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Inspectors, when I appeared in support of the Vestry's scheme, whilst Mr. Davis
represented the London County Council, and some owners of property were also
represented. Evidence in favour of the scheme was given by Drs. F. J. Allan
and L. T. F. Bryett, by Mr. Eve the (Surveyor for the scheme, and it was
supported by the officials of the London County Council. The Inspector subsequently
viewed the area, but the final order of the Local Government Board
approving the scheme was not received within the year covered by this report.
As to raising the necessary funds for acquiring the area, at a meeting of the
Vestry,held on the 5th April, 1893, the Finance Committee presented the following
report, dated 28th March, 1893:—
" PROPOSED ISSUE OF DEBENTURES AT ¼ %
"(UNDER THE LOCAL LOANS ACT, 1875.)
"main features of scheme.
"Your Committee have had under consideration the question of raising the
Loan of £40,000 required by the Housing of the Working Classes Committee, for
dealing with the Moira Place and Plumber's Place areas, and they have carefully
considered a report of the Vestry Clerk and Accountant on the desirability of
borrowing this money by the issue of Debenture Bonds, under the official sanction
of the Local Government Board.
"(1) issue.
"As no Metropolitan Vestry or District Board have availed themselves of the
provisions of this Act for the purpose of raising loans, the matter was placed before
the Vestry's Bankers, the London and Midland Bank, Limited, who write that they
are prepared to arrange the loan and undertake the inscription on the following
terms :—
" The Debentures to be issued to the Bank at 99 % firm. The Bank to be
at liberty to float it off at par in such amounts as may be convenient. This
1 % difference to include all expenses of the Bank for floating the loan, but the
Vestry to prepare and complete the necessary documents and to pay stamp
duty.
"The Bank to undertake the inscription at an annual fee of ,£35 per
annum.
" The Bank to receive all the transfer fees, etc.
"(2) discharge of loans.
"The Debt will be redeemed by equal annual appropriations, raised by quarterly
instalments of Rate, spread over the prescribed period, which in this case
should be 50 years.
"Out of such fixed sum, the interest due on the Debentures would be paid and
the residue applied to the paying off of a corresponding amouut of the principaj
sum secured by such Debentures.