urban Drainage Boards from 1924-25 to 1943-44

105

Year. Interest. Total - Year - Interest. '^und. 8 Tota1 ' £ £ £ £ £ £ 1924-25 1 f 97,730 1934-35 .. 114,691 56,410 171,101 1925-26 .. 113,980 1935-36 .. 115,427 49,859 165,286 1926-27 118,315 1936-37 .. 118,880 53,917 172,797 1927-28 !! 132,686 1937-38 .. 118,693 57,335 176,028 1928-29 I Separate figures 147,968 1938-39 .. 118,143 59,729 177,872 1929-30 .. f not available. 1 158,447 1939-40 .. 119,145 62,747 181,892 1930-31 .. 168,227 1940-41 .. 118,974 63,666 182,640 1931-32 173,273 1941-42 .. 115,906 68,589 184,495 1932-33 169,591 1942-43 .. 111,401 70,401 181,802 1933-34 !! J • I 154,248 1943-44 .. 109,928 72,016 181,944