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8
3. Constructing sewer in Bow Common Lane.
The works mentioned under the two first heads had
been for a long time accepted as a necessity, and the
method of carrying them out under consideration, when
a most favorable opportunity for borrowing the necessary
money on advantageous terms presented itself, as
hereafter set forth, which the Vestry at once accepted.
Under the Metropolitan Board of Works Loans
Act, 1871, that body is empowered to lend money to
Vestries and District Boards for improvements of the
kind above-mentioned, on the security of the rates.
The Metropolitan Board being about to negociate
another loan, and it being apparent that the money
could be obtained from them at a less rate of interest
than from any other source, application was made for
a loan of £12,000, for the purpose of the paving of the
Commercial Road, and the footpaths in Mile End Road.
The loan has been agreed to be granted upon the
terms that the principal shall be repaid by 20 equal annual
instalments, with interest in the meantime on the
balance remaining due, at £3 17s. 6d. per cent.
A further sum will have to be borrowed to carry out
the works in the Mile End Road, but it has been calculated
that the saving which will be effected in horsehire,
road materials, and other incidentals necessary for
macadamized roads of the kind which are to be paved,
will render it unnecessary to make an increase in the
rates to provide for the interest or instalments; and it is
confidently anticipated that the ratepayers will see that
a most advantageous arrangement has been made, and
will endorse favorably the proceedings of the Vestry.
The tenders for paving the Commercial Road having
been issued, that of Messrs. Mowlem & Co. was accepted.
It is scarcely necessary to point to the very dilapidated
state in which the road was, attention having been
drawn to it in the report of your Surveyor last year,
but it should be stated that numerous accidents are
alleged to have taken place through it being so.
The tenders for paving the Mile End Road will