Page 3 Advertisements Column 1

Colonist, Volume LI, Issue 12494, 22 March 1909, Page 3

THE CITY FINANCES. COUNCILLOR HAMPSON'S SCHEME. A CONSOLIDATING LOAN. At the meeting of the City Council on Friday evening, Councillor Hampson brought down the following scheme for consolidating the city, loans, which it was decided, on his motion, to consider at a special meeting, to be held on Tuesday, the 80th instant. Copies of tho scheme were handed to each Councillor for study in the meantime:— CONSOLIDATION OF CITY LOANS. Proposed Total to he alInterestnow Funding lotted *n Ccnpayable. Time. Amount. Rate. Rate. solidated Loan* .- , £ s. d. £ P-c -' " £ d. 2G5 10 0 20 year:, . 5,900 4J 104* 6,160.10 0 200 0 0 J 912 4,000 5 102J 4,080 0 0 300 0 0 1919 . 7,500 4 par 7,500 .0 0 60 0 0 1931 1,250 4 par 1,250 0 0 620 0 0 1922 15,500 4 par 15,500 0 0 20 0 0 1922 500 4 par 600 0 0 630 0 0 1922 14,000 4 J 103 14.520 0 0 637 10 0 1933 15,000 4J 104 15,600 00 180 0 01935 4,000 4} 104} 4,180 .0 -.0 900 0 0 1925 (Drainage) 20,000 4* 104 J 20,900 ; 0; : 0 112 10 0 Bridges 2,500 . 4£.' 104J 2,612 10 0 112 10 0 Riticulation 2,500 4* 104* 2,612 10 .0 • 1575 0 0 18 years (Drainage) 35,000 4J 20i_ . 36,576 .0 ; , 0 275 0 0 Drainage (new) 5,500 5 109 . 5,995 r0 r 0 10i5 0 0 Overdraft 19,000 6* V™ ■ \ 19.000 :. 0 0 £6,923 0 0 £152,150 £156,995 10 0 / CONSOLIDATED LOAN, £200,000, for 50 Years, at' 4 per cent, - with i percent SINKING FUND. -. £ Amount required to pay off present indebtedness— say ... 157,000 Reserve for future requirements (only to be used by direct vote of . - ratepayers) ... ... - ••• -, f 5.000 Leaving available for general purposes — — - tß » uu " . . £200,000 Interest required at 4 per cent on £175,000 ... ... ... £7,000 Sinkih" Fund at i per cent (absolute amount to redeem at ° 4 per cent is 13/ lsd per cent) ... ... ... 875 . ■-■■-. : - 7,875 Leaving funds available-^- " ; _ " JT~ Surplus of loan ... ...... ... ... - I |'°?° Sinking Funds relieved ... ... ••• • A4UU ""• ' •" 20,400 Less estimated cost of floating new loan ... ... ... ... ... .1,400 l■ : - , £19,000 Proposed Allocation of Loan— 7J7JJ, Streets andbridges ..> ...- ... >» • — ••• • "'"JjjNew water reticulation... ... ... ' .-«■• ; ; •«• •«•'. • ■■.•'' :•• '■_ •'■'■"'■' "■ ' " ""■"_'.' JJ j- -J. £19,000

SUMMARY OF REQUIRED EXPENDITURE FOR GENERAL PURPOSES. (£5500.) „ Office charges, salaries, etc 650 Printing, advertising, and sta,- ■ • tionery , • <JOU Other charges (insurance, stamps, etc.,) -,?>£' Streets and footways* 1500 Street lighting, etc., 550 Drainage maintenance 'QO Fire prevention _/ 450 Public recreation, including pro- .. posed £150 subsidy to the library 550. Section 159 M.C.A. C J$ Contingencies 600 £5,500 *This should be ample for some years to come in the face of -an exr penditure of say £12,000. WATER ACCOtJNT EXPENDITURE. .: (£1400.) - '-.-; : .Salaries, etc, 4 °n Maintenance 750 Sundries "50 £1400 Required for interest at 4 per cent (£7000) and sinking fund . i. per cent. upon consolidated - loan of £175,000 f£B7s) 7875 Total annual city expenditure -•:-.. -. £U,775_

"There Is evidence that the" stones at present standing at Stonehenge are of comparatively recent origin, declared Sir Norman Lockyer, tiie astronomer,- in a :lecture before the Royal Society of Medicine. : N :