CORPORATION FINANCE

Otago Daily Times, Issue 10415, 18 July 1895, Page 3

CORPORATION FINANCE

RESULTS Or LOAN CONVERSION

The Finance Committee of the City Cjulcil reported af, last night'a meeting of the council as follows upon the results of tbe loan conversions uuder the l»giblation of 1891- —

1. A statement has been prepared by the town cl'M-k SHOvriag" tliafc by the cunvereion, by the late MrL'irsvy, of debentures to the extent of £10,503, .'-inking fund to the amount of- £518511s Gd'hss been released

Your committee reciminentU that application be made to the Dunedia Oity Sinkinj; Fuud Oomiui««ioneri! for payment of the uhove amount; ami .that tbe cancelled debentures received inexchanse for, tbe conversion debentures be obtained from th« liank of New Zealand for presentation to tha Kinking Fund Commisj'ioners if so required. 2. His Worship ihe M.lyor has ascertained the result of Mr Leary's completed to be as follows :—

Old debentures amounting to .£OIOO have been exrhanced at a premium in excess of actuarial 'calculations, on the whole, of £1117s 10J. Old debentures aroonntius to X 4400 luive been purchased for ca.~h at an exces-; on actuarial calculations of, on the whole, ,£I2S lis.. New debentures amounting to £6150 have been sold at an .average premium of £o His 3d per cent., or a total ou the whole of £357. . The result to the corporation is that,, calculating the issue of the .debentures'Oh a 4} per cent, basis at par, as provided by Mr Leary in hia actuarial calculations, Mr Lesiry has secured for the council a net profit of £13S 13a fid on transactions affecting £10,50!), or £1 6-i 5d for each £100 debenture iv exce's of his own calculation. , In addition new debentures have been sold in anticipation of the purchase of old debentures to the uxtent of £1750, at a profit of £101 Us sd. ./issiiminpf that purchases will bo mart c to an equal amount on terms as favourable as-those already concluded, thtn th« total sum realised bsyond tViB actuarial calculations will be £lH)ln.9Jd on £12,250. or £1 10s IOJd for each £100 debenture. % .-■■ - .

! Mi Le*r> s account with the corpoi atiou stvDds i^uulei md as to tin join eoimavttee will nutke a definite recommendation to the council At its nevt meeting — l)r C^-sh advahcea for actuarial cilcul itioijg £ 73 10 0 Ciiih cabled to London ' ... BOi3 0 0 £373 10 0 Cr One-half per cent. on £10,500 £52 10 0 Twojen interest on£l3S 1350 d... 12 9 7 £64 19 7 One-half p;r cent. ou£l7jO £8 10 6 Two years' interest on £50 8, . 410 0 13 1 3 7S 0 10 L-a\ ing; Inn indebted to the corpora tion in the sum of .'.; ... ...£295 9 2 The reporc was sdopted