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97
and if borrowed upon the annuity system six more annuity tables and deeds would he
required, involving considerable expense. They had therefore instructed the Clerk to amend
the application by substituting the sum of £2,760, the balance of the amount of £7,760
repayable within a period of 30 years, for the turn of £5,000, and to inform the Council that
the Vestry propose to take op the remainder of the loan when required upon the instalment
system
This was approved by the Vestry.
A loan of £2.760 was subsequently taken up by the Vestry.
Town Hall.
On 21st July, 1896. the Town Hall Committee reported that, as autherised by the Vestry,
the Clerk had made application to the London County Council for the sanction and loan of
the second instalment of the £20,000, the estimated cost of the erection, etc., of the Town
hall Buildings, and that from information obtained it appeared that the furniture for the
large hall could not be made the subject of a loan, and that unless the Vestry could bring up
the cost of erection to £20,000 exclusive of the furniture for the largo hall, the second
instalment could not be advanced at £2 17s. 6d., the rate of interest at which the Council
were advancing loans of £10,000 and upwards: that the Council before considering the
question of a loan for furnishing the Vestry Hall, Offices, etc., would require a detailed
statement of the items of furniture required; that the Clerk wrote to the Council urging
them to take into consideration the fact that the Vestry were paying 3¼ per cent, for the first
instalment amounting to £10.000, already taken up, and make an exception in the Vestry's
favour by advancing the remainder of the loan at 2½ per cent., but that from a letter
stressed to the Chairman by Mr. Morton, L.C.C., it appeared that the Finance Committee
the Council had decided that the rate of interest should be 3 per cent, in view of the
loan not reaching the amount of £10,000.
The Committee further reported that the buildings were exported to be completed
in three Months' time, and should the application be delayed to as to include the amount
required for furnishing, the loan could not be completed until after the Council's recces
and they had therefore.