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The following statement indicates the amount borrowed
in each period of ten years from 1850 to 1886, and the rate
at which the different loans were obtained. From 1856 to
1866 the sum raised was £32,223, at £5 per cent. per annum.
In the next period, to the end of 1876, the sum raised was
£87,844, and the interest was 5 per cent. at the early part
of the decade, and 4 1/4 and 3 7/8 at the latter part. Following
this, the sum of £68,268 was raised in the ten years ended
December, 1886, and the interest was, in the first half of
this period, 4½ and 4 1/4, but in the latter part it was 3½.
This sum of £68,268 included £24,800 raised under a scheme
submitted by Mr. T. W. Williams, then Chairman of
the Finance Committee, and approved by the Board, for
the consolidation of previous loans borrowed at rates of 4¾,
4½, and 41/4, and the new loan was obtained at 3¾. The sum
therefore raised for new works in the third period, from 1876
to the end of 1886, was £43,468. The sums raised in the
second period (i.e., 1866 to 1876) included the loans for the
New Offices and for special paving works.
During the fourth period of ten years, extending from
1886 to 1896, the amount borrowed was £77,672, and the
rate of interest varied between 3½ and 2 7/8 per cent.