WEST HARBOUR BOROUGH COUNCIL.

Otago Daily Times, Issue 7317, 29 July 1885, Page 4

WEST HARBOUR BOROUGH COUNCIL.

Tlie ordinary meeting of the West Harbour Borough Council was held last evening, and attended by the Mayor (Mr Young), Crs Adams, Henderson, Jack, George, Bolton, and Walker.

- CORBESPOXDENCE. Mr John L Ferguson wrote asking the patronage of the council for a conceit it was proposed to " ive maul of the funds ofthe Benevolent institutionThe request was acceded to.

A letter from MrIV.P. Street was read witb regard to the sale of borough debentures, to which the clerk stated he had sent the following reply — ' I am m receipt of your favour of the 16tli inst,"re our debentures. Our last issue was £1050 sterlin X to ™cc ,-2!^l aV kol,,:' vltl County debt. Previously we had issued £8000 sterling, makinga totalissueof£9ososterhiy.g, and all bearing interest at 7 per cent, per annum. The Council have sold out the whole of those debentures. The £2000 sterling issue of 22nd May, which matures m 1892 realised something like '£88 net. They were sold, I understand, at £95, and / per cent, commission given upon them. Eighteen months ago I could have sold you a parcel at £b0 sterling, but presto, in December last we realised £100 for au issue, with the offer of £210s percent, if we would make them payable in 1905 instead of 1895. This the council would not do, ashy 1890 theyexpectedsoundboroughs to beable to borrow at something like 4 or 5 per cent. I can scarcely tell you what our debentures are worth just now. I however, had a commission to buy a £1000 for a Sin? , n SoT' e' eeks a S°*aml was authorised to bid £101 10s for them. I did so, but need not tell voir that tlie answer to my communication was—'Declined, with thanks.'"