that any interest obtained by deporting this first instalment of "at a Bank might be credited to this "Fund, wheretz the future " calls upon each lotholder " will be protanto reduced.
I am disposed to take that view (because the first instalment, viz. 25 percent of the estimated cost of the work, paid before the works were begun, interest on it will have been spread over some years;
I do not think that there are any grounds for allowing interest on any instalments beyond the first, since subsequent instalments are only to be called for as money is required to be spent and will not therefore be lying idle for any lengthened period.
It appears from your desp. no. 205 of 28th Oct last, that an expenditure has already been incurred on Sections 1, 2, & 3, to the extent of a quarter of the estimated cost of Sections, 1, 2, 3, & 4, and therefore in excess of the first instalment paid.
[See Schedule of Ord. 16/1889]
[19968]