MATURING LOANS

Dominion, Volume 24, Issue 147, 18 March 1931, Page 8

MATURING LOANS

Wellington City Council MANY NEXT YEAR Useful Sinking Funds According to the Wellington City Corporation's Year Book, there is only one loan due for renewal this year. That is the electric power, tramways and city works loan of £124,000 (part of £135,000), which is due'for repayment or renewal on July 1. Thia loan, which has had a period of 25 years, has carried with it a sinking fund of 1 per cent., which amounted to £47,416 on March 31 last, so that the city will only need to find about £75,000 to cover the maturing loan. This money has already been arranged for. There are, however, several fairly large' loans maturing next year, which will have to be provided for during the next financial year. These are as

It will be seen that in some of the long-dated loans there has been good provision made by sinking fund, notably in the case of the street works, general improvements, cemetery, and electric lighting works purchase loan which has been reduced from £160,000 to £40,000. Still the commitments for next year are fairly heavy, and will have to be considered in the course of a few months by the council and its financial advisers.

follow: — Loan £ Sinking fund £ Electric tramways, Town Hall, and street paving 330,000 153,067 Consolidation repayments 200,000 Drainage and sanitation 33,000 129,000 61,663 General improvements .. 30,100 9,727 General Improvements .. 32,700 14,100 1,345 Unemployment relief ... 12,000 160,000 1,038 119,027 6,000 2,066 Waterworks and Te Aro reclamation Willis Street widening .. 46,000