CITY’S PUBLIC DEBT

Wanganui Chronicle, Volume 86, Issue 116, 20 May 1942, Page 3

CITY’S PUBLIC DEBT

REDUCTION OF £30,511 The city’s loan indebtedness was I reduced during the year by £30,- ' 511, of which £9Oll was paid out ’ of revenue as repayment of principal, reported the city treasurer (Mr. Best). At the. beginning of the year the public debt stood at £770,463 19s sd, but by March 31, last, it had been decreased to £739,- ■ 952 14s 9d. The accumulated Sinking Fund against this amount is ; £ll5, 561155. “Arrangements were completed dur- ' ing the year for the raising of a loan i of £109,500 towards repayment of the i London Loan which will mature on j June 1, 1942,” Mr. Best added. 1 “The new loan will be fully liquidated in 15 years by halfyearly instalments of Interest and Principal on a table mortgage basis at an interest rate of 3i per cent. “The annual charges will be reduced by approximately £3,300, but the full benefit of this will not be obtained until 1943-44, as in the coming financial year the final payments will be made in respect of thu maturing loan on June 1, 1942, and the first payment in respect of the new loan on December 1. 1942 ” Mr. Best gave a short summary of the public loan debt at March 31. 1942: General. Gas. Tranis. £ £ £ Repaid ’i..?... 179,61.3 8,890 80,167 Net Debt £523,745 £72,360 £143,848 Accrued Sinking Fund .. £94.134 £22,516 £28,912