Victoria's Financial Condition
MR WYNNE'S SCHEME.
(Received January 15,10.30 a.m.) Heuiouunk, January 15. Among the many schemes propounded for tho amelioration of the financial condition of the colony is one by tho Hon. A, Wynne, propoiing to wipe out the expensive sys- > tern of pensions which is a serious drag on the public finances. Mr Wynne estimates thattho total pensions payable in tlio Colony gv present a sum of £260,000 per Stmint and actuarial investigation shows that tho buying out price of theso pensions amounts to two and a quarter million. Interest on the loan ' to provido tho necessary money for buying out at four percent, with one per cent added for sinking fund, would amount to £IIO,OOO por annum, which would represent an annual saving of £150,000 on what tho Colony is now paying. One per cont sinking fund would wipe out tho amount borrowed within fifty years, under the Credit Foncier System. In tho case of those who do not tako thoir pension in a lump sum the Govcrnmonteould purchase their annuities,
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Wairarapa Daily Times, Volume XVI, Issue 4926, 15 January 1895, Page 2
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174Victoria's Financial Condition Wairarapa Daily Times, Volume XVI, Issue 4926, 15 January 1895, Page 2
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