THE CITY FINANCES.

Evening Post, Volume LXXVII, Issue 133, 12 June 1909, Page 3

THE CITY FINANCES.

1 THAT £15,000. In regard to the loan transactions J commented upon by Dr. Newman last j Thursday, .and the flat contradictions made in The Post yesterday by the exMayor and councillors regarding some j of the present Mayor's statements, the City Treasurer, on being interviewed, explained the position in regard "to tho loan as follows :—: — j "A loan of £51,000, at 4 per cent., ' raised in 1898 for the payment of the overdraft and for carrying out certain works, matured on 30th June, 1908. The debentures of this loan were held by the undermentioned :—: — ' £ A.M. P. Society ... 15,000 Citizens' Life Assurance Company 25,000 Sundry persons ... 11,000 £51,000 "On the due date there was, in round figures, £3000 unexpended loan money and a repayment loan for the balance of £48,000 was issued. The Citizens' Life Asurance Company would not accept any of the repayment debentures, and they were paid off. The A.M. P. Society also did not take up the repayment debentures, but took up debentures of the abattoirs loan of £15,000 at 4£ per cent. The remaining deben-ture-holders accepted the repayment debentures in exchange for tho matured debentures". At the time of issuing debentures to the A.M. P. Society, the corporation did not exchange cheques with the society, but suitable entries were made in the books, and in the corpoi-ation accounts the abattoirs loan was credited with the amount (£15,000)., The actual cash is provided by the net sales of the repayment loan debentures (£7572) and a temporary advance from the district fund for the balance (£7428), which will be repaid by the sale of debentures, £6000, leaving 'a net charge of £1428 on the district fund."