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12
Year.
Amount
paid off
during the
year.
New Loans
raised.
Net
reduction.
Net
increase.
Amount
outstanding
at the end of
the year.
£
£
£
£
£
1893—94
5,889
11,300
...
5,411
67,494
1894—95
5,060
8,200
•••
3,140
70,634
1895—96
5,098
'
15,600
10,502
81,136
1896—97
5,372
• ••
5,372
...
75,764
1897—98
5,113
14,725
...
9,612
85,376
1898—99
5,223
3,500
1,722
83,653
The following statement indicates 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 earty 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 4¼, but in the latter part it was 3½.
This sum of £68,268 included £24,800 raised under a scheme
submitted by Mr. T. W. Williams, then Chairman of
the Finance Committee, and approved by the Board, for
the consolidation of previous loans borrowed at rates of 4|,
4¼, and 4¼, and the new loan was obtained at 33/4. 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., 1S66 to 1876) included the loans for the
New Offices and for special paving works.
During the fourth period of ten years, extending from
1886 to 1896, the amount borrowed was £77,672, and the
rate of interest varied between 3½ and 21/8 per cent.