Sessional_Paper_1887-1888 — Page 331

( 19 )

accordingly I would submit the propriety of including this outlay in any Government loan that may be contemplated in connection with public improvements, or if the amount be raised as a separate loan of itself that it be paid off, capital and interest, by equal annual instalments within the time above mentioned. By this arrangement the percentage of the Annual Rateable Value would yearly decrease (assuming that the Rateable value continues to increase as it has done in the past) and a margin would consequently be available for further purposes without increasing the rate of taxation.

The Rateable Value for 1887-8 was....$ 2,902,933

The Rateable Value for 1888-9 is.....$ 3,050,790 Showing an increase of 5 per cent. If this increase be maintained the Rateable Value in 1901 will be $5,460,914.

If a loan were negociated for $230,000 at 5 per cent for a period of 12 years. capital and interest to be paid off in equal annual instalments, such instalments will equal $25,944 or 85 per cent of the present Rateable Value or 48 per cent of the estimated Rateable Value in 1901. If the larger sum of $343,000 (to include the $113,000 required to defray the North Point extension and Pumping Station) were borrowed, the annual instalment i.e. $38,690 would be 1.27 per cent of the present Rateable Value or 71 per cent of the estimated Rateable Value of 1901.

In England the raising of loans redeemable by a number of annual pay- ments for the purpose of constructing sanitary works of a permanent character has for some years received the sanction of the Imperial Government, and it is on this account that I submit this suggestion for consideration.

I have the honour to be,

Sir,

Your obedient Servant,

(Signed),

FRANCIS A. COOPER,

Assoc. Mem. Inst, C.E.,

Sanitary Surveyor, Public Works Department,