DUNEDIN’S LOANS

New Zealand Times, Volume LI, Issue 12023, 29 December 1924, Page 12

DUNEDIN’S LOANS

Z REPAYMENT RENEWAL. •«s _ ■ ■ . DUNEDIN, December 25. ’ ■ ‘ The City Corporation .has loans falling * due at the beginning of next year I amounting to A 129.725. Singing funds! provided for these loans total .£44,725,1 leaving £85,000 to be renewed. The ■"“Ole,of this amount has now been subscribed. and ■ money is ••being ■ received on account of the Waipbri loans -to the extent of ,£IOO.OOO. Included in the ioans mentioned above is one of ,£3300 dated January Ist. 1875. A sinking fund < f 1 per oent v was-proridad ,for that loan, and' the amount now accumulated in vhat sinking: fund is -£6884, sufficient to I*7 the loan more than twice over. Thig is an illustration of, the manner in which money accumulates over a long period at compound interest. The surplus i# being used towards the paying off of other loads maturing at the same date. The city treasurer reports; that of the . £200,891 to be collected in rates this year was received up to the last day for payment* December -39th, leaving £BO3O outstanding. The nositioiT last sear that £190.157 was the total amount, and £181.883 was collected up to the last day for payment, aqd £8204 was le£t outstanding.. The position this year is slightly better than last year.