MIRAMAR BOROUGH COUNCIL.

Dominion, Volume 3, Issue 662, 12 November 1909, Page 3

MIRAMAR BOROUGH COUNCIL.

1.-,. .. .tramway; sinking eund; -:.': ;.-,A, meefingof tfie-Mirainar:Borongh Council held .lastvevening, the: Mayor (Mr. C.'■ J.' ,Cr.awford),,presidiiig:i .Ihei'e/were: also' present: Councillors'Brodie, JTLebd, nnd McClelland. ;::,Permission": was'grante'dt.to 'Mr.; C. : F."--Pulley to run- a.one^inch , 'water pipe.from Te Whiti Street' to.. the-;Mirajna.r' /Wharf, subject ; to .any, stipulations the borough engineer might see'fit to impose. :■, Mr.; Pn|le,y • also asked : permission to .''close -the road-' through 'the Mirama'r cutting and along ;.the ■ foreshore ito 'enable his foreworks;:to he,carried out. ■ . ! /iC.onncillorM'l*od-stated .that,he understood that tho contractor would not be putting many •men"pn . the ■ excavation "■: work" until '. after ChristmW,•>•«-.;.■>..;;,>■: : ~;'...:.....■... .

; The:-borough ■engineer, was .■ authorised ■' to close the road when he thinks , it necessary.. ■,' The. Wellington City ■ Council * wrote stating that iti , .could ; not' , gTant. ; ,any., concession on fares'.'to Kilbirnie as .asked,!by the borough. Anoter letter wasreceived.i from;, the City Council'.in response to .running a box car'to'Miramar, and Seatouni.and:; stating , that'the. only way tho cost, could be 'reduced would by ruHhmg; without a conductor. This, ■it was point^dfout,.could , only,be done by getting the nermission ■ of; the Publio' Works Department. ■ . .The Wellington).Harbour. : Board;wrote.agree'k? ■ t ? I ,l aT *'' i{ '•'" S aß Se tramway: 6n : the rMiTamar: yvharf in steadof a. narrowgauge ■' ■Beporting. 'on the.' tram ways :• loans.-- sinking fund,;.the,;-clerk :said:-"The. loans tptaL 435,000, being, a -loan of. repayable: oft: December .a; .1931, and a ,l.oan of repayable qn : March' 1,; 1933. , ..The. sinklng.ftmd.vestablished in connection '.with. these loans.is'ilO,per,.:ceht.;per annum. :The amount' payable by the iWellington City Council for thje purchase, of .the .'portion .of the tramway :within . the. city, was'■ hypothecated ,to ttfe ■■ _benture-ho|ders. of the' iIS.DOO-loan 'as an additional v'seenrity. to ' the 'whole; district -rate. The. suiting fund commissioners,' therefore, receive annually' from the WollingWCity Couh-' cil;.'i:iOS2 ; ' 19s;y: which.Swith^'the' I'■1'■ .per 'cent; on: the :; loan, totals ' £Uo2' Ws. for ten years fr6m .:1908-1917 inclnSivo.l" Dealing with 'the' payment by .the' oity.'.of>'the ,, 'ieios2 ; 19s; par annuin/fpr 10 years.'at (annual rests) this will ambunt.to 15s. 6d. bv ; December, 1917, andfihv^ste'd .for'U"years at 41. per ••cent;, (half "rests) will amount to jE2i,llO in , 19311',. ':The' annual pay , - bentsi,of l.per "cent;' pn : .tne-loans,: Will, raq'uiro to:be made for H years from 1908, and ■by,;' DecemWr,',"l92l,-•' >7iU ' amount' to .£6618 ; 17s.;(at!.(J per cent..yearly'rests); and invested for.;iC'years)' at-ll.per; cent, half-yearly rests) wilr/amount in December,. 1931.,t0 7s; InVDecember, 1931, the' date of-repayment of ■Jkhe-.L£23,000 loan, the position .will be:—Accumulation from. city, cqntributibn, ac'oiiaulation. from 1 r per/-cent.. sinking ; fund :.£1u,335: :7s;;. total, sJm.US.- 7s. A Deducting.: tho thereisa sum! of. "411,445 7s. 'available tovmeet the i£12,000 loan falling due 15 months later,,Marbh,vl933. .;The,.411,«5..75'., J with .in-, .terest;. at,' say, - 5 .per.' -the broken' period,'will amount to Mn the above, ,the Tate..'6f^.interest'the' , ', sinking funds 'are assumed''tp ? earn.;is:, taken 'at'-.'il tper cent.,, which, is.-at -present a fair estimate.- 'On a' ■basis of A ,per cent.;. 0n1y.. , being earned, 'the city's contribution ;by December, 1931,, "yill amptint; to ,£22,089; 25., and '20 , annual payirients of . l'vper' cerit. ; / would be a necessary, which will by,Dooemberi , 1931,. amount to £12,527 10s./* making a>total:of ;JE34,616- : 123. available to meet'the repayment of the loans.. ;'..'.',. V.The: Mayor■;remarked that ; -the above'report had'.been called for'by" a councillor. ;In view of .the .'report; he' considered' that; any criticism that .could be made/mnst be. that the. borough had; oyerprovided : in the way. of sinking fund.; :The'adoption of the report.was :agreea: to'.■ . Accounts, amounting, .to. .jf 242 -Bs.,were passed, for, payment./ , .The'bank:,balance, showed -a •debit ofVX6BS-'fe;-.'-lld.'- : ;:-..■'..:,•-■■.'■■'■'!;.■.•.•• -:■:.,