View report page

6
sum of £4,847 for new works and improvements; the net
decrease on the year in the indebtedness of the Board is
therefore £1,330 6s. 7d. The following statement of the loan
debt will show the reduction made in the past five years,
and the amount outstanding at the end of each financialyear in that preiod.

Giving an Annual average Reduction of £2,687 in the five years.
The following statement is given to show the amount
borrowed in each period of ten years from 1856 to 1886, and
the rate at which the different loans were obtained. From
1856 to 1866 the sum raised was £32,223, at £5 per centum
per annum. In the next period, to the end of 1876, the sum
raised was £87,844, and the interest was £5 per cent, at the
early part of the decade, and 4j and 3g at the latter part,
following this, the sum of £68,268 was raised in the ten
years ended December, 1886, and the interest was, in
the first half of this period, 4½ and 4¼, but in the latter part
it was 3½. This sum of £68,268 included £24,800 raised for
the consolidation of previous loans borrowed at rates of 4¾,
4½, and 4¼, and the new loan was obtained, as stated in