SINKING FUNDS
A suggestion was made at last evening's meeting of the Rotorua Fire Board that as the Public Trust ee had re'duced the interest on sinking funds entrusted to his charge in the common fund to four per cent., an effort should be made to ascertain if it were not possible to remove the fund from his control and to invest it in Government bonds which bear five per cent. interest free of income tax. Mr. Malcolm characterised the Public Trustee's action as definite repudiation of an agreement, and - the chairman, Mr. F. Goodson, pointed out that with the reduced interest, the accumulated sinking funds would be insuffieient at the time of expiry to meet the loan liability. Action was deferred until next quarterly meeting.
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Bibliographic details
Rotorua Morning Post, Volume 2, Issue 342, 1 October 1932, Page 6
Word Count
126SINKING FUNDS Rotorua Morning Post, Volume 2, Issue 342, 1 October 1932, Page 6
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