Papurau Newydd Cymru

Chwiliwch 15 miliwn o erthyglau papurau newydd Cymru

Cuddio Rhestr Erthyglau

16 erthygl ar y dudalen hon

THE FINANCES OF SWANSEA.

Newyddion
Dyfynnu
Rhannu

THE FINANCES OF SWANSEA. fIle annual financial statement submitted to the Council on Wednesday was of'an un- pleasant and sensational cnaracter, especially to those ratepayers who. whilst- knowing that the aggregate rateable value of the Borough had, during the last year, been increased by about 20 per cent., failed to realise that, con- currently with an access to the productive- ness of a penny rate in the gliding charges of the Corporation, there had been a lYlund up- wards due to the arrival of the time when the increased obligations represented by the. out- lay on the Cray W7at0r Works had to be met. When the year began, which terminates with the 31st March, the Corporation had in hand about J38,000 as working capital; this has disappeared, as well as the revenue obtained during the year. It would be a mistake, however, to attribute the increased expendi- ture to the policy and actions of the various (spending committees during the past twelve months. On the contrary, the great bulk of the increase is due to demands arising from causes beyond the influence of the pre- sent members of the Corporation. For ex- a.mple..61.800 more had to be paid into the linking fund—that is to say, the repayment .of money borowed was to this extent larger —and £3.072 represented the half-year's in- terest offered as an additional inducement to subscribers to the recent loan. An effort is to be- made to have this sum treated as part of the loan, and in the event of success, to use it. as the working capital with which to begin the new year. Furthermore, the re- quirements in the way of interest upon, and sinking fund of the debt of the Ccrp-r r ttion. will. m the -"ordt- coniing "lCd, be £2.355 more than during the year now ending. Ln short, the increase in the- amount of money wanted is chiefly due to the aggregate debt incurred, and not to the extravagance of the Cor- poration Committec". The misapprehension prevalent as to this arises from the form in which the financial statement is prepared. Last year's estimates are compared with the estimates of the current year with the result that it is made h appear as if the avoidable expenditure were £4.875 14s. Id. more. The fallacy in the conclusion naturally drawn from a comparison of the totals £99.274 3s. 4d., as against £ 94.398 9s. 3d., is that esti- mate is pitted against estimate, whereas the actual expenditure for the year now ending should be set against the estimate for the year about to begin. For in point of fact, the aggregate expenditure last year was a few hundreds of pounds more than £99,274. the estimate for 1903-4, and this notwith- standing the unavoidable increase to the ex- hnt of.S2.555 in interest and sinking fund alone. The net result of the swollen stand- ing charges is that the Urban District rate iB to be 4. 3d in t'liti £ inhtead of 3s. 6d., or an in.ire-.i-se of 9d. For those whose properties have contributed substan- tially to the increase in the aggregate rate- able value, the effect will be grievous in the ,extreme. And it must be admitted that the prospects of relief in the future are not good. The Cray Water Works Scheme is swallow- ing up capital at a prodigious rate, and there are other schemes in hand bound to appreci- ably add to the indebtedness of the Borough. At the present moment, the Education Act. by increasing the grant from the Imperial Exchequer to the extent of about J34,000 a year, is the solitary influence making for lessened demands upon the ratepayers. By a curious irony there is a settled determina- tion, for political reasons, to defer the in- troduction of the measure into Swansea as long as possible. Will this policy have the Sanction of the ratepayers' If so, it is just as well that the latter should realise the price to be paid for delay; it will presently be shown in their demand notes. The duty in- cumbent upon the spending bodies of keeping avoidable expenditure at a. minimum point is too obvious to need dwelling upon. The movement upward of rates, not only in Swansea, but in all the towns of South Wales, is a phenomenon that should excite ■ the serious concern of not only those who 'directly suffer thereby, but also the masses generally, who must recognise how materially the industrial development of the areas af- fected is likely to be retarded by the enormous Proportions of the levies made upon all forms oJ property.

Advertising

SWANSEA JOTTINGS.!

GLAMORGAN ASSIZES.

NEATH FALSE PRETENCES CASE.

--ONLLWYN POST OFFICE THEFT…

; THURSDAY'S ASSIZE CASES.^…

Neath Brewer's Action.

jNEATH NOTES. !——

CRAY DAM FACING.

SWANSEA BARMAN SUMMONED, j

Advertising

fIN LIGHTER VEIN.

; Swansea's Heavy Kate Exctisals…

Advertising

■^Lhc (llaiiiot'inn. :