CITY SINKING FUND.

Dominion, Volume 6, Issue 1751, 16 May 1913, Page 4

CITY SINKING FUND.

WITHDRAWN FROM PUBLIC TRUSTEE. On (lie recommendation of its FinanC# Committee, the City Council Inst evening passed tilt! following resolution with respect to the Wadestown Tramway 1/oan £33,000 sinking i'uud: — "That llio council hereby revokes tho resolution pasted on March 1!M0, appointing the I'ublie Trustee llio Sinking Fund Commis.-ioncr tor tho Wadestown Tramway Loan, .K33.(1(11), and liorebv appoints John Gut lino Wood Aitkon, Thomas Mason Wilford, and John Richard Palmer, Sinking Fund Commissioners tor llictaid loan, and herebv direct aud authorises tlio I'ublie Trustee to hand over to siicti commissioners all securities aim moneys in hand forming the sinking fund." Councillor E. Trogear raised a protest against tho withdrawal of the funds from the assured security of the Public Trustee, aud in reply, the Mayor (Mr. J. 1. Luke) explained that as a ma ter of business —-110 relied upon the advice or the City Solicitor in tho matter —it had been deemed expedient to take the neces«ary slops io invest these funds in such a manner, properly safeguarded, of course, as to bring in a higher rate of interest than was at present earned by the fumlß as administered by the Public Trustee. There was no further discussion.