DUNEDIN'S SINKING FUNDS.

Otago Witness, Issue 2811, 29 January 1908, Page 12

DUNEDIN'S SINKING FUNDS.

WHAT THE COMMISSIONERS DO/ . THEIR SERVICE? EULOGISED. Some idea of the. magnitude of the work; carried on by the- Dunedin. Sinking Fund' Commissioners -was given to the City Council on the Isth by Cr Small, the chair- v man of the Finance Committee. He' said* ■- that but little was- ever heard of the-work-done so quietly ,hj the commissioners andi << their secretary, Mr Peter Barr. . The pre- . sent commissioners are Messrs G-. L. Dennis tqn, D« E. Theomm. and the Mayor of the city (Mr J. London). . la connection with our -various sinking funds, said ,Cr, Small, the commissioners hod received 1 up to March 31 hist from the City Council, in the shape of contributions* the sum o£ £157,107 15s 2d, and from borrowers by way- of interest £179,955 -2b lOtf, or « total ' of £337,062 18s. . Up- to that -date they ha* ' paid to the City Council . by order of the .court and on account of loans, converted the sum of £18,013 3a sd, and had , repaid, - municipal loans to tha extent of £112,'51S 14s 6d'. In deaHng with these larise sums their losses, which mainly occurred during ' the earlier stages of their administration, ! amounted to £11,784-. The administration! charges were only £3308 19s, whilst de-" benture repayment costs, amounted to £499 12s 4d. The payments, therefore, =hy tbHi ■. commissioners totalled £146,121 12s 3d7 ■ leaving available for . -Joans-; • falling. <Ju^ £190,941 5s 9d. This sum, said Cr StaalU would be increases <iuring the current year by about another £8000, so that the total available funds would be about £200,000, which would be pretty well depleted when the next series of loans matured. ' Or Burnett said it was a credit to tha city that they could got such able and clear-headed business men 'to aid. them iff- 1 this work, and without any remuneration whatever. The Mayor endorsed what the previous speakers had said. The small amount of [ losses was very creditable ,indtui^«^^^ai«[ ( a great deal for the care Jcbat had been exercised by the commissioners in making investments, especially when it was remembered that most of the investments were on land, which in- past years had in many instances proved anything but a re-, liable source of revenue to the mortgagor. The result was truly remarkable. • -The corporation had handed over £157,000, loan* amounting to. £112,515 had been repaid, and after all other payments had been made - there remained' about £200,000 for loam redemption purposes. It showed how money grew while one slept. Other councillors also made reference to the matter, and general thanks _were tendered to Cr Small for giving -councillors the opportunity of recognising their indebtedness to, and their appreciation of,the services of the Dunedin Sinking Fund Commissioners.