CO129-534-6 Loans for public works 24-2-1931 - 11-8-1932 — Page 72

Waterworks

Aerodrome

72

1934

1935

1936

$3,000,000

$2,000,000

$1,650,000

Vehicular Ferry

Reimbursement to

Advance Account

$3,000,000

$2,000,000

$1,650,000

Total

$17,050,000

Say

$17,000,000

Note:-

849753/31

£30,000 to be received from the Imperial Government on completion of the Aerodrome has not been included in the above figures.

If to the above is added the cost of building a Gaol estimated at $4,500,000 spread over a period of 2 years commencing in 1932 at the rate of $1,500,000' the funds

p.a.

A

required would be

Marx cena choday

In 1931

$4,000,000

3836000

1932

5,000,000

5170000

19.33

4500000

4,500,000

1934

4,500,000

1935

2,000,000

1936

1,650,000

$21,650,000

165072v

21050 new money.

There is in addition the $5,000,000 Public Works

Loan 1927 to be considered.

This loan was issued at 6% and

has a 6.66% sinking fund designed to amortise the debt in 1938. The loan may be repaid in November 1932 and it would be desirable owing to the high rate of interest to repay the bondholders on that date or offer them conversion terms.

To do this would necessitate the raising of an additional $5,000,000 and increasing the amount of $5,000,000 shown in

1932