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The Cyclopedia of New Zealand [Wellington Provincial District]
Assets And Liabilities
Assets And Liabilities.
The total liabilities of the Corporation, including all the loans mentioned above, were set down on the 31st of March, 1895, at £707,209 10s. 5d., and the assets at £1,022,151 13s. 1d. A sum equal to all the loans is represented by land at a low valuation, a great proportion of it being in the very heart of the town. A still more valuable security for the loans, however, exists in the Corporations' power to levy rates upon an annual value of £350,000—an annual value annually increasing. Ratepayers have every right to expect that, as the loans become repayable, a very great saving will be made by reductions in the rates of interest. Even four and a half per cent. is too high for such splendid security. But if that rate was the rule instead of the exception, a saving of nearly £7000 per year would be effected. The Wellington Corporation has reason to be proud of its financial position, and it remains for it to make the most of that fact in its future loan negotiations.