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15
In moving the reception and adoption of this report, Mr. E. Moffatt, the
Chairman of the Committee, informed the Vestry that the London and Midland
Bank had, since the preparation of the above report, agreed to reduce the annual
charge for the management of the loan from £35 to £30, to be reduced at the end
of five years to £20, which would effect a further saving to the Vestry of about
£ 1,850. The report was received and the Committee's recommendations were
adopted.
A formal application was made to the London County Council for their
consent to the loan, but owing to the delay in obtaining the Order of the Local
Government Board, sanctioning the Vestry's scheme for dealing with the Moira
Place and Plumber's Place area, the Council were not in a position to consider the
matter within the time covered by this report.
The official sanction of the Local Government Board to this method of
borrowing the money will also be applied for in due course.
The Accountant has been informed by the Inland Revenue Department, that
the Vestry are a duly constituted corporate body empowered to enter into an agreement
under the Stamp Act, 1891, sec. 115, for the composition of Stamp Duty on
the transfers of Stock and Funded Debt.
On the 1st April, 1892, the Housing of the Working Classes Committee
reported to the Vestry, as follows :—
" Your Committee think no time should be lost in making arrangements for
raising the necessary money for purchasing the property included in the Moira
Place and Plumber's Place scheme, as official sanctions have to be obtained. The
[Surveyor (Mr. W. Eve) certifies that a sum of at least £40,000 will be required
soon after the scheme has been published, and your Committee have referred
his certificate to the Finance Committee to consider how the money is to be raised,
and
" Recommend—The Vestry to apply to the London County Council for their
consent to the borrowing by the Vestry of £40,000 for the above purpose, from
such sources as the Vestry may decide. As some questions may arise between the
London County Council and the Vestry in carrying this scheme into effect, your
Committee think it would be advantageous for the Vestry to have a free hand in
borrowing this money, and concur with the Finance Committee in recommending
the Vestry to issue Debentures under the Local Loans Act."
The above recommendation was endorsed by the Vestry.
LITIGATION.
SHOREDITCH VESTRY v. PILBROW.
This important sanitary case, which occupied five days in hearing at the
Worship Street Police Court, before Mr. Rose, the Police Magistrate, was concluded
on the "24th August, 1892.