THE SINKING FUND.

Dominion, Volume 2, Issue 585, 13 August 1909, Page 4

THE SINKING FUND.

.';roST. : Ai.I ) IT.TLB .NEST-EGG." ; Tho Sinking , Fund' Commissioners came ifl for ft shvo of .attention at lost evening s meet,iiig of '.tho' City '.Council'." Ihu Fiuunoe Com■mittoe reoomniendcd: j (1) That : the Sinkinß Fund Commissioners. be 1 asked to refund tho'sinking funds accu. mulated 'to pay off advances- trom the District Fund for. the .Central' Library,, Newtown Library, and To Aro Baths, amounting . to "JC2527, and that the amount bo paid to JJisIrict Fund, and. that: tho annual, payment of as sinking fund bo discontinued. ■ (2) That tho Sinking -Fund Commissioner* be charged- 1 an annual sum of 4200 < for. offioe rent, city solicitor's and city . valuer s.servires, and clerical work in connection with sinking funds, and that.the amount,'be paid to the District Fund. ■. . In regard to clause (l), 1 the' Mayor explained that some years ago a sunv of money advanced from thb' District Fund,or, in other words, the general account, to-build baths,ana. libraries, and. .£43o.was then «t aside \)j the oouneil—he did not know wliy-as a sinking fund.. There-was, practically mHoan.now, and the sinking ..fund had accumulated . to , tM amount named. The committee now wished to bring it back'to the general fund.. lUbJusJ a little nest-egg, Lain prcsontmg to ; the,. corny oil to-night," concluded the Mayor, The recommendations were adopted.