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that the first-named sum would be absorbed by payment
of the retention money due under the contract, and
that the latter would be applied towards the cost of laying
asphalte in a carriageway not included in the detailed
estimate sent to the County Council ; and they directed the
vestry clerk to make the required declaration subject to
that explanation In due course notice was received of the
"settlement” but it was accompanied by a statement that
the cheque for £1,800 for asphalte works would only be
handed over in exchange for the Vestry's cheque for £398
12s 8d, the amount of the above-named surplus To this
unprecedented proposal the Committee replied that if the
amount were returned, a new loan in its place would be
necessary They also pointed out that the condition was
imposed without any suggestion as to the manner in which
credit for the return would be given, or as to the effect
upon the interest secured by the mortgage deed; but no
solution of these difficulties was offered The Committee
thereupon communicated with the contractors by whom the
work had been executed, and subsequently recommended
that the contemplated loan of £1,800 be abandoned, and
that the offer of the Limmer Asphalte Company to accept
payment in four equal instalments, the first forthwith, and
three at intervals of twelve months each, with interest at
four-and-a-half per cent. be accepted This course was
adopted by the Vestry, and resulted in a saving of £35, as
compared with the interest which would have been payable
to the London Countv Council While these negfociations
were pending, the loan of £1,300 was completed
In March, the Committee considered the sums
to be raised by rates to meet the expenditure of
the several departments for the year, fall details being
submitted to the Vestry. Recommendations were also sent
up for the raising of the sums named below:—
Annual
Estimates of
Expenditure.