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12
Year.
Amount
paid off
during the
year.
New Loans
raised.
Net
reduction.
Amount
outstanding
at the end of
the year.
£
£
£
£
1883—4
5,907
2,800
3,107
62,734
1884—5
5,434
2,150
3,284
59,450
1885—6
5,428
2,200
3,228
56,222
1886—7
5,685
3,200
2,485
53,737
1887—8
6,177
4,847
1,330
52,407
Net Reduction in the total Debt
£13,434
Giving an Annual average Reduction of £2,687 in the five
years stated.
The total amount raised in 1888-9 exceeded the amount
paid off, owing to the special works undertaken. The
Estimates for the works to be carried out in the year
1889-90 have, however, been agreed to, and the Board are
able to state that the average reduction of the previous five
years will be maintained so far as such works are concerned ;
it may, however, be necessary to make some provision for
special undertakings.
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 4¼ and 37/8 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 4¾, but in the latter part
it was This sum of £68,268 included £24,800 raised for