London's Pulse: Medical Officer of Health reports 1848-1972
View report page
Hints from the Health Department. Leaflet from the archive of the Society of Medical Officers of Health. Credit: Wellcome Collection, London
Shoreditch 1892
[Report of the Medical Officer of Health for Shoreditch, Parish of St. Leonard]
This page requires JavaScript
14
"Debentures to be paid off.—Annual drawings for cancelling a certain number
of Bonds will take place at any ordinary meeting of the Vestry, after due notice.
"The Debentures will be redeemable at par on a given date, unless sooner
determined by lot.
" (3) GENERAL RULES.
"It will be necessary for the Vestry to make certain regulations with respect
to the payment of interest, keeping register of securities, etc., and these will be
submitted hereafter.
"(4) ADVANTAGES AND SAVIXG TO THE VESTRY.
"The Debentures being in amounts of £10, would be a very useful and good
investment for the small investors of Shoreditch, the interest being better by three
quarters per cent, than that obtainable from the Post Office Savings' Bank, and it
is probable that if this Loan is taken up as readily as is anticipated future loans
could be issued on even better terms.
"The following statement shows the benefits accruing to the Vestry as compared with the usual method of borrowing from the London County Council.
| BORROWED THROUGH LONDON COUNTY COUNCIL. | RAISED BY VESTRY. | ||||||
|---|---|---|---|---|---|---|---|
| Interest at £3 10s. Od. pen cent. | Interest at £3 5s. Od. per cent. | ||||||
| £ | s. | d. | £ | s. | d. | ||
| Stamp Duty on Issue | 55 | 0 | 0 | Stamp Duty on Issue | 55 | 0 | 0 |
| Law and Stationery Charges, &c. | 10 | 10 | 0 | Printing, Certificates, &c. | 10 | 10 | 0 |
| Average Annual Instalment of Principal and Interest required to repay £40,000 in 50 years | 1,705 | 0 | 0 | Average Annual Instalment of Principal and Interest required to repay £40,000 in 50 years | 1,630 | 0 | 0 |
| Keeping Register (Annual Fee) | 35 | 0 | 0 | ||||
| Interest on Procuration Fee (Annual Sum) | 13 | 0 | 0 | ||||
| 1,678 | 0 | 0 | |||||
| Net Annual Saving by issuing Debentures | 27 | 0 | 0 | ||||
| £1,705 | 0 | 0 | £1,705 | 0 | 0 | ||
" The total saving on the loan for 50 years would therefore be about £1,350.
" The proportionate share of the Vestry in the profit which the County
Council would realize from lending the money would be about £4 per annum, but
none of this would be realized for about 50 years.
" \our Committee, therefore, unanimously recommend—' That the Vestry be
recommended to make arrangements to raise this loan of £40,000 by the issue of
Debentures under the Local Loans Act, 1875, and that the Vestry Clerk be
instructed to lay a provisional proposal on the above lines before the Local
(lovernment Board for their sanction.' "