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8
avail themselves of this power. On the 12th October, 1881,
the Committee reported:-
"As to the proposal to Consolidate the Mortgage Loans of
the Board, the Committee would refer the Board to their last
Report on this subject, and to their Chairman's statement
made same time (see Min., 6 July, pars. 4-3 and 6).
"The Money Bill of the Metropolitan Board having
passed through Parliament, application was made to that
Board to advance the Lewisham District Board £26,439 15s.,
the necessary amount to pay off the existing Loans referred
to, out of the funds at their disposal. And the Metropolitan
Board have acceded to this application as follows:—
(a) The Metropolitan Board, subject to the approval of the
Treasury being obtained thereto, have agreed to advance
this Board the sum of £24,800, at the rate of per
cent, per annum, payable quarterly, on condition of the
principal being repaid in 20 years, by annual instalments
of £1,600 for the first 12 years, and of £700
per annum for the last 8 years.
(b) By this arrangement the repayments under the old loans
would be as nearly as possible averaged ; and with regard
to the difference between the amount proposed to be
advanced and that asked for (£1639) 15s.), it is
stipulated that this Board should pay it out of the rates
of 1882.
(c) I he Metropolitan Board have intimated that, should this
Board require their sanction for the temporary borrowing
of the balance, viz., £1639 15s., they would be
prepared to consider any application submitted for that
purpose.
The arrangement for repayment of loans specified above,
vaning somewhat from the Metropolitan Board's original
order on the subject, the sanction of that Board to the
alteration proposed had been applied for and obtained.
"The Committee beg to report that they have accepted
the advance of £24,800 from the Metropolitan Board, at a
rate of 3¾ per cent., on the conditions set out in the foregoing."