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10
Year.
Amount
paid off
during the
year.
New Loans
raised.
Net
reduction.
Net
increase.
Amount
outstanding
at the end of
the year.
£
£
£
£
£
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
1888—9.
5,349
6,825
...
1,476
53,883
1889—90
5,768
2,300
3,468
• • •
50,415
Net Reduction in the total Debt, £9,035.
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 cent.
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 3⅞ 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
previous reports, at 3½. The sum therefore raised for new
works in the third period, from 1876 to the end of 1886, was
£43,468. The sums raised in the second period (i.e., 1866 to
1876) included the loans for the New Offices and for special
paving works.