~Corporation Stock.~--The balance against the Borough in the shape of
loans, or mortgages on the then rates, when the Town Council took over
from the Street Commissioners was L121,100. By the end of 1864 the
Borough debts stood at L638,300, at varying rates of interest. After the
purchase of the Gas and Water Works, and the commencement of the
Improvement Scheme, this amount was vastly increased, the town's
indebtedness standing in 1880 at no less than L6,226,145. The old system
of obtaining loans at the market price of the day, and the requirement
of the Local Government Board that every separate loan should be repaid
in a certain limited number of years, when so large an amount as 6-1/4
millions came to be handled necessitated a consolidation scheme, which
has since been carried out, to the relief of present ratepayers and a
saving to those who will follow. The whole of the liabilities in the
Borough on loans were converted into Corporation three and a half per
cent. stock at the commencement of 1881, the operation being performed
by the Bank of England. The tenders for same were opened Jan. 18th, when
it was found that L1,200,000 had been applied for at and slightly over
the minimum rate of L98 per L100.
Pages:
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153