THE WATERWORKS LOAN.

Oamaru Mail, Volume III, Issue 734, 16 August 1878, Page 2

THE WATERWORKS LOAN.

The proceeds of this loan have at last been received. At the meeting of the Municipal Council last evening the following letter was read : The National Bank of New Zealand, Limited. Oamaru, 9.th August, IS7B. Sir,—l have the honor to advise you that I am this day in receipt of a remittance from our London office of the proceeds of the Waterworks Loan, amounting to L 61,187 18s. Id. This leaves the average price realised, after paying all expenses to date of LlO2 Os. 7d. net, the Loan having been floated at an average of LlO3 lis. Sd., the gross proceeds being L 62,150 15s. Id. I await your instructions as to the disposal of the funds now in hand. —I have, &c., Alex. Kerr, Manager. The Council then resolved, That a separate account be opened al tho bank for the waterworks, and that a cheque be passed to credit of said account for the amount of proceeds of waterworks loan ; also, that a separate cash book and ledger be kept for waterworks receipts and expenditure. That a cheque be then drawn on waterworks account and paid into ordinary

municipal account for the total of sums advanced thereon (including interest) on waterworks' account. That the Finance Committee bo directed to ascertain what sum will require to be lcopt to credit of open account (on waterworks' account), and to place the balance on fixed deposit for such term as they may deem advisable.