CHRISTCHURCH LOANS.
5 A HEALTHY SINKING FUND. (By Telegraph— Special Correspondent.) Christch'urch, May 15. In a report presented to the City Council to-night Messrs. W. 11. Hargrcaves and 11. J. Beswiek (sinking fund commissioners for the city of Christchurch) drew tho council's attention to the position with regard to tho .£35,000 drainage loan. In a report presented on May 21, 1309, it was then intimated that, by August 31, 1911, the sinking fund would have amounted to .£3s,o(lo—the amount of the original loan. The sinking fund on March 31 stood at ,£32,123 so that, fong before March 31 next, the amount would have increased to i:35,000. The interest which the council was paying on tho loan was G per cent. The council had, however, not made any contribution to the sinking fund off tho loan since 1899.
The Mayor said that it should be a matter for the Finance Committee to consider how the council could take (for the benefit of the ordinary rates) any further increases in the sinking fund named. Probably an amendment of the law would be required to enable the council to appropriate (for ordinary purposes) any excess of sinking fund after tho loan had been provided for.
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Dominion, Volume 4, Issue 1128, 16 May 1911, Page 7
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202CHRISTCHURCH LOANS. Dominion, Volume 4, Issue 1128, 16 May 1911, Page 7
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