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9
The old pavement has been relaid in several of the
other streets in the Hamlet, where it will doubtless
prove a very considerable benefit. A more detailed
account of the above works will be found in the Surveyor's
Report hereunto appended, to which the Vestry
beg to refer.
The Ratepayers will naturally anticipate that the
expenses of executing works of such magnitude could
not be met out of the ordinary rates, and, as intimated
in their last Report, the Vestry applied to the Metropolitan
Board of Works for a further loan of £13,000
(making with the previous loan of £12,000, the sum of
£25,000.)
The Metropolitan Board agreed to make the advance
on the security of mortgages of the rates, and at
£3 17s. 6d. per cent. interest, payable quarterly, and
the principal to be repaid by 20 annual instalments, on
the 1st October in each year, the first instalment to be
made on the 1st October, 1874.
The money has been received by four instalments, at
intervals of three months, and as the interest is only
charged from the day on which the money is actually
received, a considerable sum has been saved in this way.
It is not improbable that the expenses of the works
may somewhat exceed the amount of the loans, but the
Vestry are confident that they will be able to meet all
demands without the necessity of making any increase
in the rates.
Having regard to the expenditure on the roads of the
Hamlet, the Vestry have not deemed it advisable to
incur any very heavy liabilities relative to the Sewerage
Works in the Hamlet, but they have, nevertheless,
carried out some of very great utility, such as diverting