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25
The net annual rental, after deducting 39 per cent, of the gross
rental for outgoings (£1,847) is estimated to produce £2,843. This
amount will pay £4 3s. 6d. per cent. on the total capital outlay of
£67,915 14s.
The assessment of the Buildings for rating purposes is £3,355 gross
and £2,580 rateable value.
From a statement prepared by the Borough Treasurer it is
estimated that in the year 1926 the estimated net rental will be
sufficient to meet the annual instalments and interests on the loans;
and the Buildings subsequent to 1926 will become year by year
increasingly remunerative. The total estimated deficiency for the years
1904 to 1925 inclusive is £10,057, equivalent to an average annual sum
of £457, which will be a charge on the general rate of the Borough.
Owing to the net cost of the Buildings being less than the estimate
by the sum of £2,300, the final instalment of the loan of £57,000 from
the Prudential Assurance Company was reduced by this amount, so that
the loan as finally settled stands at £54,700.
A statement showing the income of and expenditure upon the
Buildings for the year ended the 31st March, 1905, is given:—

The Year 1905.
On the 28th June, Mr. F. Shorey, the Superintendent of the
Buildings, was dismissed for irregularities in his accounts, and he was
subsequently prosecuted for embezzlement of the Council's moneys and
sentenced to two months' imprisonment. On the 26th July, Mr. A. J. A.
Cottrell was appointed Superintendent at a salary of 35s. per week, with
gas and uniform, and three rooms in the Buildings.
Since the opening of the Buildings in November, 1904, up to the
31st December, 1905, 32 tenants had voluntarily terminated their
tenancies, and 9 tenancies had been terminated by the Committee by
notice to quit—total 41. All the vacant tenements are at once
re-let, there being still a very great demand for accommodation in the
Buildings.
Vital Statistics.—During the year 21 births (11 boys, 10 girls) have
been registered amongst the occupants of the Buildings, which is
* This amount might have been charged to Capital Account, but was provided for
in the Annual Estimates.
† Rents were first received on 7th November, 1904, for one house only; for the
entire Buildings on 6th February, 1905.