^'b. 
 
 ^, 
 
 ^ *T.J 
 
 '*'■ V^ ''„0. 
 
 
 M 
 
 IMAGE EVALUATION 
 TEST TARGET (MT-3) 
 
 A 
 
 // 
 
 <''^<'. 
 
 
 •<*- 
 
 1.0 
 
 I.I 
 
 1.25 
 
 JpM ilM 
 
 ■ «^ III 2.0 
 
 1.4 
 
 — 6" 
 
 !!!.6 
 
 vg 
 
 <^ 
 
 /} 
 
 'e2 
 
 %/ 
 
 /^ 
 
 VI 
 
 "^ 
 
 
 ^ ' 
 '> 
 
 (?;i 
 
 s 
 
 Photographic 
 
 Sciences 
 Corporation 
 
 23 WEST MAIN STREET 
 
 WEBSTER, NY. 14580 
 
 (716) B72-4S03 
 
 m 
 
 V 
 
 A 
 
 4^ 
 
 \ 
 
 
 6^ 
 
 % 
 
 V 
 
ilj 
 
 '-'"lb. 
 
 
 CIHM/ICMH 
 
 Microfiche 
 
 Series. 
 
 CIHM/ICMH 
 Collection de 
 microfiches. 
 
 Canadian institute for Historical Microreproductions / Institut canadien de microreproductions historiques 
 
Technical and Bibliographic Notes/Nctes techniques et bibliographiques 
 
 The Institute has attempted to obtain the best 
 original copy available for filming. Features of this 
 copy which may be bibliographically unique, 
 which may alter any of the images in the 
 reproduction, or which may significantly change 
 the usual method of filming, are checked below. 
 
 D 
 
 D 
 
 D 
 D 
 
 D 
 D 
 
 D 
 
 D 
 
 Coloured covers/ 
 Couverture de couleur 
 
 I I Covers damaged/ 
 
 Couverture endommagde 
 
 Covers restored and/or laminated/ 
 Couverture restaurde et/ou pellicul6e 
 
 I I Cover title missing/ 
 
 Le titre de couverture manque 
 
 Coloured maps/ 
 
 Cartes g^ographiques en couleur 
 
 Coloured ink (i.e. other than blue or black)/ 
 Encre de couleur (i.e. autre que bleue ou noire) 
 
 I I Coloured plates and/or illustrations/ 
 
 Planches et/ou illustrations en couleur 
 
 Bound with other material/ 
 Relid avec d'autres documents 
 
 Tight binding may cause shadows or distortion 
 along interior margin/ 
 
 La reliure serrde peut causer de I'ombre ou de la 
 distortion le long de la marge intdrieure 
 
 Blank leaves added during restoration may 
 appear within the text. Whenever possible, these 
 have been omitted from filming/ 
 II se peut que certaines pages blanches ajout6es 
 lors d'une restauration apparaissent dans le texte, 
 mais, iorsque cela 6tait possible, ces pages n'ont 
 pas 6t6 filmdes. 
 
 Additional comments:/ 
 Commentaires suppl^mentaires: 
 
 L'Institut a microfilm^ le meilleur exemplaire 
 qu'il lui a 6X6 possible de se procurer. Les details 
 de cet exemplaire qui sont peut-fttre uniques du 
 point de vue bibliographique, qui peuvent modifier 
 une image reproduite, ou qui peuvent exiger une 
 modification dans la methods normals de filmage 
 sont indiquds ci-dessous. 
 
 I I Coloured pages/ 
 
 Pages de couleur 
 
 Pages damaged/ 
 Pages endommagies 
 
 I I Pages restored and/or laminated/ 
 
 ED 
 
 Pages restaurdes et/ou pelliculdes 
 
 Pages discoloured, stained or foxed/ 
 Pages d6color6es, tachet6es ou piqudes 
 
 I I Pages detached/ 
 
 D 
 
 Pages ddtach6es 
 
 Showthroughy 
 Transparence 
 
 Quality of prir 
 
 Qualit^ in^gale de I'impression 
 
 Includes supplementary materii 
 Comprend du matdriel suppldmentaire 
 
 Only edition available/ 
 Seule Mition disponible 
 
 I T Showthrough/ 
 
 I I Quality of print varies/ 
 
 I I Includes supplementary material/ 
 
 I I Only edition available/ 
 
 Pages wholly or partially obscured by errata 
 slips, tissues, etc., have been refilmed to 
 ensure the best possible image/ 
 Les pages totalement ou partiellement 
 obscurcies par un feuillet d'errata, une pelure, 
 etc., ont 6X6 filmdes 6 nouveau de fapon 6 
 obtenir la meilleure image possible. 
 
 Th 
 to 
 
 Th 
 po 
 of 
 fill 
 
 Or 
 be 
 th( 
 sic 
 
 oti 
 fin 
 sic 
 or 
 
 Th 
 sh 
 Til 
 wl 
 
 M( 
 dil 
 en 
 be 
 rig 
 re< 
 m< 
 
 This item is filmed at the reduction ratio checked below/ 
 
 Ce document est film6 au taux da reduction indiqu6 ci-dessous. 
 
 10X 14X 18X 22X 
 
 26X 
 
 30X 
 
 y 
 
 12X 
 
 16X 
 
 20X 
 
 24X 
 
 28X 
 
 32X 
 
tails 
 > du 
 odifier 
 une 
 mage 
 
 The copy filmed here has been reproduced thanks 
 to the generosity of: 
 
 National Library of Canada 
 
 The images appearing here are the best quality 
 possible considering the condition and legibility 
 of the original copy and in keeping with the 
 filming contract specifications. 
 
 L'exemplaire film6 fut reproduit grAce d la 
 ginirositi de: 
 
 Bibliothdque nationale du Canada 
 
 Les images suivantes ont 6x6 reproduites avec le 
 plus grand soin, compte tenu de la condition et 
 de la netteti de I'axemplaire film6, et en 
 conformity avec les conditii ^s du contrat de 
 filmage. 
 
 Original copies in printed paper covers are filmed 
 beginning with the front cover and ending on 
 the last page with a printed or illustrated impres- 
 sion, or the back cover when appropriate. All 
 other original copies are filmed beginning on the 
 first page with a printed or illustrated impres- 
 sion, and ending on the last page with a printed 
 or illustrated impression. 
 
 The last recorded frame on each microfiche 
 shall contain the symbol —^(meaning "CON- 
 TINUED"), or the symbol y (meaning "END"), 
 whichever applies. 
 
 Les exemplaires originaux dont la couverture en 
 papier est imprimis sont film6s en commen^ant 
 par le premier plat et en terminant soit par la 
 derniire page qui comporte une empreinte 
 d'impression ou d'illustration. soit par le second 
 plat, selon le cas. Tous les autres exemplaires 
 originaux sont film6s en commen9ant par la 
 premidre page qui comporte une empreinte 
 d'impression ou d'illustration et en terminant par 
 la dernidre page qui comporte une telle 
 empreinte. 
 
 Un des symboles suivants apparaitra sur !a 
 dernidre image de cheque microfiche, selon le 
 cas: le symbole — ^- signifie "A SUIVRE". le 
 symbole V signifie "FIN". 
 
 Maps, plates, charts, etc., may be filmed at 
 different reduction ratios. Those too large to be 
 entirely included in one exposure are filmed 
 beginning in the upper left hand corner, left to 
 right and top to bottom, as many frames as 
 required. The following diagrams illustrate the 
 method: 
 
 Les cartes, planches, tableaux, etc., peuvent dtre 
 film^s d des taux de reduction diffdrents. 
 Lorsque le document est trop grand pour dtre 
 reproduit en un seul cliche, il est film6 d partir 
 de Tangle sup^rieur gauche, de gauche d droite, 
 et de haut en bas, en prenant le nombre 
 d'images ndcessaire. Les diagrammes suivants 
 illustrent la m^thode. 
 
 irrata 
 to 
 
 pelure, 
 nd 
 
 n 
 
 32X 
 
 1 
 
 2 
 
 3 
 
 12 3 
 
 4 5 6 
 
s 
 
 1 
 
 i 
 
SINKING FUND TABLES 
 
 / 
 
 AND 
 
 INSTALMENT TABLES, 
 
 BT 
 
 WILLIAM POWIS, F.C.A. 
 
 WITH 
 
 EXTRACTS FKOM A PAPER 
 
 ON 
 
 MUXICIPAL FINANCES AND ACCOUNTS 
 
 Rkad 1!y the Atniioi: iiefoke The Institutk of Chauteked Accountants, 
 
 Toronto, Canada. 
 
 / 
 
 f CANADA. 
 
 T () W O N T () : 
 RowsELL k HrronisoN, Printers. 
 
 1889. 
 
Eutercd according to Act nf the Parliament <>f Canada, in the year one thonsand 
 eight hundred and eighty-nine, hy William I'owis, at tiio Department 
 of Agriculture. 
 
 All rights reserved. 
 
 Entered according to Act of Congress of the United States of America, in the year 
 one thousand eiglit hundred and eighty nine, l)y Willlvm 11. IloiiAKT, in 
 the olhee of the Librarian of duigi-es.s at Wasiiington. 
 
 All riglits reserved. 
 
MUNICIPAL 
 riXAXCES AXD ACCOUNTS 
 
 MANAGEMENT. 
 
 In the management of municipal afiairs, there should be (tem- 
 pered with prudi'iiee and caution) a hold and comprehensive 
 ])olicy pursued; in each case, looking to the welfare of the whole 
 municipal community, in the fut'.re as well as the present. 
 
 DEBENTURES. 
 
 A very important matter in the management of municipal 
 affairs, is the governing of the debenture debt ; both as regards 
 its amount and niatu)ity, and the value and durabilit}^ of what 
 has been procured thei'eby. 
 
 DvAvr. — It is often wiser and more economical, to incur a large 
 debt for durable works of great utility, than to keep down the 
 debt at the sacrifice of other important considerations. At the 
 saujo time, while judicious expenditure, that can only be aecom- 
 plished by borrowing, is conunendable, the amount of debt should 
 be watched and adjusted so that it may not g^ow beyond the 
 limits of prudence or justice. 
 
 Powers. — When debentures are issued, they should never be 
 made payable at a date beyond the time when the works thus 
 paid for are expected to l)e worn oiit, renewed, or replaced. 
 
 Permanent works which might last for centuries, the construc- 
 tion of which might be the truest eccmoniy, should in my opinion 
 be the occasion of debenture issues at very long dates. 
 
 I am of opinion, that, there should be no restriction as to 
 date of payment of debentures issued for permanent works, pro- 
 vided that it be within the probable life of the work There is a 
 vast ditterence between the most indestructible and the most 
 perishable of public works ; and almost all shades of difierence 
 between the two extremes. Many improvements may very pro- 
 perly be the occasion of debenture debt, with great financial 
 
advantage, and yet not warrant deferring redemption, even for 
 twenty years. 
 
 On no account should permanent debentures be issued by 
 any municipality, unless and until, perman(>nt or everlasting 
 works have been acquired to an equivalent value. Deben- 
 tures issued for payment of land purchased for a public park, 
 may be made permanent, not only with i)rudence and i)ropriety, 
 but with the greatest possible attending beneht to the community. 
 I assume, that, as a matter of common sense, legal restrictions 
 will bo enacted governing the issue of permanent debentures 
 This buing done of course property so purchased, will bo required 
 to be permanently and untransferably vested in the miuiicipality; 
 unless and until power of salo given to the holders of the deben- 
 tures is exercised, owing to non-payment of interest. Tluis the 
 painful and shameful calamity can never happen to the inhabitants 
 of seeing their city cases encroached upon until they grow into 
 nothingness. The amount expended in transforming the natural 
 Irnd into a beautiful park, may justly and quite properly bo added 
 to the amount of debentures made permanent, to the extent of the 
 value of the improvements that are permanent. More latitude 
 can be allowed in the case of land, than in any other investment, 
 because, in cities, the old saying, " res crescunt," is usually apj)lic- 
 able to the value of land. The purchase of land of any kind by 
 a municipality may and should be the occasion of the issue of 
 permanent debentures. Justice to the rate-payers demands it. 
 Nothing but land, unless there could be a municipal monopoly of 
 air or water should be purchased with the proceeds of perma- 
 nent debentures. Buildings constructed of blocks of granitoid 
 stone, adhered to each other by thin layers of cement instead of 
 mortar, on an indubitably solid foundation, which might last for 
 many centuries, might at first siglit seem to warrant the issue of 
 permanent debentures for their construction. It is far better, how- 
 ever, to make the debentures payable at some verj' long date, as 
 nothing can be absolutely everlasting but the land. The date of 
 payment may, however, be so far remote as to reduce the annual 
 sinking fund to a comparative trifle. To produce $700,000 at 
 the end of 100 years, only requires a Sinking Fund of $5G5.60 
 per annum invested at 4 per cent., payable yearly ; or $268.20 
 per annum invested, at 5 per cent., payable yearly. 
 
 4 
 
The principle governing the date of payment, in justice to the 
 ratepayers, both of the future and tlie present, should be, as far 
 as is possible, to make the period during which interest and 
 sinking fund are being paid, agree with the period during which 
 the iidiabitants or owners for the time bring are enjoying tiio 
 results of the applieation of the funds borrowed. A careful con- 
 sidei'ation of what I have said will convince the hearer or reader 
 that, if the ])rineiples I have enunciated be strictly adhered to, 
 this result will be accomplished as nearly as the mists which veil 
 t^ie future will atlmit of. 
 
 ExEKcrsE OF P(JWERS. — Should any municipality have become 
 involved to an extent r<Midering it inconvenient to the ratepayers 
 to meet the obligations, it would bo right and extremely convenient 
 to adjust the payments l)y reorganizing the debt on the principles 
 I have laid down. That is, to issue permanent debentures for 
 land acquired, and other debentures at various dates cornvsponding 
 with the ex[)ectant life of efich work respectively, the proceeds to 
 be applied in purchasing and redeeming existing dcltentures. 
 
 In considering the expediency of incurring any debenture debt, 
 of course it is unnecessary to say, that, the first question to be 
 looked to, is, the ability of the ratepayers to meet the interest and 
 sinking fund, without having to pay an excessive rate of taxation. 
 In this connection, however, the result of the work forms a very 
 important element. The work to be undertaken may replace that 
 which is a source of great expense. Then again the construction 
 of the new work may be calculated to increase the ratepaying 
 power of the municipality. 
 
 Before any work is undertaken, or estimates therefor adopted 
 or any by-law drafted for authorizing an issue of debentures, a 
 careful comparison should be made of the relative annual cost to 
 the ratepayers, of all the various modes of constructi(m that are 
 worthy of consideration The sinking fund necessary to l)c set 
 aside annually, is so very much less hi proportion to the debt, on 
 long date debentuios, than on those of comparatively short date, 
 that this question is of vital importance, assuming, as I do, that 
 power will be given (if indeed it does not already exist) to issue 
 deb( ntures at any date warranted by the durability of the works. 
 The effect of compound interest on the annual amount invested as 
 
i 
 
 [\ 
 
 sinking fund, is such, that by doforriiifj the time for the redemp- 
 tion of the debt, a work of much <rreater durability, utility, or 
 other advantage, may be secured at the same annual cost to the 
 ratepayers. 
 
 I give an example h(M*o, which it must be remembered is not 
 adjusted from actual estimates of any work, but is only for the 
 purpose of illustrating the principle. 
 
 A certain work is jjroposcd. The engineer reports that it can bo 
 constructed for 8oOO,()()0, but that if another 8200,000 bo expended, 
 it can 1)0 made almost indijstructible. An estimate is made of 
 the relative cost to the rate[)ayei's as follows : 
 
 Amount. 
 
 Time. 
 
 Sinking Fund. 
 
 Interest. 
 
 Total ^vnnual 
 Amount. 
 
 S.IOO.OOO. . . .20 yeara, $15,121.30 825,000 S40,121..S0 
 
 700,000 50 years 3,343.72 35,000 38,343.72 
 
 The interest, as you will see, is assumed to be 5 per cent. The 
 valuation of the yearly sinking fund is made at the same rate, 
 capitalized yearly. 
 
 Assuming interest to be 4 per cent, the figures will bo : 
 
 Amount. Time. Sinking Fund. Interest. Total. 
 
 8500,000 20 years 81 G, 71)0.87 820,000 836,790.87 
 
 700,000 50 years 4,585.14 28,000 32,585.14 
 
 I have ' omputed the annual amount of sinking fund according 
 to the law of the Province of Onfario — compounding the interest 
 yearhj. 
 
 It should always bo the aim of municipal boards to secure 
 works that will outlive the re<lemption of the debts incurred for 
 their construction. This result is more likely to be attained by 
 acquiring works of the greatest durability, notwithstanding defer- 
 ment of redemption. The nearer the approach is to the everlast- 
 ing, the least costly is the work in the end. 
 
 RECITAL OF DEBTS. 
 
 The recital of debts of a municipality, in its by-laws, should 
 include debts incurred on the security of local assessments. It 
 is well to state how much of the debt is thus secured, but full 
 
 '4 
 
^^ 
 
 particulars nro jUvStly duo to purchasers of debentures, and when 
 jjiven tend to incrcasQ the standing of the municipality at home 
 and abroad. 
 
 REGISTRATION. 
 
 Debentures issued for local improvements should bo registered 
 by the municipality. Not only should reference to the registry 
 oiffico reveul ^iio general debt, but every debt of the munici[)alit3^ 
 Indeed debts for local improvements call for registration more than 
 general del)tH, because a special and preferential lien on certain 
 properties is thereby created, and such lien should be exhibited 
 by the reCorils of the registry office for reference concerning the 
 properties' affected. There is no valid reason why the registry 
 office should not exhibit every lien npon the municipality as a 
 whole or locally, just as fully as in the case of separate properties 
 held by individual owners. It is r'3eilless to add that every 
 cancellation of a by-law should also be registered. 
 
 SINKING FUND. 
 
 Computation. — As almost all debentures bear interest payable 
 half yearly, the interest sliould, technically speaking, be capitalized 
 half-yearly on a yearly estimate. The amount provided as sinking 
 fund, may be assumed to be raised annually, but so soon as the 
 antuial amount is actually invested, it bears in most, if not in all, 
 eases, half-yearly interest, and such interest is, or should bo re- 
 invested innnediately it is received. Practically, however, there 
 is frequently some delay and often slight expense occasioned in 
 profitably re-investing the interest. To bo on the safe side, it is 
 wise to compute the interest as though it were received yearly. 
 
 In order that municij)al officers may see at a glance, what the 
 relative difference is between yearly and half-yearly interest, I 
 give the following comparison of the annual amount of Sinking 
 Fund necessary in each case to provide for the redemption of an 
 issue of $1,000,000 : 
 
 3 per cent. 6 per cent. 
 
 f Yearly Interest $87,230 51 $75,867 96 
 
 years. I jjj^jf Yearly Interest... 87,140 15 75.547 89 
 
 f Yearly Interest $8,865 49 $3,444 29 
 
 oo years. | ^^^^ Nearly luterest-. 8,806 70 3,342 74 
 
»1 
 
 8 
 
 It will bo seen that the differences on ten years debentures, 
 
 between the rates 3 and per cent, range from ^90.36 to 3320.07 
 
 annually to produce 31,000,000. On fifty 3'ear debentures these 
 
 <lifloronees range from 3-')'S.79 to 3101. oo. At all intermediate 
 
 rates, in each case, the diifereneo graduates between the two 
 
 extremes. For ])erio(ls betweiMi ten and fifty years, at 3 per cent. 
 
 the difference graduiites between 300.30 and 358.79, and at G 
 
 })er cent, between 3320.07 and 3101.5.5. To further illustrate, I 
 
 give the yearly Sinking Fund for $1,000,000 in ten and twenty 
 
 years respectively at 4J per cent. : 
 
 10 Years. 20 Years. 
 
 Yearly Interest 381,378 83 331,870 15 
 
 Half Yearly Interest 81,187 33 31,707 49 
 
 It ■will thus bo seen that the difierenee will never be larger than 
 is desirable to cover contingencies. 
 
 Adjustment. — Each year, before placing in the estimates the 
 amount required to be raised for sinking fund, under the var- 
 ious by-laws, a valuation should be made to ascertain whether the 
 existing investments have amounted to the sum originally com- 
 puted as that which would bo on hand at that date. If the fund 
 be deficient it must bo augmented by adding the necessary 
 amount to the ordinary yearly appropriation. 
 
 If it be found th.at the rate of interest being realized is less than 
 that assumed in making the original computation, the annual 
 amount to bo set asitle as sinking fund must be re-estimated on 
 the basis of the deei'eased rate of interest. 
 
 Should it be the case that any municipality has neglected these 
 necessary precautions for some years, it would be well in such 
 instances to cover present deficiency in the computation of the 
 necessary annual amount in the future. 
 
 If these precautions are taken, fractional adju.stments are 
 effected from year to year, which prevent the possibility of such 
 an awkward predicament as that of finding the fund .short when 
 the debentures mature. 
 
 Should any work become useless or require renewal before the 
 debentures issued for its construction are redeemed, if it is prac- 
 ticable.provision should be made for setting aside the present 
 value of the interest and sinking fund to mature in respect of 
 
 ■ 
 
9 
 
 such debentures before other debentures are issued for re-cou- 
 struction. 
 
 IxvKSTMENT. — I aiu Very (Uicidedly of opinion that the invest- 
 ment of the sinkinj^ fund should, as far as is j)o»Hible, be the 
 purchasinj,' of tlio debentures of the same municipality. This 
 system lias all the advantages of payinj^di-ltentures by instalments, 
 while at the same time it does not interfere with the pnjtitable 
 sale in tlie first instance. There is no ri.<k of loss, and there are 
 no collections to make in realizing on investments. 
 
 A municipality quietly buying in its own debentures creati.'s a 
 demand for them in the market. The resuli i-^, that, investors 
 finding at all times a ready sale for them at g" d prices, the 
 demantl increases and is always brisk. The tendency is, to enable 
 such a municipality to decrease the rate of in^* rest ousubsr^uent 
 issues. 
 
 It must, of course, bo borne in mind that, if t^ie Inking fund 
 i.s vo invested, the amount of the coupons mu;-t, he paid to sinking 
 fund and invested in that behalf, the same as though tlie deben- 
 tures bought were those of another corporation. 
 
 EXPENDITURE. 
 
 The period between the elections and the time for sti iking the 
 rate, should be largely occupied by the council in discussing the 
 entire needs of the municipality. In dealing with the (luestion of 
 repairs, it should, in each instance, be deliberately considered 
 whether a new work would be less expensive in the end, than 
 patching and mending for temporary necessities. Comparative 
 statements should be submitted, shewing, in each case, what 
 annual amount would be necessary to provide for interest and 
 sinking fund to secure a new work, and what amount would 
 otherwise be necessary for rejiairs. 
 
 The interests of the several wards or parts of a municipality 
 f should be duly considered, but not in such a way as to lose sight 
 
 * ' of the general welfare of the whole. If from any cause there 
 
 remains a balance unexpended of the previous year, it is right 
 and equitable that such surplus should be credited to the wards 
 or divisions, in proportion to their contributions as per assessment 
 

 10 
 
 rolls. If this were done, there w nld be less jealousy regarding: 
 the amount expended in each division in any particular year. 
 Expenditure in this connection, not provided for by local taxa- 
 tion, would, of course, be charged respectively. It is not neces- 
 sary that, in each and every year, a proper proportion of the 
 taxes raised and available, should be actually expended in that 
 year, in each locality. One ward may be allowed certain improve- 
 ments in one year, and another in another year. The necessities 
 in each case should be considered for the time being, while the 
 permanent standard should be maintained. 
 
 If the council is aware, that, from any cause, the ratepajring 
 power of the municipality is weak during the year current, and 
 there is a balance unexpended of the taxes of the previous year» 
 it is right to appropriate such balance towards the reduction of 
 the taxes for the current year. 
 
 STRIKING THE RATE. 
 
 In striking a general rate, the various local assessments should 
 always be taken into consideration, because the owners or inhabi- 
 tants in each locality, cannot be supposed to be able to bear an 
 excessive rate of taxation, even though they have improvements 
 peculiar to themselves. School or other general rates, to be levied 
 separately, must also be taken into consideration for very similar 
 reasons. 
 
 The estimates should be considered in order ; 
 
 1. Demands for government, county, law, school, or other esti- 
 mates of amounts to be raised separately or otherwise. 
 
 Interest and sinking fund for the year, including amount, if 
 any, necessary to adjust the sinking fund. 
 
 Unpaid claims of all kinds, matured and not satisfied or provi- 
 ded for. 
 
 Local assessments of all kinds. 
 
 2. Expenses. 
 
 3. Contingent expenses. 
 
 4. Repairs. 
 
 6. Improvements. 
 
 The first group of items must be provided for. 
 
11 
 
 If current expenses added, requires a heavy rate, each item of 
 expense should be carefully considered, with a view to possible 
 retrenchment. 
 
 If the question of repairs has been duly considered, in relation 
 to new works, this item can be intelliofently dealt with at the 
 meeting. 
 
 The securing of improvements out of current revenue, can only 
 be entertained when provision for the other items would require 
 but a low rate of taxation. 
 
 If it be clearly seen, that, improvements of a temporary nature 
 not warranting debenture debt, can be accomplished out of rates 
 to be levied, it is well to arrange that the cost of the improve- 
 ments decided upon, be charged to the ward or division benefited ; 
 and that at the end of the year, each ward or division be credited 
 with its proper proportion of the surplus of taxes after providing 
 for the unavoidable expenditure. By this system, it will be seen 
 from year to year, what the relative claims of the various wards 
 or divisions are, upon the general funds. At the same time it will 
 prevent wasting the funds, by dividing them for expenditure in 
 each yeai'. 
 
 Should it be found that the rate necessary to provide for the 
 entire estimates is extremely low, it is well to consider whether 
 any circumstances will probably necessitate a much higher rate in 
 the following year. Also to anticipate improvements not war- 
 ranting debenture debt, but yet too costly for the amount to be 
 levied in any one year. 
 
 Provision may very properly be made to meet such future 
 demands, without inconvenience to the ratepayers, liy adding a 
 suitable portion of the prospective expenditure to the amount of 
 the estimates, to be covered by current assessment. 
 
 It may often occur that, by husbanding the resources of two 
 or more years, preparation may be made for more satisfactory 
 repairs or improvements than could possibly be effected by 
 spending each year the total amount collected. 
 
 In computing the amount of taxes resulting from a given rate 
 due allowance must, of course, be made for unrealized taxes under 
 such rate. 
 
12 
 
 Local Assessments. 
 
 The following example will illustrate the striking of a local 
 rate on frontage unequally benefited : 
 
 A local improvement is undertaken. The total frontage to be 
 taxed is 2,000 feet. The engineer reports that the benefit to be 
 derived by the owners of the property respectively, varies very 
 considerably. In this connection he divides the frontage into 
 five sections— A, 100 feet; B, 500 feet; C, 300 feet; D, 100 feet, 
 and E, 1,000 feet. B is to pay twice as much per foot as A, C 
 three times, D four times, and E five times as much as A. 
 
 It will be seen that we must take into account the number of 
 feet along with the proportionate rate in each instance, to ascer- 
 tain the proportion of cost to be borne by each section. If wc 
 divide each by the number of feet embraced, we get the cost 
 per foot. If we assume the cost at $1, the fraction to be paid 
 on each foot, multiplied by the total annual amount to be raised 
 for interest and sinking fund, will give the annual tax per foot, 
 as follows : 
 
 
 No. of 
 feet. 
 
 
 Fraction per foot 
 of $1, total cost. 
 
 A. 
 
 . 100 X 1 = 100 = 1/74 -r 100 = 
 
 1/7400 
 
 = .000135135'" 
 
 B. 
 
 . 500 X 2 = 1000 = 10/74 4- 500 = 
 
 2/7400 
 
 = .000270270'" 
 
 C. 
 
 . 300 X 3 = 900 = 9 74 -f 300 = 
 
 3/7400 
 
 = .000405405'" 
 
 D. 
 
 . 100 X 4 = 400 = 4/74 -f- 100 = 
 
 4/7400 
 
 = .000540540'" 
 
 E. 
 
 .1000 X 5 = 5000 = 50/74 -^ 1000 = 
 
 5/7400 
 
 = .000G75675'" 
 
 7400 
 
 The cost of the work is 850,000. The debentures are payable 
 in 20 years, and bear 5 per cent, interest. It is presumed that 
 interest will not remain as high as this, and that such a rate 
 cannot be depended upon as that which will be realized on the 
 sinking fund. If the debentures are bought in as investments of 
 sinking fund, they are expected to become worth a premium. It 
 is therefore considered that 4| per cent, is all that can be relied 
 upon, and the sinking fund is to be estimated at that rate. 
 
13 
 
 
 The amount to be raised annually is therefore as follows : 
 
 Interest on $50,000 at 5 per cent S2,500 00 
 
 Sinking Fund, 20 years at 4^ percent, (see table, p. 34) 1,593 81 
 
 Annual cost $4,093 81 
 
 It has been decided, however, that the municipality at large 
 will bear 30 per cent, of the cost by general rate. The fractions 
 per foot will therefore be only 70 per cent, of the full fractions 
 
 o-iven above, viz 
 
 X 4093.81 
 
 X 4093.81 
 
 X 4093.81 
 
 X 4093.81 
 
 X 4093.81 
 
 Rate per foot 
 per annum. 
 
 = .387252 
 = .774505 
 = 1.161757 
 = 1.549009 
 = 1.936261 
 
 A 0000945945' 
 
 B 000189189'" 
 
 C 0002837837" 
 
 D 000378378'" 
 
 E 0004729729" 
 
 The assessment is made up as follows : 
 
 Amount included in General Estimates Sl,228 14 
 
 Section A. . . . 100 feet @ .387252 per foot 38 73 
 
 „ B.... 500 ,. @. .774505 ,. 387 25 
 
 n C... 300 M ©1.161757 M 348 53 
 
 M D.... 100 M ©1.549009 154 90 
 
 .1000 n @ 1.936261 1,936 26 
 
 E.. 
 
 $4,093 81 
 
 ASSESSING. 
 
 It is of the utmost importance, both as regards the municipal 
 treasury and the individual ratepayers, that the valuation of the 
 property assessed, should be as exact as possible ; and that nothing 
 assessable be omitted from the rolls. If this be not effected, the 
 candid and conscientious ratepayers are those who suffer. 
 
 Under- valuation tends to injure the credit of the municipality, 
 because not only does the property appear less valuable than it 
 really is ; but the rate levied is necessarily higher to produce the 
 requircil amount of taxes. The municipality thus appoars to be 
 not only less wealthy, but also more extravagant, than is really 
 the case. 
 
14 
 
 It is, however, equally important that there should be no over 
 valuation ; for, not only is this dishonest to the creditors of the 
 municipality, but dangerous to the ratepaj'ers as encouraging 
 heavy taxation. 
 
 Assessors are too apt to err in under-valuing. It is to be feared 
 that this is done to a very great extent, in most cases of personal 
 property, especially where the amounts are large. Why should 
 not the amount in every instance be an exact valuation ? If it 
 were the i)ractice, and known to be so, ratepayers would be more 
 candid with assessors and more likely to reveal correct values. 
 
 In assessing personal property, it would appear that, a guess is 
 ventured, and if there be no appeal, it stands at that amount. 
 
 In valuing real property, it is simply a matter of appraisement ; 
 but how is it possible to appraise the capital of a manufacturer, 
 or a merchant, or the income of a professional man ? 
 
 How is it possible for an assessor to value the amount of liabili- 
 ties in excess of outstanding assets, to know what may be deducted 
 from the visible machinery, tools, merchandise. See, which are 
 tangible, unless he examines the books in which the transactions 
 of each business respectively are recorded ? How is it possible 
 for him to value the income of a professional man, commission 
 merchant, broker, and such like, unless he is shown all the trans- 
 actions ? 
 
 A .statement should, in every case without exception, be made 
 by each ratepayer in writing and under oath. Why should not 
 each ratepayer be required to make returns of the actual value 
 of his personal property, and be held responsible for his state- 
 ments, with the same exactitude as would be required of him in 
 respect of imposts or excise duties ? 
 
 ACCOUNTS. 
 
 Before proceeding to enunciate my views regarding the keep- 
 ing of municipal accounts, it is necessary to deal with questions 
 which affect the preparation of the books to be used. 
 
 Arrears. — There should be, in my opinion, a more simple and 
 concise method of dealing with arrears of taxes. 
 
 I fail to perceive that any advantage is to be gained by anyone 
 from the reporting of arrears by the minor municipality to the 
 
 massm 
 
15 
 
 county, unless and until the arrears have leacheJ that point when 
 the land is liable to be sold for taxes. 
 
 After the time has passed during which taxes ought to be paid 
 in each year, a return should be made by the minor municipality 
 to the county, shewing what properties are then liable to be sold 
 for taxes. Only between such date and .the day of sale, and only 
 concerning such properties as are liable to be sold, should it be 
 necessary to apply to the county officer at all. A sale should bo 
 held by the county officer once only in each year, when there is 
 any property liable to be sold. Such sale should be held before 
 the time for striking the rate by the minor municipality. lunne- 
 diately after such sale the county officer should mahe a return to 
 the minor municipality, showing the result of each sale, and remit- 
 ting the money collected, after deducting his charges, if he be en- 
 titled by law to make any charge. The transactions of each year 
 should thus be closed and balanced. The only record necessary 
 on the part of the county officer is a full account of the circum- 
 stances connected with each sale and its result. It is not neces- 
 sary that the county officer should keep any further account con- 
 cerning arrears of taxes. This system and process should go on 
 from year to year, the county otFicer acting each time solely on 
 the new report handed him from the minor municipality. 
 
 It is quite immaterial, to my mind, which coui :y officer is 
 responsible for the hoLling and carrying out of these sales. If 
 I had the framing of the statutes, I should be inclined to enact 
 that the sale should be held by the sheriff. 
 
 The full record of arrears should remain permanently and 
 continuously with the minor municipality, in the rolls brought 
 forward from year to year. Thus the arrears are kept alive 
 against each property not sold, for the continual use of collect- 
 ors, treasurers, clerks, and ratepayers in the several municipali- 
 ties where the assessments were originally made. Each sale 
 should also bo recorded in tW several rolls respectively. 
 
 In the case of cities, the treasurer is, or should be, in possession 
 of the necessary information, and has simply to record the sales 
 he effects. 
 
16 
 
 Time OF Balancing — It is extremely desirable, in organizing 
 the simplest method of keeping accounts, to arrange for the bal- 
 ancing and annual statements to be rendered at the proper time. 
 
 The present system of balancing at 3lst December, is extremely 
 awkward. A considerable amount of taxes assumed to be collected 
 by that date, are, as a matter of fact, collected afterwai'ds. The 
 date of the balancing of the books, need not, and does not, influ- 
 ence results in this respect. Punctual payment has to be en- 
 couraged either by discount allowed, line for omission, or summary 
 measures. 
 
 The proper time for balancing the books of a municipality is 
 when ? Do yon not all grasp the idea before it is expressed ? 
 When should it be, but after the assessment is completed, the 
 revision is ended, the rate is struck, the clerk has had the taxes 
 extended and is ready to insert in the new rolls the arrears of 
 taxes from the rolls in use, and all is otherwise ready for the 
 collector to commence his work in connection with the new roll ? 
 Tlicn it is that the treasurer should close his books and hand over 
 to the clerk the old rolls. While the clerk is entering the arrears 
 in the new rolls, the treasurer should be balancing his books. 
 
 The clerk, while entering the arrears in the new roll, having^ 
 thus both before him, can detect any omission or inconsistency in 
 the new rolls. 
 
 When the clerk has completed his entries of arrears in the new 
 rolls, the treasurer should check these entries as asjreeinjr with the 
 old rolls, which may then be filed away as a record of the past. 
 
 The clerk should be the party to notify all ratepayers in arrears. 
 The wisdom of this arrangement is so apparent that comment is 
 needless. 
 
 Assuming that amendments, such as I h.ave recommended, are 
 effected as regards arrears and date of balancin*^, I now proceed to 
 describe the system of accounts which I have to suggest, begin- 
 ning with the assessment roll. 
 
 It should be a fundamental principle, in devising any system 
 of accounts, to avoid all unnecessary repetition of labour. Where 
 this is accomplished, liability to error is necessarily reduced, and 
 time is saved whenever it becomes necessary to refer to original 
 records. 
 
17 
 
 ASSESSMENT ROLLS. 
 
 The assessment rolls, being tlie source from whence the taxes 
 due by each ratepayer are compiUcHl, should unquestionably, if 
 practicable, without sacriticing other necessuiy considerations, Ite 
 the same books iii which the payments under tlio assessment are 
 rccordeil. 
 
 In the case of a township or villaijc this cannot bo done without 
 very serious objections, more than sutheient to counterbalance the 
 advantages to be gained. The colleetin's, as a rule, have theii- 
 offices at their own dwellings, and the collectors' rolls are in 
 private hands, at private residences or can-ied about. They 
 might be lost or destroyed by fire. If no other record of the 
 assessment existed, should the necessity arise for the reproduc- 
 tion of collectors' rolls, a new assessment wouM also be riMjuired. 
 The remotest possibility of such chaotic results is sufficient to 
 banish all idea ot" using the assessment rolls as collectors' rolls 
 in the minor municipalities. The labour, however, of re-writing 
 the nnmes, addresses, amounts, tVc, in the ease of a township, is 
 comparatively light. 
 
 With regard to cities it is very ditferent. The collector's office 
 is, or slumld be, in the municipal buiMings. Indeed, it ought t» 
 be adjoining the treasurers office. The rolls should never be 
 removed from the municipal offices. After all the ratepayers 
 have been duly served with notices of taxes payal)le, the, rolls can 
 be kept in the treasurer's office. They would, however, be per- 
 fectly safe in the collector's office, should they be required for use 
 there. They could, in that case, be obtained from the treasurer 
 every morning and returned to him every night, if such a pre- 
 caution Were deemed necessary. 
 
 If the statements rendered to the ratepayers, show all the 
 component parts of tlie taxes payable, precisely as they are 
 extended in the rolls, as should always be the case ; and if these 
 statements be re(|uired to be brought to the collector's office, 
 when payments are made ; and if the collector's cash book has 
 the necessary colunms identical "with those in the rolls, the 
 posting should be done in the treasurer's office. 
 
 After very careful consideration, I fail to discover any objection 
 to an assessment roll for a city being used as collector's roll, 
 
beyond such as, if valid, would nocessitato every record of the 
 municiimlity being kept in duplicate. 
 
 The size of the book necessary might fiighten one at first 
 thought. I find, however, that many columns of the assessment 
 roll are applicable only to farm lands and to those engaged in 
 agricultural pursuits. By omitting these the hoiizontal space 
 occupied b}^ the necessary columns is reduced nearly one half; so 
 that no insurmountable difficulty exists as to the size of the book 
 required to serve for both purposes. 
 
 COLLECTOR'S ROLLS. 
 
 As I have endeavoured to show, the collector's rolls in cities 
 should be, the extension of the assessment rolls. It remains to 
 exhibit what colunnis should bo added to provide for collecting. 
 When this is done, the same form is available fcir separate collec- 
 Lur's rolls, in adtlition to those columns of the assessment roll which 
 have to be copied. In either case, the last column to the right 
 preceding those I shall name, should show the value of the property 
 assessed. The two columns immediutoly preceding the assessed 
 value, should contain the name and address of the ratepayer. 
 
 I will proceed to the right hand, numbering the culumns for 
 brevity and convenience. 
 
 1. Two money columns ; one for additions to, and the other for 
 subtractions from, the assessed value. 
 
 2. Two columns; one broad and the other for money ; to record 
 rsvised assessments, and the authority therefor. 
 
 3. Current rates in detail ; as many money columns, as there 
 eve various rates to be kept separate in the ledger. 
 
 4. Total current taxes payable in each case. 
 
 5. Date of demand by the collector, or the serving of the notice, 
 as may be required by law. 
 
 G. Repetition of the number on the roll. The clerk should fill 
 in the number in this column, when the rates are extended. 
 This is a check upon the extending of the taxes on the right hue. 
 The collector is reminded by this, to mark the number on the bill 
 of taxes. It also facilitates the posting of payments in the rolls. 
 
 7. Current taxes paid ; columns for date of payment, number 
 and folio of collector's cash book, and amount. 
 
19 
 
 8. Arrears nf taxes ; as nmnv sots of columns as there are years 
 of arrears iieeessiiry to lie kcjjt separate. Each set of columns 
 should have one for each rate kept separate in the Icdijer. 
 
 ■J. AriT.'irs of taxes ])ai(l ; columns for date of payment, num- 
 ber and i'olio of collector's cash hook, and amount. 
 
 10. Date of rejtort to county treasurer of lands liable to be 
 sold for taxes. This colunni can l»e utilized by the treasurer of a 
 city, for remarks pertinent to the same subject, such as date of 
 advertisiiin- sale, kc, &c. 
 
 11. Date of sale for taxes, with room for further jmrtieulars 
 and remarks. 
 
 12. Taxes written off by the authority <jf the council, cohunns 
 for money and reference to minutes. 
 
 Incases where taxes are payable liy instalments, there should 
 l»e, lietween the lines showing the amount due by each ratepayer, 
 ;;.s many faint blue horizontal lines as thei-e are instalments which 
 may bo paid separately. 
 
 To use a hackneyed phrase, " inuigine the thing done, and see 
 what it looks like." 
 
 For cities, the routine would then be as follows : The assessors 
 take the blank rolls, and fill in the particulars and valuations 
 rerjuired bylaw; adding up the columns reciuiring addition and 
 initialing tliu totals, they sign their reports, making the necessary 
 affidavits, and hand the rolls to the clerk, completed as far as 
 their work is concerned. Thenceforth the rolls are lodged in the 
 public offices of the numicipality, never to be removed, unless 
 and until, from lapse of time, they become utterly useless, and are 
 destroyed as rubbish by authority of the council. After the 
 Court of Revision has completed its work, and every levised 
 assessment has been recorded on the rolls in the presence of the 
 (Jourt, the clerk extends the vaiious rates and the total payable 
 by each party assessed ; adding up all the colunnis and certifying 
 to the correctness of the work, he awaits the arrival of the day 
 fixed for closing the books. When that day arrives, the ti-easurer 
 hands the old rolls to the clerk, posted to date. As I said before, 
 while the clerk is entering the ariears, the treasurer is balancing 
 Ids books, Avhich of course have been kept balanced every month. 
 When the clerk announces that the arrears are brought forward 
 
20 
 
 in the new roll, and added up respectively, tho treasurer cheeks 
 the totals, by .seeing that taxes paid and written off, if any, added 
 to arrears, balance exactly with taxes levied in every division of 
 each year's taxes. The treasurer then certifies to tho correctuess 
 of the clerk's certificate as regards arrears. Tho clerk then 
 notifies all parties in arrear, and hands tlio rolls to tho collector. 
 The collector makes out the accounts, numbering each one, as 
 numbered on the rolls. Tho printed form used for this purpose 
 should specify each separate rate, and in the .same order in which 
 they appear on the rolls. There should be a notice thereon, 
 requiring each ratepayer to present it when tendering payment, 
 and stating that if lost or mislaid, a duplicate must bo applied 
 for of, and will be supplied by, the treasuri'r. This will effectually 
 prevent the collector being worried, by having to give informa- 
 tion, while his hands are full receiving money ; while at the .s-ame 
 time it will remove all difiiculty in the way of keeping the rolls 
 in the treasurer's office. This notice .should be printed in ink of 
 a different colour from that used in printing the body of the tax 
 account, and should be made conspicuous. There should also be 
 a notice, printed in heavy type, demanding payment on or before 
 a certain day, and reciting the loss or penalty incurred by non- 
 payment then or previously. This notice should .specify exactly 
 where such pa3'ment is to be made, giving the number or other 
 full description of the collector's office, in the municipal buildings. 
 The collector serves these notices, recording the date of .service in 
 each case ; and so soon as all notices are served, he certifies to 
 the fact on the rolls and hands them to the treafturcr. 
 
 Just here, a thouglit occurs to me. Would it not be a inercy to 
 the employees in the collector's office, as well as a great convenience 
 to the ratepayers, if the by-law of a city fixing the date, on or 
 before which taxes must be paid, were to name a separate day for 
 each ward ? 
 
 COLLECTOR'S CASH BOOK. 
 
 The collector's cash books must next be considered. For a 
 township, village, or small town, where the payments are not too 
 numerous to admit of one person at a time receiving cash, of 
 course one cash book is all that is neces.sary each day. This, how- 
 
21 
 
 ever, .should be in two volumes ; oach used alternately durinij the 
 day, week, or month, respectively, intervening between thj 
 periodical deposits with the treasin'er. 
 
 In the case of cities, however, at certain periods of the year, 
 it requires several persons to wait on the ratejHiyers simultan- 
 eously. For want of a proper .system, I have known loo.so sheets 
 <tf paper to bo used by the collector's assistants. Yet, it almost 
 seems in.sultiiif,' to the good sense of the public, to say noth- 
 ing of the judgment of an expert, to utter anything so self- 
 evident as to say, that, this should never be done under any 
 eirciunstance.s. There should bo a sutticient number of subsi- 
 diary cash books to serve the purpose. These should be in two 
 .s(!ts; each .set in consecutive alternate numbers; one odd and 
 the other even. The odd-numbered set should be used one 
 day, and that with even numbers the next; and so on contin- 
 uously. These books should be ruled precisely the same as the 
 collector's general cash book. 
 
 For the guidance of inexperienced young men, who may bo 
 entrusted with the receiving of money, I would note, that, the 
 amount received, should, in every instance, be entered in the cash 
 book, before the receipt is signed, or the money placed in the 
 till. Only one assistant should use the same cash book on the 
 same day ; and he should keep the cash received by him .separate 
 from all other cash received. At the close of the day, each as.sist- 
 ant should balance his cash, and sign his name opposite the amount 
 in the book which he has used. The collector .should also sign 
 his name in the .same book, acknowledging receipt of the amount 
 from his a.ssistant. The collector .should enter in his general ca.sh 
 book, the totals of each subsidiary book, and balance his cash, then 
 and there, and hand over to the treasurer the amount along with 
 all the subsidiary cash books containing the details. When such a 
 collector personally receives payments of taxes, he must also use 
 one of the subsidiary books for recording the details. If from any 
 cause, such as extreme press of business or deficiency in his staff, 
 the collector has not secured the proper filling in of the compo- 
 nent parts of the taxes in all the subsidiary books, the details 
 neglected can be filled up in these books, on the following day, in 
 the treasurei''s office. 
 
22 
 
 With regftnl to tlio cash receivefl from tlio ratepayers, by the 
 collectors, it seems needless to state, as I have done, that in cities 
 it should bo i)aid ov»'r daily to the treasurer ; the propriety, 
 utility ami convenience being so apparent. Yet I havo known 
 a collector to bank the money liimsL-lf, and hand chc({ue3 to the 
 treasurer from time to time for round sums. In minor munici- 
 palities, where the officers often live nules apart from ono another, 
 and wliere there are no nuuiicipal offices, properly so called, the 
 collector cannot rei)ort and account to the treasurer daily. He 
 can, however, monthly, or even weekly, and every time it should 
 be the handing over of the exact amount collected to that date, 
 with the full particulars. In fact, as explained, the handing over 
 of the cash book last used, along with the cash collected. 
 
 The collector's cash books and the subsidiaiy cash books should 
 all be ruled as follows, commencing at the left hand and proceed- 
 ing to the right : 
 
 1. Date of receipt. 
 
 2. Name of ratepayer. 
 
 3. Address of ratepayer. 
 
 4. Number on the roll. 
 
 5. Amount of taxes received (total). 
 
 6. A set of columns corresponding with the roll, shewing com- 
 ponent parts of current taxes, the totals of which have to lie 
 posted separately in the ledger. 
 
 7. The same set of columns, for as many years of arrears as are 
 necessary to be kept separate. The last of these to contain the 
 oldest arrears, including all not separately provided for. 
 
 8. Date and amount of money paid over by assistant to col- 
 lector, or collector to treasurer, as the case may be. 
 
 9. Two spaces for signatures ; one certifying to correctness, the 
 other acknowledging receipt of amount. 
 
 Columns 2, 3, and 4, in the general cash book, can be utilized 
 for inserting the name of the assistant, and the designation of 
 the subsidiary book used by him. Thus one printed form will 
 answer for both purposes. 
 
23 
 
 TREASURER'S CASH BOOK. 
 
 Tho Treasurer should Imvo a column cash l)Ook in two volumes 
 — one for receipts and Itaiik deposits tho other for Imnk che<|ues 
 and payments. In oveiy instance where deposits arc made in 
 more than one hank, or sjiccial deposits in tho same hank, a sepa- 
 rate coluiim with suitable hfadin-rs must he used in each volume. 
 Tho advantages of this system ai'e so obvious that to sug2;est it is 
 all that is necessary. The volume for receipts shows the entire 
 revenue and where it has been banktih The volume for payments 
 shows tho entire expenditure, and from what bank account the 
 money has been withdrawn. The room for coiinnns in the same 
 sized book is doubled as compared with attempting to show l>oth 
 receipts and , yments in tho same volume. Tho convenience in 
 use and durin- audit is strikingly apparent. 
 
 Tho vohnne for receipts should, in addition to the date column 
 and that for describing the entry, which for ccmvenience we 
 will call 1 and 2, Ijo >{irovided with the following : proceeding 
 to the right. 
 
 3. Ledger folio for items posted separately. 
 
 4. Such items. 
 
 5. A few blank columns for new sources of revenue arising 
 with frequent transactions, or for unexpected increase of trans- 
 actions, in accounts not pre-supposed to require separate columns. 
 
 G. A separate column for each source of revenue kept separate 
 in the ledger, the transactions concerning which are frequent dur- 
 injj the month. These columns must embrace, as the last to the 
 right hand, an exact repetition of the tax columns in the collector's 
 cash books. 
 
 7. Total amounts received daily from collector. This column 
 shews simply the addition of the tax columns, but is necessary 
 in case that, from press of business, tho collector cannot at the 
 moment of payment, exhibit the component parts of his receipts. 
 It serves as an exhibit of collector's account. It should be dis- 
 tinguised from all other columns, say by perpendicular lines of 
 ink of a different colour from the rest. There should be in this 
 column a sub-column, for the number and folio of collector's 
 cash book. 
 
24 
 
 
 8. As many columns as are necessary for bank deposits, with 
 a date column to each ; or, if necessary, to economise space, one 
 (late column lor the whole. These should he to the extreme right, 
 except a margin if the paper will admit of it. 
 
 The volume for paj'ments should have colunms arranged in 
 the following order ; proceeding from left to right : 
 
 1. Number of voucher. 
 
 2. Cheque numbers. 
 
 3. Cash columns for tlie cheques on each bank account separately. 
 
 4. Cheques cashed by the treasurer for petty or other payments. 
 o. Such payments made by treasurer from proceeds of such 
 
 cheques. These two columns should be enclosed by perpendicular 
 lines of a different colour from the rest. All the payments, of 
 course, should be extended in the proper columns for posting, and 
 all the cheques in the proper bank columns. The total expenditure 
 deducted from the bank cheques, exhibits the cash which the 
 treasurer should have on hand, while the repeated items in the 
 treasurer's column deducted from the repeated cheques, shows the 
 same balance. 
 C. Date. 
 
 7. Description of the entry. 
 
 8. Ledger folio for items posted separately. 
 
 9. Such items. 
 
 10. As many columns as there are ledger accounts, the items 
 of which occur constantly during the month. 
 
 11. A few blank money columns for new accounts not foreseen, 
 concerning which transactions may be frequent. 
 
 VOUCHERS. 
 
 The most convenient way of numbering vouchers, is, to adopt, 
 in every instance, the number of the cheque. If there be a 
 number of payments made from the proceeds of one choque, such 
 as disbursements by the treasurer in money out of the proceeds 
 of a cheque in his favour, the vouchers should bo sub-numbered, 
 with the prefix of the number of the cheque. Should a number 
 of cheques be issued, the receipts for which are covered by one 
 voucher, such as that of the officers' pay roll or otherwise, the 
 voucher should carry the several cheque numbers. If there be 
 
25 
 
 more than one bank account, there is nothing to prevent as many 
 series of vouchor numbers as there are bank accounts. 
 
 There should be an index to vouchers — a complex index for 
 ready reference. A large number of vouchers can be indexed 
 under classitied groupings. Many will be for regular perioc^ical 
 payments, against the classifica cion of which in the index, it will 
 be sufficient to record, "monthly," "weekly," &c., without further 
 posting. All vouchers for payments on r-ccount of contracts, or for 
 goods purchased, and the like, should be indexed under the name 
 of the individual, firm, or company to whom the payment is due. 
 
 The treasurer should not pay any money, or deliver ary 
 cheque, without receiving a voucher reciting full particulars 
 concerning the payment, even though there be only one item, or 
 that the cheque be made payable to oi'der. 
 
 On making any payment, the last voucher from the same party 
 or parties should always be referred to, to make sure that the 
 same item is not charged more than once. 
 
 Every voucher should have recoi'ded on it the number of the 
 last one received from the same party. 
 
 PAY-ROLLS. 
 
 There should be as manj' pay-rolls (or more properly speaking 
 pay-registers) as there are ]iay-niasters. If, ior instance, the 
 wao-es certified to by the city engineer, or any other head of a 
 department, are paid out by several clerks, each party paying the 
 wages and taking the receipts, should be supplied with a separate 
 pay-roll and the proceeds of a separate cheque. The separate 
 pay-rolls must, of course, be made out in such a way as to enable 
 each workman to know who to apply to for his wages. 
 
 The pay-rolls should, in every instance, be books ; never on any 
 account should loose or unbound sheets bo used. 
 
 There should be, to the extreme left hand, a column for the 
 folio of the time book or other record from which the wages are 
 made up. If there be no time register, other than the time books 
 of the foremen, column 
 
 1, should be wide, and the name of each foreman respectively 
 should be recorded. 
 
r 
 
 26 
 
 W 
 
 2. Desijxnation of the work on which the labour has been 
 Ijestowed. 
 
 3. Designation of the accounts to which it is to be charged. 
 
 4. Name of labourer. 
 
 6. A column for each day intervening between pay days for 
 recording daily time — that is, if there be no separate general time 
 register, also a column for the total number of days' work, or this 
 latter column only if there be a time register. 
 
 6. Rate of wages per day. 
 
 7. Amount of wages due ; 8. Totals, per ledger accounts. 
 
 9. Signatures acknowledging receipt 
 
 10. Remarks. Note here that remarks should never be written 
 in the column for signatures. There should remain a blank 
 against every amount, the receipt of which is not acknowledged. 
 If paid and not acknowledged, the fact can be recorded in the 
 column for remarks, and the signature obtained at first opportunity. 
 
 11. As many money columns as there are ledger accounts 
 affected by the payments. 
 
 The wages, after being made up and duly checked and certified 
 to by the engineer and other heads of departments, respectively,^ 
 should be extended in the classified money columns and added 
 up. As I said, a separate cheque should be made out for each 
 roll. This should be made payable to the order of the officer 
 responsible, no matter who he may justly and properly entrust 
 with the paying of the wages. Such responsible officer should 
 sign a receipt for each cheque to his order, reciting therein : 
 
 For week ending pay-roll folio 
 
 This cheque should be entered in the cash book, and also the 
 totals of the classified columns of the pay-roll, as the details of 
 the expenditure covered by such cheque, before the cheque passes 
 out of the hands of the treasurer. 
 
 Should it happen that any wages ai'e unclaimed by the time 
 that the next cheque is issued under the same pay-roll, the 
 unclaimed amounts should be deducted from the new totals of all 
 the columns affected, and the cheque issued for the balance of 
 cash required, and so on continuously. 
 
 If it be thought preferable, or more strictly correct, to record 
 unclaimed wages as a liability, the amount not applied for may 
 
27 
 
 be returned to the treasurer in cash and credited to " unclaimec^l 
 
 DEBENTURE REGISTER. 
 
 wages. 
 
 A properly prepared and carefully kept debenture register is of 
 great importance. Not only does it serve purposes of ready refer- 
 ence as to debenture debt, but also as regards nlaturit3^ Nor is 
 this all. It should exhibit such information as will effectually 
 prevent the necessity for keeping separate ledger accounts for 
 each issue of debentures and each relative sinking fund. 
 
 The debenture register should have the following columns, com- 
 mencing from the left hand : 
 
 1. Number of by-law. 
 
 2. Date. 
 
 3. Number of years to run. 
 
 4. The work for which they are issued. 
 
 5. Debenture numbers, singly, one on each line, no matter how 
 small each debenture or how numerous the whole issue. 
 
 6. The sterling amount of each debenture payable in sterling, 
 ruled for pounds, shillings, and pence, 
 
 7. The currency amount of each debenture payable in currency, 
 ruled for dollars and cents. 
 
 8. Total in sterling of sterling debentures. 
 
 9. Total in currency of currency debentures. 
 
 10. Rate of interest payable. 
 
 11. Yearly sinking fund to bo provided. This should l)e ruled 
 for rate of interest at which the sum is computed, and for the 
 annual amount. 
 
 12. Where payable. 
 
 13. When due — day, month, and year. 
 
 14. When interest is payable — day and two months. 
 
 15. Twelve columns, one for each month in the year; each 
 divided into three : 1. Year of maturity. 2. Sterling amount of 
 interest payable in sterling. 3. Currency amount of interest pay- 
 able in currency. 
 
 16. When paid and cash book folio. 
 
 If the number of debenture issues of a municipality are small 
 and not likely to increase much, the space can be curtailed and a 
 
! 
 
 
 1 
 
 28 
 
 smaller book used, by substituting for columns numbered 15, twelv j 
 narrow single columns, one for each month of the year, in which 
 to insert the years of maturity, and say " Int." in the months in 
 which the principal and interest mature respectively. 
 
 If all interest be made payable on the same two days in each 
 year, and all principal on the same day in the respective years, 
 columns numbered 15 will not be required at all ; 13 will only 
 require one colunm for year of maturity, and for 14, two columns 
 substituted for amount of sterling and currency interest respect- 
 ively. , 
 
 Whenever any debentures are paid, other than as investment 
 of sinking fund, the total amount paid should be deducted from the 
 running grand total of debentures issued. The amount of yearly 
 sinking fund in respect of such debentures paid, must also be 
 deducted from the grand total of yearly sinking fund. The 
 interest thus ceasing must also be deducted from the grand totals 
 of interest payable. The totals of the debenture I'egister will, 
 thus, always shew the debenture debt and the annual sinking fund 
 required. 
 
 It must always be remembered that debentures redeemed 
 before maturity by investment of sinking funds, must never be 
 thus written off until they mature, as [)ointed out under the 
 heading of sinking fund. 
 
 Local debentures may either be recorded in a separate part of 
 the same register, or in a separate volume. 
 
 JOURNAL. 
 
 With regard to the journal, I can only say what every expert 
 will at once endorse, that the entries shouli be no more than are 
 unavoidable. As a rule, the introduction of the rates levied into 
 the ledger, the correction of errors, and the closing of the accounts, 
 embrace all the entries that should find a lodgment in this most 
 essential but most abused medium of effecting ledger entries. 
 
 LEDGER. 
 
 The ledger of a municipality is, of course, no exception to the 
 general rule. There should be no more accounts opened, than are 
 necessary for purposes of management, the exhibiting of results 
 
29 
 
 1 
 
 and convenient adjusting of the various transactions. A balance 
 sheet taken from the ledger, should at all times show, in a concise 
 form, the salient points regarding the working and financial 
 position of the municipality. 
 
 As it is necessary that a ledger should show all assets and 
 liabilities, as well as receipts and expenditure ; I have no hesita- 
 tion in asserting, that, so soon as the collector's rolls are completed 
 l)v the clerk, and before they are handed over to the collector, 
 the treasurer should make a journal entry, charging the various 
 tax accounts with the rates assessed and crediting, say, " assess- 
 ment account " with the total. 
 
 Whenever a minute is passed by the council authorizing the 
 writing olf of taxes known to be irrecoverably lost, the treasurer 
 should make a joui-nal entry charging " assessment account," and 
 creditino- the various tax accounts in detail. 
 
 Cash receipts should, of course, be credited to the various tax 
 accounts as received. Cash payments to school trustees, county 
 treasurers, and so forth, should be chaiged direct to them as if 
 personal account s. In the same way, the expenditure of money 
 received on local assessments, must be charged to the woi'k or 
 expense for which the tax is raised. At the end of the year, school 
 trustees, county treasurer, and local expenses, &c., are all credited 
 with the respective amounts actually realized; sinking fund is 
 credited with the necessary amount, and revenue with the balance 
 available. The whole is charged to assessment account. The 
 l)alance remaining at the credit of " assessments," will then exactly 
 balance with the several amounts of uncollected taxes at the debit 
 of the various tax accounts. These will also exactly agree with 
 the arrears brought forward in tlie new rolls. 
 
 With regard to debentures, I am in favour of one account in the 
 ledger for general debentures, and one for local, with two corres- 
 ponding sinking funds. The register should supply all the details 
 that arc necessary. 
 
 The amounts credited to sinking fund, and all interest earned 
 thereon, must remain at the credit of the fund ; and no 
 debit whatever be made until debentures fall due and are 
 paid. As each issue of debentures is paid, of course the cash 
 payment of the whole issue, is charged to the debenture account. 
 
'' 
 
 1 
 
 
 30 
 
 Immediately the payment is effected, an entry must be made 
 charging sinking fund and crediting capital account with the 
 portion of the sinking fund which has been accumulated in res- 
 ])ect of such debentures, which should be the amount of the 
 del)entures. 
 
 The investments of the money at credit of sinking fund, must 
 of course, be charged to the debtors under such investments. The 
 interest may, and most properly should, in the first instance as 
 received, be credited to the debtor's accounts to exhibit how they 
 stand ; but on closing tlio books each year be carried to credit 
 of the sinking fund. When the principal of these investments is 
 collected, it will of course be credited to the debtors respectively. 
 When the sinking fund moneys are all invested in redemption of 
 the debentures, the investments will be comprised in one account, 
 say "sinking fund debentures," which will have to be treated 
 precisely the same as though the nmnicipality was the debtor. 
 
 There should be a separate ledger account for every permanent 
 work. These should all be in the same part of the ledger. They 
 should appear on the balance sheet, monthly as well as yearly, in the 
 margin ; extended in one sum. Assets of any kind, provided 
 for and jiaid out of the current revenue, should be charged to, and 
 remain at the debit of suitably designated accounts, intelligibly 
 setting forth the nature of such assets. The amounts so paid, 
 must be charged to revenue and credited to capital, at the end of 
 the year. It is well, in the headings of the ledger account for 
 
 works, to state " under by-law No. debentures issued for 
 
 8 on such a date." When debentures issued at tiie same date 
 
 under the same by-law, cover more than one work; it should be 
 added, "of which 8 for this work." 
 
 Capital account should be charged, and the various works 
 credited, at the close of each year, with the amount of depreciation 
 in value, so as to reduce the amount at the debit of each work to 
 '■•!' Jion actual value. 
 
 ., >.i.i''s should be charged to each work respectively, ad-interim, 
 ) u ' itton ott if the increased value does not wai-rant the addition, 
 ; oh thereof as is necessary to reduce the total amount at 
 debit uj the actual value. 
 
 im 
 
31 
 
 Ward accounts should also be togetner in the same part of the 
 ledger. They may be extended separately or together on the 
 balance sheet. Each ward should be charged with the expendi- 
 ture specially arranged to be incurred out of the general taxes. 
 At the end of the year, each waid should be credited with its 
 l)roper ])ropoition of the surplus taxes including such expendi- 
 ture, closing revenue account; leaving the actual expenditure so 
 incurred, at the debit of the ward benetited, and its share only 
 of the surj^lus taxes at its credit. 
 
 In closing the books at the end of each year, interest should 
 lie charged, and accrued interest credited, with the amount of 
 interest accrued on debentures but not due or not paid to date. 
 
 Innnediately after the closing of the books, this entry should 
 be reversed. 
 
 With regard to expenses : it is worse than useless to have an 
 unlimited nund)er of accounts opened, as is the practice ahuost 
 universally. The council should carefully and deliberately 
 consider in consultation with the officer who keeps the 
 accounts, what expenses should be i-ecorded separately for 
 economic puryyoses. A system should be arranged by which 
 the balance sheet will exhibit at a gjance the totals sought 
 to be known. A column ledger greatly facilitates the exhibiting 
 (jf such detailed inforn.ation as the council or ratepayers may 
 desire. The fewer the accoimts the better, and the less sub-divi- 
 sion there is, the greater is the attention paid to the items. The 
 ledger accounts should be only such as are absolutely necessary 
 to shew a distinction between the expenses arising from vai-ying 
 circumstances. For instance, salaries, miscellaneous expenses, 
 incidental expenses, donations and relief, all these are governed 
 by a separate set of circumstances respectively, and the totals 
 should be shown on the balance sheet. For convenient analysis, 
 however, salaries may be divided in the marginal cohnnns of the 
 ledger into departments : such as city olfices, city engineer's 
 department, assessment and licence connnissioners, or any sub- 
 •livision to suit the fancy. Expenses might be sub-divided into 
 " Rent, fuel, and light," " Printing, advertising, and stationery," 
 and so forth, the fewer the better. So with incidental expenses 
 and donations. 
 

 i 
 
 32 
 
 STATEMENTS. 
 
 If the ledger l)e properly kept, the statements will partake of 
 the same systematic charaetor. 
 
 In exhibiting receipts and expenditure, the details, as far as are 
 necessary to digest the transactions in a lucid manner, should l»e 
 noted in the margin, and the totals so extended as to show a brief 
 condensed epitome of the whole. For instance, expenditure should 
 Lo extended in totals, with a view to exhibiting at a glance the 
 salient points, such as " Annual expenses," " Incidental expenses," 
 "Repairs," "Improvements," "Public works," "Buildings," "Land," 
 " Sinking Fund Investments," and so forth. 
 
 Liabilities and assets should be dealt with in a similar way. 
 
 MINUTES. 
 
 All minutes should l;»e indexed umler the designation of head- 
 ings or references. 
 
 The comptroller, or auditor, as the case may be, should have 
 power to alter such headings or references, so as to express more 
 clearly, if necessary, the nature and bearing of every minute, and 
 to see that the corresponding alteration, if any, in each case, is 
 duly made in the index. 
 
 TABULAR COMPUTATIONS. 
 
 It is of the utmost importance that all those who have to deal 
 with the question of debentuio issues, should be in possession of 
 full information, in the most convenient form, as to the equal 
 amounts required to be levied annually, to pay off both Principal 
 and Interest. 
 
 Sinking Fund Tables. — I have already drawn attention to the 
 advantages to be gained by making the Debentures payable at 
 the end of a suitable period of time, and investing the Sinking 
 Fund in the redemption of the Debentures, by buying them up in 
 the market. I have prepared with the greatest care, a table 
 shewing the amount of Sinking Fund necessary to be set aside 
 annually, to provide the required amount, at any rate of interest 
 from 3 to 6 per cent, for any number of yeai's at the end of which 
 Debentures are at all likely to be made payable. This Table 
 shews in a single column, the annual Sinking Fund necessary ta- 
 
 m 
 
33 
 
 be invested at any of the above rates of Interest during each series 
 of years, and enables the municipal financier, at a glance, to make 
 any comparison of relative annual cost of works varying in value 
 and durability. When it is decided that a specific issue of Deben- 
 tures shall be submitted to the rate-payers for approval, this 
 Table enables the clerk of the municipality to ascertain readily 
 the amount of annual Sinking Fund to lie added to the Intei'est 
 and recited in the by-law. Public comi)anies and private 
 individuals pixichasing Debentures, and their solicitors, can also 
 see by this Table whether proper provision has lieen made in the 
 by-law for the necessary amount of Sinking Fund. 
 
 IXSTALMKNT TABLES. — Small nuuucii)alitics frequently find it 
 to 1)0 most prudent and convenient to make each issue of Deben- 
 tures payable in yearly sums. When this is to be done, it is 
 necessary to know what amount must be paid ofl" each year, in 
 order that the Principal so paid, together with the Interest, shall 
 each year amount to the same sum. I have tliei-efore added 
 Tables shewing the exact amount of Interest and Principal re- 
 spectiveh', payable each year, in order to reduce to an .eijual 
 annual sum, the amount to be levied. This will be useful to 
 Financiers and Clerks of municipalities issuing Debentures pay- 
 able in that manner, and also to purchasers of such Debentures, 
 and their solicitors precisely in the same way as is the Sinking 
 Fund Tal)le in the case of Debentures payable at the end of a certain 
 number of years. It has not been thought necessary to cai-ry these 
 Tables below 4 per cent, nor to provide for smaller fractions than 
 1 per cent. On the other hand they have been extended to 7 per 
 cent. They may thus prove acceptable to the public generally, as 
 .shewing what annual amount will pay a debt of any kind with 
 interest at highest current rates, and exactly how much of the 
 debt will be paid off each year. 
 
 In conclusion I have simply to say that I cordially invite 
 correspondence from Municipal oflficers, either by way of inquiry 
 
 or suggestion. 
 
 WILLIAM POWIS, F. C. A. 
 
 19 Imperial Bank Buildings, 
 
 Toronto, Canada. 
 
r r- ^-/.^ 
 
 r-r 
 
 f^<^ 3 
 
 era 
 
 p t» 
 
 rt- — P B *= 
 
 s d- "^ o " 
 
 c — S-- 
 
 CC 2- 
 
 e* ji. "- "" C — 
 
 ^ ct" SI c i^ 2 
 
 5 B 5 " f= ~ 
 
 
 05 
 
 -:«■« 
 
 ^ c • 
 
 p- 5 n 
 
 Or;; 
 
 
 IT" en 
 
 ' oa o 
 
 
 o '"'S 5 
 
 C "^ ^ ^I?" «- 3 
 
 o fj-^ g — 5 
 
 c „ c O "• "! 
 
 ;_. .. era ^ • 
 - c 5'ir' 
 
 «.l-^. ^ - -! ^ 
 
 B «. CO o <•/:> -2 
 a B r* fl, — S 
 
 ^ "3 " 1 O „ 
 
 2. > or- 
 
 01 S' s 
 
 P-B 
 
 
 ^ B <_ p 
 B B ?- C .5 w. 
 
 fr- ffi B ?; 
 
 » OR 
 
 8 
 
 w 
 
 34 
 
 e CO •'1-1 © «t it». w hO K) >- N- 
 
 :ji :;< c w CO -1 i-i 
 
 Number of 
 
 ►-tsbswticeo — wilx 
 
 — ti W w *. Ci cr. w H- ^1 ^1 w -I :/: to *. a „ 
 ~. U/ — s: w — X 10 4- li - 1 10 4- 4- ii t" w "^ 
 
 — :.■> « 0; w w 05 — ic — ffi i.3 w ii Q -^ V« 
 c". en >- "-^ s". li a» i-s 5C -^ Cii c; © w Oi ?< -^i 1^ 
 
 05 CT M <0 OS © 4^ W to CO -1 CT tt X W W -' Vi o 
 
 w 
 
 1 
 
 »-> 
 
 w 
 
 , 
 
 1 
 
 J 
 
 ^hStOWOiXO — ICC'CO 
 — — 10 W W t-T CC tC C — Ci to Ci ^1 — W ' 1 .„ 
 iC -jS - 1 10 X J;i 10 "Ji - - ti to ^ 1 to 4- 4- li 0-. 4- '-" 
 
 a: w 10 4- -1 X w 10 X w -I X w w CI 10 10 — 
 
 oioc5-^"M©o-j — ©xxH-oitoticeoi 
 
 
 >— >— to, W -T X © — 10 Oi X 
 — — to 10 Oi CT-1 1— © Ci OM — 01 c; © X IC C-. ,.^ 
 
 •- Ci W X 4« © C-. X 00 Oi X 10 4- 4- OT C-. — •-'5 
 01 01 X r-. CV X-OS tO-l-l 10 4- 4»-l 4- C: -JO 
 
 ©-I4-©©(/J0i--l'— 4-^ti — CiC54*X"- 
 
 roxcoK)©©-Jtow©o©w©C5 0itoo5o 
 
 -llO©©©&Ji— ©4-4-X X-l>-:,rO— X- 
 
 
 1— — tooscix©ciooix 
 — ro to OJ 4^ •'I — X 4- 4ii ^ CI © - 1 — ot ,„ 
 
 © 4- © 01 © © •— O't X 4- X 10 4* 4- Oi -I 01 '-" 
 
 - — X w X to -1 0-1 X Oi © -1 r: =; © - 1 — oi 
 
 X © 1— © 4- CV 4^ © -1 H- to «i H- Oi X 0; to — 
 
 © 4.. CO © 0-1 -1 to *. © -1 ►- © W — 4» -1 to X 
 0-1 © Oi X ^I © to © 0: © © 0< 01 -1 © © © © P 
 
 
 — — too;4>.x©©iooix 
 
 — ►- to to 4» © © - 1 4- Oi © i; 4- X © C 4.. .„ 
 X to X to - 1 1 01 01 X © 01 ^ 1 i 4- Ol © - 1 © *-« 
 
 © — to 4- © 01 to W — X 4- © © to © © to 
 X^^4»©0l^-O0i©H-^-^Oi0-l©'--1 
 
 © -1 © © CO to *> — © -1 1— © © X © © 1— r 
 © © X ►- -I 01 © ?C © -^1 01 C Oi © 4». to — to • 
 
 » 
 
 hi^ *^ ^^ h— 
 
 ►-tO0S4^X©©tO4-X 
 
 1— p— >— to 05 © © -1 Oi to © to Oi - 1 Oi © Oi .^ 
 
 © © 01 © 4- X © © © to - 1 © Oi 01 o-i © X ^ 1 *^ 
 
 -ito-^io.oj — ©. — © — ^gpo:to©oi — © 
 
 tC^X©©!— ©XX4-©©©©4»tO-J^ 
 
 OJCO>-'OOi-J005td.i004kk-4».©tOO:©o 
 © Oi tO'OI tOXOi©iOiOi4-OSt0 4-05— — OS- 
 
 ^ 
 
 H-tC054»X©©t0 4lx 
 
 — ^ to W 0-1 © © to — X ■— to © 4. -X to ,„ 
 
 01 X W ^1 — 4- © 0; OS 4,» X — Oi 01 © -1 X - 1 '* 
 01 -1 --I to © Ol © 4- -^ 05 - 1 >— ^ 1 -1 © © - 1 -O 
 
 XOi©t— Oi4't0 05H-'O©0SX4-©i— Xi— 
 
 4-^«-1© — lOH-^Ol©H-XX4^©4^05©r 
 ~ © © 4- to © 01 Ol 01 Oi 0-1 — W X © -1 © 4- • 
 
 4^ 
 
 i .,„^-tOW4'X©©t"i4rx 
 
 H- H- 1— Oj on 00 Ci — — -1 © >— Oi 0; -1 — ._ 
 4^'-1>— 01© — ^^l-l© © to 4» © ©-I © X*^ 
 © 4- ^ C -- '* ^' © © « -' f* Wi © i." 4- X 
 to © X © © •<! 4^ © © Oi © — © X 1— --I Oi © 
 
 ©OlXi-ih-i— i;s^l,f».i— ^1— ^0 0©05^©r 
 to 01 © Oi "^1 © © Ol © Oi ^1 4- « W © 01 ■— © • 
 
 f^ 
 
 >— to 05 41. -1 -^ C 10 ~ X 
 . _ ^ ^ >— to 4». X Ci © © © 5£ © 4- 10 -1 © .„ 
 W © © Oi © X -I to © © to Oi Oi © -1 X © <o'-f> 
 X to to to © to -r-i 01 01 *. +. © -^ to — 1- - 1 
 
 Oi"-I©i— SSX©* — lOtOtoiJl© — ©-J4. 
 ^>— ©©^>-«'T^K^4».O1t0Ol©XX4>.Xo 
 
 4- to w — ©»>(..© 4- © © © X X to to -1 © • 
 
 (n 
 
 ^-t0tO4»'~lX©l0 4^X 
 
 woixt:£;g:&^5fcS?£3i2;^ii^sS'^ 
 
 ►- OJ © O'l © Ol © X — 4». 01 -J X © X X © - 1 
 ©©0©l0 0l©©©©t0-~lt— ©©XOiOS 
 
 ©03©0©Ot©05©©tO'-'OiiOi"X4-OJn 
 4- to Oi — © © © -1 4> © X 01 to -1 X 01 10 li • 
 
 en 
 
 ■ft— 
 
 1—1— t04«.— 1X©I0 4-.-^ 
 . . ^ , 1— ^ to *. "-1 Oi © X 4^ ^I X to © 01 © ,_ 
 to 4» -T © OJ OS © W X 01 © © © X X :0 — — ^ 
 C-. *; © ►- to © © to © 4* -1 to © W © © -1 - 1 
 ►— — l©©~~I-^h-©Oi©©Oi-J©4-4-X© ■ 
 
 WC04>.©Cn©#..040S050i©^14»i©4>-©4»-o 
 10 © © 03 01 ^1 01 Ol © Ol OS © --1 © — to 01 4*- • 
 
 en 
 
 _ ►- ^ to rf' •'I X © 10 4» ^I 
 
 toos©x::gSi§g^8gSSi?,rJ5o^x^ 
 
 H--J©X^1X4'-I— -JtOX©l04*4»©X 
 
 Oi-a4i.^^>-t-©©xos^os©©©x4» 
 
 *> X © OT © OS © to « Ci Ci to --1 to 4- © ^ 
 — tO©OT^•^0i-14-•'^©^O-J©X©0S4^• 
 
 en 
 
 H-wtO4i.•^X©— 4».-I 
 1-- — 03 © to X -I 10 01 -I — © OS "'I -^ 
 >-0SW^I©X(b.4»©tO — --SX©© — 03 03^ 
 ""! ^ "^J "5^ 4^ ^' >*- © 4-. to X © © to 03 03 © « 1 
 ^ X to X 03 Ol 41- ►- X © 4^ to -1 10 01 Oi 10 © 
 
 W0S0T©i-'«^t0C.1©-10T-l©IO©©©4..- 
 C;-aot^tiW«04*.tOtO©>^©>?WtOW©- 
 
 e> 
 
 r: «• 
 
 f: 5 
 
 ©S 
 
 o o 
 
 
 r <D 
 
 03 
 
 0) 
 
 H 
 
 r^ M 
 
 H 
 
 til 
 
 ?s {> 
 
 ►^ •© 
 
 W 
 
 td 
 
a 
 o 
 
 s 
 
 Wc. 
 
 35 
 
 o 
 
 n 0) 
 
 ' S. H 
 
 5= H 
 
 til 
 
 td 
 
 DEBENTURE INSTALMENT TABLES. 
 
 SHEWING AMOUNT OF PRINCIPAL TO P.E PAID EACH YEAR IN 
 
 ORDEll TO REDUCE TO AN EQUAL HUM THE AMOUNT 
 
 TO BE LEVIED EACH YKAR FOR PAYMENT 
 
 OF PRINCIPAL AND INTEREST ON 
 
 AN ISSUE OF 81,000,000. 
 
 Debentures hearing 4 ^'"*' '^^^'t ^"' 
 
 * '.rest, Pttijiihle in 5 Yoarhj 
 
 lustalmeiits. 
 
 IJebetifiires hnarinrj 4 ?'''*' '^'-'^i !»■' 
 
 ierent, Fttyable in, 10 Yearly 
 
 I nstabnents. 
 
 
 Interest. 
 
 840000 00 
 
 32014 92 
 
 24934 42 
 
 1094(! 71 
 
 8039 50 
 
 Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 8224027 n 
 224027 11 
 224027 11 
 224027 11 
 224027 11 
 
 1 
 o 
 
 3 
 4 
 5 
 i> 
 
 7 
 
 I 
 
 10 
 
 Interest. 
 
 I'rincipal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 I 
 
 •2 
 3 
 
 4 
 5 
 
 8184027 11 
 192012 19 
 199092 (i9 
 207()80 40 
 2159S7 01 
 
 slOOOOOO 00 
 
 840000 00 
 3660S 37 
 33203 40 
 29599 9(; 
 2.-.852 3.3 
 21954 78 
 17901 33 
 13085 75 
 9301 54 
 4741 90 
 
 §83290 95 
 
 80022 58 
 
 90087 49 
 
 93090 99 
 
 974.38 (12 
 
 101.3.3t) 17 
 
 105389 02 
 
 109005 20 
 
 113989 40 
 
 11S54S 98 
 
 81000000 00 
 
 §123290 95 
 123290 95 
 123290 95 
 12.3290 95 
 123290 95 
 123290 95 
 123290 95 
 
 m 
 
 123290 9i> 
 12,3290 94 
 123290 94 
 
 The figures care given for an is.sue of §1,000,000, for the pnrpo,«e of exhibiting 
 more exact amounts. For amounts less than a million it is only necessary to take 
 the same proportion of above sums, thus : — 
 
 §100,000 requires exactly one-tenth of above figures, viz. ; For 5 years, 
 1st Payment— Interest, 84000.00; Principal, §18,402.71; total, §22,402.71. 
 5th Payment— Interest, §803. 95; Principal, §21,598.70; total, §22.462.71. 
 
 In cases where the half year's interest has to bo paid in advance of the 
 collection of the rate levied, any interest paid on the amount borrowed to meet 
 such payment can, when ascertained, be added to tlie next following assessment. 
 
86 
 
 
 Hi 
 
 Deheyitnres benrinff Jf f.r cent hi- 
 teretit, Pni/dhln in lo Ytarli/ 
 Jnntatineiits, 
 
 X J- 
 
 
 
 Total 
 
 <8 ^ 
 
 Interest. 
 
 Priucipiil. 
 
 Anmial 
 Aiiioniit. 
 
 1 
 
 :54()0O<) 00 
 
 §4SHI4l 10 
 
 3Si>!t4l 10 
 
 2 
 
 ;h,soo'J 3() 
 
 r.liCJS 74 
 
 mm 10 
 
 3 
 
 .S.V.)L»4 81 
 
 r>4()l(i 30 
 
 SOIMl 11 
 
 4 
 
 .'{;{704 1() 
 
 r.(;i70 04 
 
 80041 10 
 
 5 
 
 .sir. 17 OS 
 
 r.S4'J4 (».'{ 
 
 80041 11 
 
 G 
 
 'Jidso 12 
 
 (•.07()0 OS 
 
 S!)041 10 
 
 7 
 
 '2ti74!) (is 
 
 63101 43 
 
 80041 11 
 
 8 
 
 'J4'J'22 O'J 
 
 (;r)7io o« 
 
 80041 10 
 
 1) 
 
 •J1,')!»;J "Jti 
 
 (iS347 8n 
 
 80041 11 
 
 10 
 
 issr.il .'U 
 
 7I0S1 7() 
 
 80041 10 
 
 11 
 
 KiOlt; (17 
 
 730--':) 03 
 
 soon 10 
 
 ]-2 
 
 1. •(()".<.> 07 
 
 7t;sS'2 03 
 
 80041 10 
 
 \:i 
 
 lUts.'i 7!) 
 
 700.".7 31 
 
 80041 10 
 
 u 
 
 (w.S.'j fjO 
 
 s;{ir.5 (10 
 
 80041 10 
 
 15 
 
 34J9 'JS 
 
 S(i4Sl H'J 
 
 80041 1(> 
 
 
 .•?1(M>0()00 00 
 
 
 Dehputiires h&n'hig J/. ])' r emit In- 
 terest, Piijidtili'An '.'0 Yearly 
 InstaJ nifutK. 
 
 J2 *- 
 
 
 
 Total 
 
 .•s.^ 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 Wp^ 
 
 
 
 Amount. 
 
 1 
 
 $40000 CO 
 
 ^33581 75 
 
 §73581 75 
 
 2 
 
 3S056 73 
 
 34025 02 
 
 73581 75 
 
 3 37259 73 
 
 3(5322 02 
 
 73.-.81 75 
 
 4 . 35806 85 
 
 37774 90 
 
 73581 75 
 
 6 1 34295 85 
 
 30285 90 
 
 73581 75 
 
 6 
 
 32724 41 
 
 40857 34 
 
 73581 75 
 
 7 
 
 31000 11 
 
 42401 64 
 
 73581 75 
 
 8 
 
 20390 45 
 
 44191 30 
 
 73581 75 
 
 9 
 
 27()22 81 
 
 45958 94 
 
 73581 75 
 
 10 
 
 25784 45 
 
 47797 30 
 
 73581 75 
 
 11 
 
 23872 5(5 
 
 49709 10 
 
 73581 75 
 
 12 
 
 21884 19 
 
 51697 50 
 
 73581 75 
 
 13 
 
 19816 29 
 
 53765 46 
 
 73581 75 
 
 14 
 
 17665 67 
 
 55916 08 
 
 73581 75 
 
 15 
 
 15429 03 
 
 58152 72 
 
 73581 75 
 
 16 
 
 13102 92 
 
 60478 83 
 
 73581 75 
 
 17 
 
 10683 77 
 
 62897 98 
 
 73581 75 
 
 18 
 
 8167 85 
 
 65413 91 
 
 73581 76 
 
 19 
 
 5551 29 
 
 68030 47 
 
 73581 76 
 
 20 
 
 2830 07 
 
 70751 69 
 
 73581 76 
 
 
 $1000000 00 
 
 
 Deliinitnreahenrintj jf. per cfitit Iiv- 
 
 terestf Pai/nf>/n in L'o Yearly 
 
 Invtalincnis. 
 
 pfi c 
 
 
 
 Total 
 
 
 Interest. 
 
 rrincipal. 
 
 Annuftl 
 
 
 
 Amount. 
 
 1 
 
 ii?4(t000 (X) 
 
 Ii?24011 0(5 
 
 !?(I40II 06 
 
 <» 
 
 30039 52 
 
 24072 44 
 
 (.4011 06 
 
 3 
 
 38040 (52 
 
 25071 34 
 
 (54011 0(5 
 
 4 
 
 .37001 77 
 
 27010 10 
 
 6101 1 t)(5 
 
 5 
 
 3.-.021 3(i 
 
 28000 (50 
 
 61011 00 
 
 (5 
 
 347!>7 74 
 
 2!t2l4 22 
 
 (.4011 96 
 
 1 
 
 33(i29 17 
 
 3(i:iS2 70 
 
 64011 9l> 
 
 H 
 
 32413 SO 
 
 31. '08 10 
 
 64011 06 
 
 
 
 31)49 94 
 
 32SC.2 02 
 
 (14011 06 
 
 10 
 
 20S;i5 4(5 
 
 34176.10 
 
 64011 06 
 
 11 
 
 2S4C.8 40 
 
 3.-.543 .''.(i 
 
 (54011 06 
 
 12 
 
 2704(1 (!(> 
 
 .S(;0(i5 30 
 
 64011 00 
 
 13 
 
 2.-..-.(;8 05 
 
 38443 91 
 
 (54011 06 
 
 14 
 
 21O30 20 
 
 300S1 67 
 
 64011 06 
 
 15 
 
 22431 01 
 
 41. ".SO 90 
 
 (54011 07 
 
 16 
 
 207(57 77 
 
 43244 20 
 
 (J4011 07 
 
 17 
 
 100:58 01 
 
 44073 9(1 
 
 64011 97 
 
 18 
 
 172.S0 05 
 
 4(i772 92 
 
 64011 07 
 
 19 
 
 ].-)3(58 13 
 
 48043 84 
 
 (UOll 07 
 
 20 
 
 13422 38 
 
 50.".89 50 
 
 64011 97 
 
 21 
 
 11308 70 
 
 52(il3 18 
 
 64011 07 
 
 22 
 
 02!t4 27 
 
 r.4717 70 
 
 64011 97 
 
 2.3 
 
 7105 .56 
 
 5(>0(KJ 41 
 
 64011 97 
 
 24 
 
 4829 30 
 
 501S2 67 
 
 64011 07 
 
 25 
 
 2402 00 
 
 61549 97 
 1^1000000 00 
 
 64011 07 
 
87 
 
 Delenttircs hearing 4 V^t' ce/>it In- 
 
 iercst, Payable in 30 Yearly 
 
 Juatulments, 
 
 Dehcnturea tearintj ^\ per cent In- 
 terest, Payable in G Yearly 
 Inalalinenta. 
 
 >C u 
 
 
 
 'J'ot.il 
 
 
 
 Total 
 
 es ii 
 
 IntoroBt. 
 
 Principal. 
 
 .\ iiiiiial 
 
 % Z IiitercHt. 
 
 Principal. 
 
 Annual 
 
 K>< 
 
 
 
 -Aniouiit. 
 
 1 
 
 
 
 Amount. 
 
 1 
 
 «?4()()()0 00 
 
 !i?17830 10 
 
 j?57830 10 
 
 •>45O0O 00 
 
 )>! 182791 04!«'227791 04 
 
 •_2 
 
 ;ti)'28() SO 
 
 18543 3(t 
 
 57830 10 
 
 «> 
 
 30774 38 
 
 191017 '2(i' '2'27791 04 
 
 .{ 
 
 .•iS545 07 
 
 19-285 03 
 
 57830 10 
 
 3 
 
 •28178 00 
 
 199(113 04 
 
 •227791 01 
 
 4 
 
 ;i777:J (w; 
 
 '20(15(1 44 
 
 57830 10 
 
 4 
 
 191!I0 01 
 
 '2085!>5 03 
 
 '227791 04 
 
 it 
 
 :{t;!)7i 41 
 
 '20858 (19 
 
 57830 10 
 
 5 
 
 ysou 21 
 
 217982 43 
 
 227791 04 
 
 (i 
 
 .•{(ii;;? oi; 
 
 21 ((93 04 
 
 57830 10 
 
 
 
 . 
 
 
 7 
 
 ;u;i(i(i i»o 
 
 '2-25()0 7(> 
 234(13 '20 
 
 57830 10 
 57830 10 
 
 1 
 
 ,*!|000(IOO 00 
 
 S 
 
 
 <) 
 
 .•«;}4'28 .S8 
 
 '24401 72 
 
 57830 10 
 
 
 10 
 
 .•{'24,V2 'M 
 
 •25377 79 
 
 57830 10 
 
 Di'lirii/iirea hrarliif/ 41 j>er cciii In- 
 
 II 
 
 •MVM '20 
 
 2(1392 90 
 
 57830 10 
 
 (ercni, Piijidblii in lU Yearly 
 liistalments. 
 
 12 
 
 :<03si 4s 
 
 2J)'2S3 51 
 
 27448 02 
 2854() 50 
 
 57830 10 
 57830 10 
 
 u 
 
 •28141 07 
 
 29088 43 
 
 57830 10 
 
 - 
 
 15 
 
 '2till54 14 
 •2.->71'J 10 
 
 30875 90 
 32111 00 
 
 57830 10 
 57830 10 
 
 
 
 k; 
 
 
 
 
 
 
 17 
 
 '24434 (if) 
 
 33395 44 
 
 57830 10 
 
 *H ,• 
 
 
 Total 
 
 J 8 
 
 '230!)8 84 
 
 34731 2(i 
 
 57830 10 
 
 'i g Interest. 
 
 Principal. 
 
 Annual 
 
 1!) 
 
 '21709 59 
 
 361*20 51 
 
 57830 10 
 
 K;^i 
 
 
 Amount. 
 
 •JO 
 •J I 
 
 '20-2t)4 77 
 1S7G'2 10 
 
 37505 33 
 39007 94 
 
 57830 10 
 57830 10 
 
 
 
 
 1 .•;H500() 00 
 
 1;<S1.378 83 
 
 •^ 120:178 83 
 
 '?2 
 
 17199 44 
 
 40030 0(i 
 
 57830 10 
 
 -I 
 
 413.37 95 
 
 85040 87 
 
 1-20.378 82 
 
 'j;j 
 
 15574 2! 
 
 42'255 89 
 
 57830 10 
 
 o 
 
 37511 11 
 
 8SS(;7 71 
 
 1-20378 82 
 
 •Ji 
 
 13883 98 
 
 43940 12 
 
 57830 10 
 
 4 
 
 33512 07 
 
 928()0 75 
 
 l-2().378 82 
 
 •25 
 
 ]'2l-2(] 13 
 
 45703 97 
 
 57830 10 
 
 r> 
 
 2!I3:}3 0(1 
 
 97045 70 
 
 1 '20378 82 
 
 •Jli 
 
 10^297 97 
 
 47532 13 
 
 57830 10 
 
 <i 
 
 •24900 00 
 
 101412 82 
 
 120378 82 
 
 '27 
 
 S396 69 
 
 4!»433 41 
 
 57830 10 
 
 / 
 
 '20402 43 
 
 105970 .39 
 
 12().378 82 
 
 '28 
 
 C419 35 
 
 51410 75 
 
 57839 10 
 
 s 
 
 15{;33 49 
 
 110745 33 
 
 1-20.378 82 
 
 •29 
 
 43(V2 9'2 
 
 53407 18 
 
 57830 10 
 
 9 
 
 ! 10049 95 
 
 115728 87 
 
 1-26378 82 
 
 ao 
 
 2224 23 
 
 55005 87 
 ••? 1000000 00 
 
 57830 10 
 
 10 
 
 1 
 
 1 
 
 ! 5442 15 
 
 120930 07 
 .Si000(t00 00 
 
 120378 82 
 
S8 
 
 Debentures hearing 4| per cent In- 
 
 terest, Payable in 15 Yearly 
 
 Instalments. 
 
 ^ fcl 
 
 
 
 Total 
 
 rt ^a 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 Wk- 
 
 
 
 Amount. 
 
 1 
 
 845000 00 
 
 $48113 81 
 
 $93113 81 
 
 2 
 
 4'2834 88 
 
 50278 93 
 
 93113 81 
 
 3 
 
 40572 33 
 
 52541 48 
 
 93113 81 
 
 4 
 
 38207 96 
 
 54905 85 
 
 93113 81 
 
 5 
 
 35737 20 
 
 57376 61 
 
 93113 81 
 
 6 
 
 33155 25 
 
 59958 56 
 
 93113 81 
 
 7 
 
 30457 12 
 
 62656 69 
 
 93113 81 
 
 8 
 
 27(537 56 
 
 G5470 25 
 
 92113 81 
 
 9 
 
 24691 13 
 
 68422 68 
 
 93113 81 
 
 10 
 
 21612 11 
 
 71501 70 
 
 93113 81 
 
 11 
 
 18394 54 
 
 74719 27 
 
 93113 81 
 
 12 
 
 15032 17 
 
 7S081 64 
 
 93113 81 
 
 13 
 
 11518 50 
 
 81595 31 
 
 93113 81 
 
 14 
 
 7846 71 
 
 85267 10 
 
 93113 81 
 
 15 
 
 4009 69 
 
 89104 12 
 
 93113 81 
 
 
 81 000000 00 
 
 
 Debentures bearing 4| per cent lu- 
 
 tereut, Payable in 20 Yearly 
 
 Instalments. 
 
 -C C 
 
 
 
 Total 
 
 ^.i 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 w>^ 
 
 
 
 Amount. 
 
 1 
 
 845000 00 
 
 831876 15 
 
 876876 15 
 
 2 
 
 43565 58 
 
 33310 67 
 
 76876 15 
 
 3 
 
 42066 60 
 
 34809 55 
 
 76876 15 
 
 4 
 
 40500 17 
 
 36375 98 
 
 76876 15 
 
 5 
 
 38863 26 
 
 38012 89 
 
 76870 15 
 
 6 
 
 37152 68 
 
 39723 47 
 
 76876 15 
 
 7 
 
 35365 12 
 
 41511 03 
 
 76876 15 
 
 8 
 
 33497 12 
 
 43379 03 
 
 76876 15 
 
 9 
 
 31545 07 
 
 15331 08 
 
 76876 15 
 
 10 
 
 29505 17 
 
 47370 98 
 
 76876 15 
 
 11 
 
 27373 47 
 
 49502 68 
 
 76876 15 
 
 12 
 
 25145 85 
 
 51730 30 
 
 76876 15 
 
 13 
 
 22817 99 
 
 54058 16 
 
 76876 15 
 
 14 
 
 20385 37 
 
 56490 78 
 
 76876 15 
 
 15 
 
 17843 29 
 
 59032 86 
 
 76876 15 
 
 16 
 
 15186 81 
 
 61689 34 
 
 76876 15 
 
 17 
 
 12410 79 
 
 64465 36 
 
 76876 15 
 
 18 
 
 9509 84 
 
 67366 31 
 
 76876 15 
 
 19 
 
 6478 36 
 
 70397 79 
 
 76876 15 
 
 20 
 
 3310 46 
 
 73565 69 
 
 76876 15 
 
 
 $1000000 00 
 
 
 Debentures bearing i% per cent In-- 
 
 terestf Payable in 25 Yearly 
 
 Instalments. 
 
 jn c 
 
 
 
 Total 
 
 i^,« 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 W>^ 
 
 
 
 Amount, 
 
 1 
 
 845000 00 
 
 822439 03 
 
 867439 03 
 
 2 
 
 43990 25 
 
 23448 78 
 
 67439 03 
 
 3 
 
 42935 05 
 
 24503 98 
 
 67439 03 
 
 4 
 
 41832 37 
 
 25()06 66 
 
 67439 03 
 
 5 
 
 40680 07 
 
 26758 96 
 
 67439 03 
 
 6 
 
 39475 92 
 
 27963 11 
 
 67439 03 
 
 7 
 
 38217 58 
 
 29221 45 
 
 67439 03 
 
 8 
 
 36902 61 
 
 30536 42 
 
 67439 03 
 
 9 
 
 35528 47 
 
 31910 56 
 
 67439 03 
 
 10 
 
 34092 60 
 
 3334G 53 
 
 67439 03 
 
 11 
 
 32591 91 
 
 34847 12 
 
 67439 03 
 
 12 
 
 31023 78 
 
 36415 25 
 
 67439 03 
 
 13 
 
 29385 10 
 
 38053 93 
 
 67439 03 
 
 14 
 
 27672 C7 
 
 39766 36 
 
 67439 03 
 
 15 
 
 25883 19 
 
 41555 84 
 
 67439 03 
 
 16 
 
 21013 17 
 
 43425 86 
 
 67439 03 
 
 17 
 
 2205901 
 
 45380 02 
 
 67439 03 
 
 18 
 
 20016 91 
 
 47422 12 
 
 67439 03 
 
 19 
 
 17882 91 
 
 49556 12 
 
 67439 03 
 
 20 
 
 15652 89 
 
 61786 14 
 
 674.39 03 
 
 21 
 
 13322 51 
 
 64116 62 
 
 67439 03 
 
 22 
 
 10887 27 
 
 56551 76 
 
 67439 03 
 
 23 
 
 8342 44 
 
 59096 69 
 
 67439 03 
 
 24 
 
 5683 09 
 
 61755 94 
 
 67439 03 
 
 25 
 
 2904 08 
 
 1 
 
 64534 95 
 
 67439 03 
 
 
 81000000 00 
 
 
 u 
 
89 
 
 Bshentures hearing A.^ per cent In- 
 terest, Payable in 30 Yearly 
 Instalments. 
 
 r =J Interest. 
 
 1 
 2 
 
 4 
 
 5 
 
 G 
 
 7 
 
 8 
 
 9 
 
 10 
 
 11 
 
 12 
 
 v.^ 
 
 14 
 
 15 
 10 
 17 
 18 
 10 
 20 
 21 
 22 
 23 
 24 
 25 
 2() 
 27 
 28 
 29 
 30 
 
 .^45000 00 
 
 44202 39 
 
 43491 57 
 
 42()80 07 
 
 41844 33 
 
 409()4 71 
 
 40045 50 
 
 39084 93 
 
 38081 13 
 
 37032 16 
 
 35935 99 
 
 34790 49 
 
 33593 44 
 
 32342 52 
 
 31035 3: 
 
 29069 29 
 
 28241 78 
 
 26750 04 
 
 25191 18 
 
 23562 16 
 
 21859 83 
 
 20080 91 
 
 18221 93 
 
 16279 30 
 
 14249 24 
 
 12127 84 
 
 9910 97 
 
 7594 35 
 
 5173 4 
 
 2043 66 
 
 Principal. 
 
 816391 ; 
 17129 16 
 17899 98 
 18705 48 
 19547 22 
 2042() 84 
 21346 05 
 22306 62 
 23310 42 
 24359 39 
 25455 56 
 26601 06 
 27798 11 
 29049 03 
 30356 23 
 
 Total 
 
 Annual 
 
 Amount. 
 
 31722 26 
 
 33149 77 
 
 34641 51 
 
 36200 37 
 
 37829 39 
 
 39531 72 
 
 41310 64 
 
 43169 62 
 
 45112 25 
 
 47142 31 
 
 49263 71 
 
 51480 58 
 
 537' ; 20 
 
 56218 08 
 
 58747 89 
 
 SI 000000 00 
 
 861391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 61391 
 
 55 
 55 
 
 55 
 55 
 55 
 55 
 5.5 
 
 5.) 
 
 55 
 
 55 
 
 55 
 
 55 
 55 
 55 
 55 
 
 61.391 55 
 61391 55 
 61391 55 
 
 Debentures hearing 5 per cent Li- 
 
 terest, Payable in 5 Yearly 
 
 Iiistabnents. 
 
 J3 53 
 
 Intercst. i Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 ^!50000 OO' §180974 80 S230974 80 
 190023 54 2.30974 80 
 199524 7r 230974 80 
 209500 951 2:;0974 SO 
 219976 OO; 230974 SO 
 
 40951 26 
 31450 09 
 21473 85 
 10998 80 
 
 •SIOOOOOO 001 
 
 Debentures bearing 5 per cent In- 
 terest, Payable in 10 Yearly 
 Instalments. 
 
 li.) ■ -a 
 
 55 
 55 
 55 
 
 nr 
 
 1 
 2 
 3 
 4 
 
 5 
 6 
 7 
 8 
 9 
 10 
 
 Interest, i Principal. 
 
 Total. 
 
 Annual 
 
 Amount. 
 
 §50000 00 
 4(5024 77 
 41850 78 
 37468 09 
 .32866 27 
 
 I 28034 35 
 
 22960 84 
 
 17633 65 
 
 12040 11 
 
 6166 89 
 
 §79504 
 
 83479 
 
 87653 
 
 92036 
 
 96638 
 
 101470 
 
 10()543 
 
 111870 
 
 117464 
 
 123337 
 
 58Sl29.-)04 58 
 
 81 
 80 
 49 
 31 
 22 
 73 
 92 
 46 
 68 1 
 
 129504 58 
 129.")()4 58 
 129504 58 
 129504 
 129504 
 129504 57 
 129.")04 57 
 129.")04 57 
 129504 57 
 
 58 
 57 
 
 §1000000 001 
 
40 
 
 Debentures hearing 5 per cent In- 
 terest, Payable in 15 Yearly 
 JnHtalments. 
 
 
 Total 
 Principal. Animal 
 . Amount. 
 
 1 
 
 aodUOO 00 
 
 $46342 2!) 
 
 §96342 29 
 
 2 
 
 47(JS2 89 
 
 48659 40 
 
 96342 29 
 
 3 
 
 4.-)249 92 
 
 51092 37 
 
 9()342 29 
 
 4 
 
 42095 30 
 
 53646 99 
 
 96342 29 
 
 5 
 
 40012 95 
 
 56329 .34 
 
 9(;342 29 
 
 a 
 
 ,S7l9(i 4S 
 
 59145 81 
 
 96342 29 
 
 7 
 
 ;M2;{9 19 
 
 ()2103 10 
 
 96342 29 
 
 8 
 
 311:54 04 
 
 65208 25 
 
 96342 29 
 
 9 
 
 27S73 03 
 
 ()8408 66 
 
 96342 29 
 
 10 
 
 24450 19 
 
 71892 iO 
 
 96.342 29 
 
 11 
 
 20855 59 
 
 7.")48<> 70 
 
 96.342 29 
 
 12 
 
 170SI 25 
 
 79261 04 
 
 96342 29 
 
 la 
 
 131 IS 20 
 
 83224 09 
 
 96342 29 
 
 14 
 
 cS95(i 99 
 
 873S5 30 
 
 96342 29 
 
 15 
 
 45S7 73 
 
 91754 5(i 
 
 96342 29 
 
 
 .?1000000 00 
 
 I 
 
 iJcbpiif.urcs bearing 5 per cent In- 
 terest, Payable in 20 Yearly 
 ]}istahnentii. 
 
 CIS D 
 
 3 
 4 
 
 5 
 G 
 
 « 
 
 8 
 9 
 10 
 U 
 12 
 13 
 14 
 15 
 16 
 17 
 18 
 19 
 20 
 
 Interest. Principal. 
 
 Total 
 Annual 
 Amount. 
 
 S50000 00 
 
 48487 87 
 
 4()900 14 
 
 45233 02 
 
 43482 54 
 
 41644 53 
 
 39714 63 
 
 37688 23 
 
 35560 52 
 
 33326 41! 
 
 30980 60 
 
 28517 50 
 
 25931 25 
 
 23215 68 
 
 203(>4 34 
 
 17370 42 
 
 14226 81 
 
 10926 03 
 
 7460 20 
 
 3821 08 
 
 $30242 .■)9 
 
 31754 72 
 
 33342 45 
 
 35009 57 
 
 3(5760 05 
 
 38598 06 
 
 40527 96 
 
 42554 36 
 
 44682 07 
 
 46916 18 
 
 49261 99 
 
 51725 09 
 
 54311 34 
 
 57026 91 
 
 59878 25 
 
 62872 17 
 
 66015 78 
 
 69316 56 
 
 72782 39 
 
 76421 51 
 
 59 
 59 
 59 
 59 
 59 
 59 
 59 
 
 $1000000 00 
 
 ;J8024; 
 
 80242 
 80242 
 80242 
 80242 
 8024-. 
 80242 
 80242 59 
 80242 59 
 80242 59 
 80242 59 
 80242 59 
 80242 
 80242 
 80242 
 80242 
 80242 59 
 80242 59 
 80242 59 
 80242 59 
 
 59 
 59 
 59 
 59 
 
 Debentures hearing 5 per cent In- 
 terest, Payable in 25 Yearly 
 Instalments. 
 
 ^rt ,2 Interest. | Principal. 
 
 1 
 2 
 
 3 
 4 
 
 5 
 (i 
 
 r* 
 I 
 
 8 
 9 
 10 
 11 
 12 
 13 
 14 
 1.5 
 16 
 17 
 18 
 19 
 20 
 21 
 22 
 23 
 24 
 25 
 
 >!,-)000() 00 
 
 38 
 38 
 37 
 62 
 23 
 16 
 25 
 14 
 
 48952 
 
 47852 
 
 4()(;97 
 
 45484 
 
 44211 
 
 42874 
 
 41470 
 
 39996 
 
 3S448 32 
 
 36823 11 
 
 35116 65 
 
 33.324 8() 
 
 31443 48 
 
 29468 03 
 
 27393 81 
 
 25215 87 
 
 22929 04 
 
 20527 87 
 
 18006 64 
 
 15,3.59 35 
 
 12,579 70 
 
 96(il 06 
 
 659(i 49 
 
 3378 69 
 
 .'ii!20952 46 
 22000 OS 
 23100 08 
 24255 09 
 
 . 25467 84 
 26741 23 
 28078 
 294S2 
 30956 
 32.504 
 .34129 
 35S35 
 37627 
 .39,508 98 
 41484 43 
 43558 (i5 
 45736 59 
 48023 42 
 50424 59 
 52945 82 
 5.5,593 11 
 58372 76 
 61291 40 
 64355 97 
 67573 77 
 
 30 
 21 
 32 
 14 
 35 
 81 
 (>0 
 
 81000000 00 
 
 Total 
 
 Annual 
 
 Amount. 
 
 !?709,V2 46 
 70952 46 
 70952 4(> 
 70952 4(j 
 70952 46 
 709.52 46 
 70952 46 
 709,52 46 
 709.52 46 
 70952 4() 
 70!t.52 4(> 
 70952 46 
 70952 46 
 70952 46 
 70952 46 
 70952 46 
 70952 4(5 
 70952 46 
 709.52 46 
 70952 46 
 70952 46 
 709.52 4() 
 709.52 46 
 70952 46 
 70952 46 
 
 ■ i 
 
41 
 
 In- 
 
 40 
 
 46 
 
 Debentures hearing 5 j^er cent In- 
 terest, Payable in 30 Yearly 
 Instalments. 
 
 ^^ S ' Interest. 
 
 Principal. 
 
 1 
 o 
 
 o 
 
 4, 
 
 5 1 
 
 C 
 7 
 
 8 I 
 9 
 10 
 11 
 12 
 13 
 14 
 15 
 1() 
 17 
 18 
 19 
 20 
 21 
 22 
 23 
 24 
 25 
 20 
 27 
 2S 
 2!) 
 30 
 
 Z6 
 
 52, 
 33 
 67 
 OS 
 50 
 61 
 72 
 24 
 38 
 22 
 
 70 
 
 ■J I 
 
 !?,jO()00 00 
 4! (247 43 
 4S457 '> 
 
 , 47(!27 
 
 1 41)756 
 45841 
 44SS1 
 
 I 43S72 
 
 42813 
 
 41701 
 
 40.534 
 
 39308 
 
 38021 
 
 36()(19 
 
 352.50 
 
 33760 59 
 
 32196 05 
 
 30553 28 
 
 28828 37 
 
 27017 21 
 
 25115 50 
 
 23118 71 
 
 21022 07 
 
 18820 60 
 
 16509 ()() 
 
 14081 94 
 
 11,533 46 
 
 8857 56 
 
 6047 87 
 
 3097 69 
 
 Total 
 
 Annual 
 
 Amount. 
 
 .«? 15051 44 
 15804 01 
 16594 21 
 17423 9-.: I 
 18295 11 
 19209 87 
 20170 36 
 21178 88 
 22237 83i 
 23349 72; 
 24517 20| 
 2.5743 OC)' 
 27030 22 
 28381 72 
 29800 81 
 31290 85 
 328.55 39 
 34498 16 
 
 3()223 07 
 
 38034 23 
 
 39935 94 
 
 419.32 73 
 
 44029 37 
 
 46230 84 
 
 4S542 38 
 
 50i1(i9 50 
 
 53517 98 
 
 56193 88 
 
 59003 57 
 
 61953 75 
 
 ? 1000000 00 
 
 !^6.5051 
 65051 
 05051 
 65051 
 6.5051 
 65051 
 6.")051 
 6.5051 
 65051 
 6.5051 
 65051 
 65051 
 6."051 
 6.5051 
 6,5051 
 6.')051 
 (J.5051 
 6.5051 
 65051 
 65051 
 6.5051 
 65051 
 6.5051 
 6.'>051 
 65051 
 0.5051 
 65051 
 6,5051 
 6.5051 
 65051 
 
 44 
 44 
 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 44 
 
 Debentures beariurj 5^- per cent In- 
 terest, Payable hi 5 Yearly 
 Instahnents. 
 
 Total 
 Annual 
 Amount. 
 
 Each 
 Year. 
 
 Interest. 
 
 Principal. 
 
 1 
 2 
 3 
 4 
 
 5 
 
 .$5,5000 00 
 45145 30 
 34748 59 
 23780 06 
 1220S 25 
 
 .■?l7!tl76 44 
 18! 1031 14 
 109427 85 
 2 10.306 38 
 22t!lti8 19 
 
 
 •S 1000000 00 
 
 234176 44 
 234176 44 
 2.S4176 44 
 234170 44 
 
 Dehi^idvi-i's hiHiring 5?,- ^;e?' cent Iti- 
 
 tcrcfit-i Piiiiiihhiiii 10 Yearly 
 
 Iiistabnenls. 
 
 .1 
 
 1 
 1 
 
 
 Total 
 
 ^ V? 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 A> 
 
 
 
 Amount. 
 
 1 
 
 s.-,.-,000 00 
 
 ^^77ti()7 77 
 
 .SI. -52667 77 
 
 o 
 
 .507:28 2s 
 
 !Slii:U) 49 
 
 132667 77 
 
 3 
 
 46221 6(» 
 
 86446 17 
 
 l.S2(U;7 77 
 
 4 
 
 41467 0() 
 
 91200 71 
 
 1326(17 77 
 
 5 
 
 36451 02 
 
 9(i216 75 
 
 132667 77 
 
 6 
 
 3]]. 19 10 
 
 101.508 07 
 
 132667 77 
 
 7 
 
 25.576 13 
 
 107091 64 
 
 132<)67 77 
 
 8 
 
 106S6 09 
 
 1129S1 68 
 
 132(567 77 
 
 9 
 
 13472 09 
 
 119195 68 
 
 132667 77 
 
 10 
 
 6916 33 
 
 125751 44 
 
 132667 77 
 
 
 SIOOOOOO 00 
 
 
':iak-mmMm 
 
 42 
 
 
 9 ^ 
 
 Debentures bearing 5\ per cent In- 
 terest, Payable in 15 Yearly 
 Instalments, 
 
 
 Interest. Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 1 
 
 .$.-)5000 00 
 
 $44(525 60 
 
 399625 60 
 
 2 
 
 52545 (JO 
 
 470S0 00 
 
 99625 60 
 
 3 
 
 499.")G 19 
 
 49(569 41 
 
 99625 60 
 
 4 
 
 47224 38 
 
 52401 22 
 
 99625 60 
 
 5 
 
 44342 31 
 
 55283 29 
 
 9962.^ 60 
 
 6 
 
 41301 73 
 
 58323 87 
 
 99(52 J . » 
 
 7 
 
 3S093 02 
 
 61531 (58 
 
 99()25 f;!« 
 
 8 
 
 34709 67 
 
 64915 93 
 
 99625 60 
 
 9 
 
 31139 30 
 
 6S486 30 
 
 99(525 60 
 
 10 
 
 27372 55 
 
 72253 05 
 
 99625 60 
 
 11 
 
 23398 03 
 
 76226 97 
 
 99625 60 
 
 12 
 
 1920(5 15 
 
 80419 45 
 
 99625 60 
 
 13 
 
 147S3 08 
 
 S4S42 52 
 
 99625 60 
 
 U 
 
 101 1() 74 
 
 89508 86 
 
 99625 60 
 
 15 
 
 5193 75 
 
 94431 85 
 
 99625 60 
 
 
 eioooooo 00 
 
 
 Debentures bearing 5i per cent In- 
 terest, Pajiable in 20 Yearly 
 Instalments. 
 
 :? « I Interest. 
 
 K>- 
 
 
 1 
 
 §55000 00 
 
 O 
 
 53422 64 
 
 3 
 
 51758 52 
 
 4 
 
 50002 87 
 
 5 
 
 48150 67 
 
 6 
 
 46196 59 
 
 7 
 
 44135 04 
 
 8 
 
 41960 11 
 
 9 
 
 39665 55 
 
 10 
 
 37244 79 
 
 11 
 
 34690 89 
 
 12 
 
 31996 53 
 
 13 
 
 29153 97 
 
 14 
 
 26155 08 
 
 15 
 
 22991 25 
 
 16 
 
 19653 40 
 
 17 
 
 16131 97 
 
 18 
 
 12416 87 
 
 19 
 
 8497 43 
 
 20 
 
 4362 43 
 
 Principal. 
 
 Total 
 Annual 
 Amount. 
 
 §28679 33 
 30256 69 
 31920 81 
 33676 4() 
 35528 66 
 37482 74 
 39544 29 
 41719 22 
 44013 78l 
 464.34 54 1 
 48988 44; 
 51682 801 
 54525 36 
 57524 25 
 (50688 08 
 64025 93 
 67547 36 
 712()2 46 
 75181 90 
 79316 90 
 
 81000000 00 
 
 §83679 33 
 83679 33 
 83679 33 
 8.3679 33 
 83679 33 
 83679 33 
 83679 33 
 83679 33 
 83679 33 
 83679 33 
 83(179 33 
 83679 33 
 83679 33 
 83679 33 
 83679 33 
 83679 33 
 8:f679 33 
 S;5679 33 
 83679 33 
 83679 33 
 
 Debentures bearing 5% per cent 
 terest, Payable in li5 Yearly 
 Instalments. 
 
 In- 
 
 
 Interest. 
 
 Principal. 
 
 .•=!55000 00 
 53924 79 
 52790 44 
 51593 70 
 50331 14 
 (8999 14 
 47593 87 
 46111 32 
 44547 23 
 42897 11 
 
 §19.^)49 36 
 20624 57: 
 21758 92; 
 22955 66 
 24218 22 
 25550 22 
 26955 49 
 28438 04 
 30002 13 
 31652 25 
 
 Total 
 Annual 
 Amount. 
 
 S74549 36 
 74.)49 36 
 74549 36 
 74,549 36 
 74549 3(5 
 74549 36 
 74549 3(5 
 74549 36 
 74549 36 
 74549 36 
 
 11 
 
 41156 24 
 
 33393 12 
 
 74549 3(5 
 
 12 
 
 .39319 62 
 
 35229 74 
 
 74549 3(5 
 
 13 
 
 37381 98 
 
 37167 38 
 
 74549 36 
 
 14 
 
 35.337 78 
 
 39211 58 
 
 74549 36 
 
 15 
 
 .33181 14 
 
 41.3(58 22 
 
 74549 36 
 
 16 
 
 30905 89 
 
 43643 47 
 
 74.549 36 
 
 17 
 
 28505 50 
 
 46043 86 
 
 74549 38 
 
 18 
 
 25973 08 
 
 48576 28 
 
 74549 36 
 
 19 
 
 23301 39 
 
 51247 97 
 
 74549 36 
 
 20 
 
 20482 75 
 
 5*0(56 61 
 
 74549 36 
 
 21 
 
 17509 09 
 
 57040 26 
 
 74549 35 
 
 22 
 
 14.371 87 
 
 60177 48 
 
 74549 35 
 
 23 
 
 11062 11 
 
 63487 24 
 
 74549 35 
 
 24 
 
 7570 31 
 
 66979 04 
 
 74549 35 
 
 25 
 
 3886 46 
 
 70662 89 
 
 74549 35 
 
 
 .SI 000000 00 
 
 
43 
 
 Debentures heonng ol per cmf. In- 
 terest, Payable in 30 Yearly 
 Instalments. 
 
 ji a ! Interest. 
 
 I 
 
 2 
 
 3 
 
 4 
 
 5 
 
 G 
 
 7 
 
 8 
 
 9 
 10 
 11 
 12 
 13 
 14 
 15 
 16 
 17 
 IS 
 19 
 20 
 21 
 22 
 23 
 24 
 25 
 26 
 27 
 28 
 29 
 30 
 
 §55000 00 
 
 54240 70 
 
 53439 65 
 
 52594 53 
 
 51702 93 
 
 50762 30 
 
 49769 93 
 
 48722 98 
 
 47618 44 
 
 46453 16 
 
 452-23 79 
 
 43926 80 
 
 42558 48 
 
 41114 90 
 
 39591 92 
 
 37985 IS 
 
 36290 07 
 
 34,)01 73 
 
 32615 03 
 
 30624 56 
 
 28524 61 
 
 26309 17 
 
 23971 88 
 
 21506 03 
 
 18904 57 
 
 16160 02 
 
 13264 53 
 
 10209 78 
 
 6987 02 
 
 3587 01 
 
 Principal. 
 
 §13805 39 
 145G4 ()9 
 153G5 74 
 16210 86 
 17102 40 
 18043 09 
 19035 4() 
 20082 41 
 21186 95 
 22352 23 
 23581 (iO 
 24878 59 
 26246 91 
 27690 49 
 29213 47 
 30820 21 
 32515 3: 
 34303 66 
 3()190 36 
 38180 83 
 40280 78 
 42496 22 
 44833 51 
 47299 36 
 49900 82 
 52645 37 
 55540 86 
 58595 61 
 61818 37 
 65218 38 
 
 Total. 
 
 Annual 
 
 Amount. 
 
 §68805 
 
 G8805 
 
 68S05 
 
 68805 
 
 68805 
 
 08805 
 
 68805 
 
 68805 
 
 68805 
 
 GS805 
 
 68805 
 
 68805 
 
 68805 
 
 68805 
 
 08805 
 
 G8805 
 
 68805 
 
 68805 
 
 G8805 
 
 68805 
 
 68805 
 
 68805 
 
 68805 
 
 08805 
 
 68805 
 
 68805 
 
 68805 
 
 C8805 
 
 68805 
 
 68805 
 
 Debentures bearing 6 per cent In- 
 terest, Payable in 5 Yearly 
 Instalmeyits. 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 39 
 
 Each 
 Year. 
 
 Interest. 
 
 Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 1 
 
 \ 
 
 5 
 
 §00000 00 
 49356 22 
 38073 80 
 26114 45 
 13437 53 
 
 §177396 40 
 188040 18 
 199322 ()(» 
 211281 95 
 223958 87 
 
 §237396 40 
 23739(> 40 
 23739(; 40 
 237396 40 
 237396 40 
 
 
 §10(»0000 00 
 
 
 Debentures bearing 6 per cent In- 
 terest, Paijabh' in 10 Yearly 
 Instabnents. 
 
 1 
 2 
 
 3 
 4 
 
 5 
 
 6 
 
 n 
 t 
 
 s 
 
 9 
 10 
 
 60000 00 
 
 §75867 96 
 
 55447 93 
 
 80420 03 
 
 50622 72 
 
 85245 24 
 
 45508 01 
 
 90359 95 
 
 40086 41 
 
 95781 55 
 
 .S4339 52 
 
 101528 44 
 
 28247 81 
 
 107620 15 
 
 21790 60 
 
 114077 36 
 
 1J945 96 
 
 120922 00 
 
 7690 64 
 
 128177 32 
 
 §1.3.'i8G7 
 135867 
 135867 
 135867 
 135867 
 135867 
 1.35867 
 135867 
 135867 
 135867 
 
 96 
 96 
 96 
 96 
 96 
 96 
 96 
 9() 
 9() 
 96 
 
 |§1000000 00 
 
 MOOOOOO 00 
 
44 
 
 !' . 
 
 I 
 
 Debentures henring per cent In- 
 terest, Pdifdhfe ill 15 Yearly 
 J nstalments. 
 
 rt S Interest. 
 
 Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 I 
 o 
 
 .S 
 
 4 
 i) 
 G 
 
 7 
 S 
 
 y 
 
 10 
 
 11 
 
 12 
 
 1.3 
 
 14 
 15 
 
 .•?(i()000 00 
 57422 24 
 54(iS!> SI 
 517!>;$ 4.S 
 48723 27 
 4546S !>0 
 42010 27 
 ;?S.%2 ()() 
 :i44S() 05 
 .-50.378 OS 
 2(;023 00 
 2140() Gl 
 11)5 18 25 
 1I32(; 2S 
 5828 00 
 
 ,'*420fi2 
 
 48272 
 
 9li 
 
 511 GO 
 
 34 
 
 542.S9 
 
 50 
 
 5740.3 
 
 87 
 
 (5094.3 
 
 50 
 
 G4G00 
 
 11 
 
 6847() 
 
 12 
 
 725S4 G^> 
 
 709,30 
 
 V,- 
 
 Sl,">5() 
 
 15 
 
 8044 9 
 
 52 
 
 91().3(/ 
 
 ■..) 
 
 97134 
 
 (JH 
 
 ><10O00OO 
 
 00 
 
 77 ?> 1 02902 
 102902 
 1029G2 
 1029(12 
 1029(52 
 102902 
 1029(52 
 102902 
 102902 
 102! -^ 
 
 10": 
 
 iu2;i(5'^ 
 102902 
 1029(52 
 10- '-^ 
 
 77 
 77 
 77 
 77 
 77 
 77 
 77 
 77 
 77 
 77 
 77 
 77 
 t . 
 T. 
 
 Dehenttires hearing G per cent In- 
 terest, Pagahle in 20 Yearly 
 fnstahnents. 
 
 es « 
 
 1 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7 
 
 8 
 
 9 
 10 
 11 
 12 
 13 
 14 
 15 
 16 
 17 
 18 
 
 19 
 120 
 
 Interest. ; Principal. 
 
 860000 00 
 583()S 93 
 56039 99 
 54807 32 
 52864 68 
 50805 49 
 48622 75 
 46309 04 
 43856 51 
 41256 82 
 38501 16 
 35580 15 
 32483 89 
 29201 85 
 25722 89 
 22035 19 
 18126 22 
 13982 72 
 9590 62 
 4934 98 
 
 Totiil 
 
 Annual 
 
 Amount. 
 
 ^27184 50 
 28815 G3! 
 30544 57' 
 32377 24 
 34319 88 
 36379 07 
 38501 81 
 40875 62 
 43328 05 
 45927 74 
 48683 40 
 51604 41 
 54700 67 
 57982 71 
 61461 67 
 65149 37 
 69058 34 
 73201 84 
 77593 94! 
 82249 58i 
 
 Isioooooo 00 
 
 !?87184 50 
 87184 50 
 87184 56 
 87184 56 
 87184 50 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 87184 56 
 
 Debentures hearing 6 per ^ent In- 
 terest, Payable in 25 Yearly 
 Instalments. 
 
 - u 
 
 
 
 Total 
 
 13 C8 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 W^ 
 
 
 
 Amount. 
 
 1 
 
 ."iiGOOOO 00 
 
 Iii!18220 72 
 
 878226 72 
 
 «2 
 
 58906 40 
 
 19320 32 
 
 78226 72 
 
 .3 
 
 57747 18 
 
 20479 54 
 
 78226 72 
 
 4 
 
 50518 41 
 
 21708 31 
 
 7S226 72 
 
 u 
 
 55215 91 
 
 23010 81 
 
 7S22G 72 
 
 () 
 
 53835 2(5 
 
 24391 40 
 
 7S220 72 
 
 / 
 
 52371 77 
 
 25854 95 
 
 78220 72 
 
 8 
 
 50S20 48 
 
 27400 24 
 
 78220 72 
 
 9 
 
 49 176 10 
 
 290,")0 02 
 
 78226 72 
 
 10 
 
 47433 00 
 
 30793 60 
 
 7822(5 72 
 
 11 
 
 45585 44 
 
 32041 28 
 
 78226 72 
 
 12 
 
 43(52(5 97 
 
 34599 75 
 
 7822(5 72 
 
 13 
 
 415.->0 OS 
 
 3(5()75 74 
 
 7S22G 72 
 
 14 
 
 39350 44 
 
 3887(5 28 
 
 78220 72 
 
 15 
 
 37017 S6 
 
 41208 80 
 
 78226 72 
 
 10 
 
 34545 33 
 
 43(581 .39 
 
 7822(5 72 
 
 17 
 
 31924 45 
 
 40302 27 
 
 7822G 72 
 
 18 
 
 29146 31 
 
 49080 41 
 
 7822(5 72 
 
 19 
 
 2(5201 48 
 
 52025 24 
 
 7S22G 72 
 
 20 
 
 2.3079 97 
 
 55140 75 
 
 7S226 72 
 
 21 
 
 19771 10 
 
 58455 .50 
 
 78226 72 
 
 22 
 
 10203 S3 
 
 619()2 89 
 
 7822G 72 
 
 23 
 
 12540 00 
 
 65()S0 G() 
 
 78226 72 
 
 24 
 
 S005 22 
 
 69(521 .50 
 
 78226 72 
 
 25 
 
 4427 93 
 
 73798 79 
 
 7822G 72 
 
 
 81000000 00 
 
 
45 
 
 Debentures hearing 6 per cent In- 
 terest, Pat/able in 30 Yearli/ 
 Instalments. 
 
 Interest. 
 
 I'riucipal. 
 
 $00000 00 
 50241 07 
 58430 00 
 575S3 80 
 50079 90 
 55721 S2 
 54700 20 
 53()29 03 
 52488 48 
 51278 85 
 49990 05 
 48037 51 
 47190 82 
 45009 70 
 440.H') 94 
 42335 07 
 40510 23 
 3S588 27 
 3()544 04 
 34378 3Sj 
 32082 15 
 29048 14 
 27008 09 
 24333 24; 
 21434 30 
 18301 42 
 15104 17 
 11051 49 
 7991 04 
 4112 21 
 
 $12048 91 
 13407 84 
 14212 31 
 15005 05 
 15!ie8 95 
 10927 09 
 17942 71 
 19019 29 
 20100 44 
 21370 07 
 22(!.-)2 27 
 24011 41 
 2,5452 10 
 20979 22 
 28597 98 
 30313 85 
 32132 09 
 340(i0 05 
 301O4 28 
 38270 54 
 40.')00 77| 
 43000 7S 
 45580 83 
 48315 OS 
 51214 02 
 54287 
 57.'544 
 00997 
 04(557 
 0S530 
 
 Total 
 
 Anuuivl 
 
 Aniouut. 
 
 $72048 91 
 72048 91 
 72048 91 
 72(i48 91 
 72048 91 
 72048 91 
 72048 91 
 72048 92 
 7204S 92 
 72048 92 
 72048 92 
 72048 92 
 72048 92 
 72048 92 
 72()48 92 
 72()48 92 
 72(i4S 92 
 72048 92 
 72048 92 
 72(>48 92 
 72(i4S 92 
 72048 92 
 72048 92 
 '"2048 92 
 
 50 
 
 75, 
 43| 
 28, 
 71 
 
 72048 92 
 72(J48 92 
 72()48 92 
 72048 92 
 72048 92 
 72048 92 
 
 Debentures henrinr/ Gi per cent In- 
 terest, Payable in 5 Yearli/ 
 Instahnents. 
 
 
 Interest. 
 
 Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 1 
 2 
 
 3 
 4 
 
 5 
 
 $()5000 00 
 53583 70 
 41425 45 
 2S47('> 87 
 140SO (i2 
 
 $175034 54 
 1S70.")0 78 
 1992(19 09 
 2121. ^w 07 
 225947 92 
 
 $240034 54 
 240034 54 
 240(534 54 
 240034 54 
 240034 54 
 
 
 •SIOOOOOO 00 
 
 Dt'hi'uf'ires bearing 0)1 per cent In- 
 
 ^(fi/((IJr. ill 10 
 
 Instahwuits. 
 
 fi'rt'sf, Pdjinlle in 10 Yearly 
 
 I 
 
 8 
 
 9 
 
 10 
 
 S(i5(»0() 00 
 001 S3 19 
 55053 30 
 49589 96 
 43771 
 37574 
 .30975 
 23947 
 10401 
 8489 
 
 50 
 84 
 40 
 
 ooj 
 
 75! 
 96i 
 
 S74104 
 
 7S921 
 
 84051 
 
 89514 
 
 95333 
 
 101.V29 
 
 108129 
 
 1151.57 
 
 122042 
 
 130014 
 
 09 $1.39104 
 50 i 139104 
 139104 
 139104 
 139104 
 139104 
 139104 
 139104 
 139104 
 139104 
 
 39 
 73 
 19 
 85 
 29 
 09 
 94 
 73 
 
 (59 
 69 
 09 
 09 
 09 
 (59 
 (59 
 09 
 09 
 (59 
 
 $1000000 OOj 
 
 i$1000000 00 
 
40 
 
 Vehmtures hearing (Sit j""*" ''^"^ 
 
 lutered, Payable in 15 Ytarhj 
 
 Instalments. 
 
 ■? c 
 
 
 
 Total 
 
 
 Interest. 
 
 Principal, 
 
 Annual 
 
 "■>- 
 
 •SHoOOO 00 
 
 
 Amount, 
 
 I 
 
 $41352 78 
 
 $106352 78 
 
 '1 
 
 G'J312 07 
 
 44040 7! 
 
 100352 78 
 
 3 
 
 50449 42 
 
 46903 30 
 
 106.352 78 
 
 4 
 
 56400 70 
 
 49952 08 
 
 106352 78 
 
 5 
 
 53ir)3 82 
 
 53198 9() 
 
 106352 78 
 
 C 
 
 491 195 89 
 
 56(!56 89 
 
 106352 78 
 
 7 
 
 400 13 19 
 
 00339 59 
 
 100352 78 
 
 8 
 
 42091 11 
 
 64201 67 
 
 106.352 78 
 
 9 
 
 37914 10 
 
 68438 68 
 
 100352 78 
 
 10 
 
 33405 59 
 
 72887 19 
 
 10<i352 78 
 
 11 
 
 28727 92 
 
 77024 86 
 
 100352 78 
 
 12 
 
 23GS2 30 
 
 82670 48 
 
 100352 78 
 
 13 
 
 18308 72 
 
 88044 00 
 
 10().S52 78 
 
 14 
 
 125S5 86 
 
 93766 92 
 
 100352 78 
 
 15 
 
 0491 01 
 
 99801 77 
 
 106352 78 
 
 
 •■? 1000000 00 
 
 
 Debentures U'ttriiuj Gh per cent In- 
 terest, Payable in '20 yearly 
 Iiisfalniinits: 
 
 
 
 
 Total 
 
 = « 
 
 Interest. 
 
 Principal. 
 
 Aimual 
 
 ^^^ 
 
 
 
 Amount. 
 
 1 
 
 .>i<li5000 00 
 
 §2575() 40 
 
 §90756 40 
 
 2 
 
 03325 84 
 
 27430 56 
 
 90750 40 
 
 3 
 
 01. "142 85 
 
 29213 55 
 
 90756 40 
 
 4 
 
 59043 97 
 
 31112 43 
 
 90756 40 
 
 5 
 
 57621 66 
 
 33134 74 
 
 90756 40 
 
 6 
 
 55407 90 
 
 35288 50 
 
 90756 40 
 
 7 
 
 53174 15 
 
 37.J82 25 
 
 90756 40 
 
 8 
 
 50731 31 
 
 40025 09 
 
 90756 40 
 
 9 
 
 48129 68 
 
 42020 72 
 
 90756 40 
 
 10 
 
 45358 94 
 
 45397 46 
 
 90756 40 
 
 11 
 
 4240S 10 
 
 48348 30 
 
 90756 40 
 
 12 
 
 39265 47 
 
 51490 93 
 
 90756 40 
 
 13 
 
 35918 56 
 
 54837 84 
 
 90756 40 
 
 14 
 
 32.354 10 
 
 58402 30 
 
 90756 40 
 
 15 
 
 28557 95 
 
 62198 45 
 
 90750 40 
 
 10 
 
 24515 05 
 
 6()241 35 
 
 90756 40 
 
 17 
 
 20209 36 
 
 70547 04 
 
 90756 40 
 
 18 
 
 15623 80 
 
 75132 60 
 
 90750 40 
 
 19 
 
 10740 18 
 
 80016 22 
 
 907.56 40 
 
 20 
 
 5539 13 
 
 85217 27 
 
 90756 40 
 
 
 SIOOOOOO 00 
 
 
 Debentures hearing 6i per cent In- 
 terest, Payable in 25 yearly 
 Instalments. 
 
 ^ c 
 
 
 
 Total 
 
 .1,- 
 
 Interest. 
 
 Principal. 
 
 Annual 
 
 K>- 
 
 §65000 00 
 
 
 Amount. 
 
 1 
 
 $16981 49 
 
 .§81981 49 
 
 2 
 
 0.3896 21 
 
 18085 28 
 
 81981 49 
 
 3 
 
 02720 67 
 
 19260 82 
 
 81981 49 
 
 4 
 
 61468 71 
 
 20512 78 
 
 81981 49 
 
 5 
 
 60135 38 
 
 21846 11 
 
 81981 49 
 
 6 
 
 587 15 39 
 
 232(56 10 
 
 81981 49 
 
 7 
 
 57203 09 
 
 24778 40 
 
 81981 49 
 
 8 
 
 55592 49 
 
 26389 00 
 
 81981 49 
 
 9 
 
 5.3877 21 
 
 28104 28 
 
 81981 49 
 
 10 
 
 52050 43 
 
 29931 06 
 
 81981 49 
 
 11 
 
 50104 91 
 
 31876 58 
 
 81981 49 
 
 12 
 
 48032 93 
 
 33S ;8 5G 
 
 81981 49 
 
 13 
 
 45826 28 
 
 36K'5 21 
 
 81981 49 
 
 14 
 
 4.3476 19 
 
 38.50 > 29 
 
 81981 48 
 
 15 
 
 40973 34 
 
 41008 14 
 
 81981 48 
 
 16 
 
 38307 81 
 
 43673 67 
 
 81981 48 
 
 17 
 
 3546f> 03 
 
 46512 45 
 
 81981 48 
 
 18 
 
 32445 72 
 
 49535 76 
 
 81981 48 
 
 19 
 
 29225 89 
 
 52755 59 
 
 81981 48 
 
 20 
 
 25796 78 
 
 56184 70 
 
 81981 48 
 
 21 
 
 22144 77 
 
 59836 71 
 
 i 81981 48 
 
 22 
 
 18255 39 
 
 63726 09 
 
 81981 48 
 
 23 
 
 14113 19 
 
 67868 29 
 
 81981 48 
 
 24 
 
 9701 75 
 
 72279 73 
 
 81981 48 
 
 25 
 
 5003 57 
 
 70977 91 
 
 81981 48 
 
 
 >• 1000000 00 
 
 
47 
 
 Debentures hearing 6i per cent In- 
 terest^ Pniiuhle in 30 Yearly 
 lustalnients. 
 
 Debentures bearing 7 per cent In- 
 terest, Payable in 5 Yearly 
 Instalmentii. 
 
 1 
 
 2 
 
 3 
 4 
 i") 
 
 () 
 
 7 
 
 S 
 
 9 
 
 10 
 
 11 
 
 12 
 
 1-3 
 
 U 
 
 i") 
 
 k; 
 
 17 
 IS 
 19 
 •20 
 21 
 -2 
 23 
 24 
 2.') 
 21) 
 27 
 ■28 
 29 
 30 
 
 .•?(i.5000 00 
 64247 47 
 0344(5 02 
 G2.ji)2 48 
 61()S3 4(5 
 ()0715 35 
 59(184 31 
 58586 20 
 57416 83 
 5(5171 39 
 54844 99 
 53432 38 
 51927 95 
 50325 74 
 48619 38 
 4(!802 10 
 44S()6 70 
 42805 5! 
 40610 33 
 38272 47 
 35782 65 
 33130 98 
 3030(5 97 
 27299 38 
 24090 31 
 20(585 04 
 17052 03 
 13182 88 
 90(52 23 
 4()73 74, 
 
 §11577 45 
 12329 98 
 13131 43 
 13984 97 
 14893 99 
 158(52 10 
 16893 14 
 17991 19 
 19160 62 
 20406 06 
 21732 46 
 23145 07 
 24649 50 
 26251 70 
 27958 06 
 29775 34 
 31710 74 
 33771 93 
 35967 11 
 38304 97 
 40794 79 
 43446 4(5 
 4(i270 47 
 49278 06 
 52481 13 
 55892 40 
 59525 41 
 G3394 56 
 67515 21 
 71903 70 
 
 ^1000000 00 
 
 Total 
 Anmiiil 
 Amoimt. 
 
 §7(5577 
 
 45 
 
 76577 
 
 45 
 
 76577 45 
 
 76577 
 
 45 
 
 76577 45 
 
 76577 45 
 
 76577 45 
 
 7(5577 45 
 
 76577 
 
 45 
 
 7()577 45 
 
 76577 
 
 45 
 
 76577 45 
 
 76577 
 
 45 
 
 76577 44 
 
 76577 
 
 44 
 
 76577 44 
 
 7(5577 
 
 44 
 
 76577 
 
 4t 
 
 76577 
 
 44 
 
 76577 
 
 44 
 
 7(5577 
 
 44 
 
 76577 
 
 44 
 
 76577 
 
 44 
 
 70577 
 
 44 
 
 76577 44 
 
 76577 
 
 44 
 
 7(5577 
 
 44 
 
 76577 
 
 44 
 
 76577 
 
 44 
 
 76577 
 
 44 
 
 
 I 
 
 Interest, rrincipal. 
 
 Total 
 Aiimial 
 Amount. 
 
 I §70000 00 §173890 70§2438!t0 70 
 
 57827 (5(5 
 44S03 24 
 30867 12 
 15955 47 
 
 18(5063 04 
 1990S7 46 
 213023 58 
 227935 22 
 
 243890 70 
 243890 70 
 243890 70 
 243890 69 
 
 §1(I(MI(I(M» (K)l 
 
 Debentures hearing 7 per cent In- 
 terest, J'ii//((h/e in 1(J Yearly 
 Jiistahnents. 
 
 ^ 3 Interest. 
 
 Principal. 
 
 Total 
 
 Annual 
 
 Amount. 
 
 1 
 
 §70000 00 
 
 §72377 51 
 
 §142377 51 
 
 2 
 
 64933 58, 
 
 77443 93 
 
 142377 51 
 
 3 
 
 59512 50 
 
 828(55 01 
 
 142377 51 
 
 4 
 
 53711 95 
 
 886(55 56 
 
 142377 51 
 
 5 
 
 47505 36 
 
 94872 14 
 
 142377 50 
 
 G 
 
 4(1864 31 1 
 
 101513 19 
 
 142377 50 
 
 7 
 
 33758 39 
 
 108619 11 
 
 142377 50 
 
 8 
 
 261.15 05 
 
 11(5222 45 
 
 142377 50 
 
 9 
 
 18019 48 
 
 124358 i)2 
 
 142377 50 
 
 10 
 
 9314 42 
 
 1330(53 08 
 
 142377 50 
 
 
 ■:100000I) (10 
 
 
48 
 
 Debentures hearing 7 per cent In- \ Dcbenhirca hearing 7 per cent In- 
 
 terest, Payable in 15 Yearly 
 fnatainienfs. 
 
 terest, Pambh in 20 Yearly 
 Instahne)ita, 
 
 
 
 Total 
 
 ^ S^ 
 
 
 
 Total 
 
 
 Interest. 
 
 Principal 
 
 Annual 
 
 7i '•*' 
 
 luterust. 
 
 PrincipaL 
 
 Annual 
 
 1 
 
 
 Amount. 
 
 1 
 
 
 
 Amount. 
 
 1 
 
 STtMXM) IM) 
 
 S39794 63 
 
 ;?109794 63 
 
 ■J70000 (Mt 
 
 S24392 93 
 
 !i:!i 14392 93 
 
 2 
 
 ()7'214 38 
 
 42581 > 25 
 
 109794 63 
 
 » 
 
 ()8292 50i 
 
 2()1(M» 43 
 
 94392 93 
 
 3 
 
 G4'233 7(J 
 
 455(iO 87 
 
 109794 63 1 
 
 3 
 
 664(i5 47 
 
 27927 46 
 
 94392 93 
 
 4 
 
 ()1()44 50 
 
 48750 13 
 
 109794 63 
 
 4 
 
 6451 1> .V)' 
 
 29882 38 
 
 94392 93 
 
 5 
 
 57(i31 (19 
 
 521 (i2 64 
 
 109794 63 
 
 5 
 
 62418 78 
 
 31974 15 
 
 94392 93 
 
 () 
 
 53'.»80 (!1 
 
 55814 02 
 
 1097i)4 63 
 
 6 
 
 60 180 59: 
 
 34212 34 
 
 94392 93 
 
 7 
 
 50073 G3 
 
 59721 00 
 
 10!t7!»4 63 
 
 
 57785 73 
 
 3()607 20 
 
 94:i92 '.Yi 
 
 8 
 
 45X93 16 
 
 63901 47 
 
 1(»9794 63 
 
 8 
 
 55223 22 
 
 391()9 71 
 
 94392 93 
 
 9 
 
 41420 05 
 
 6S374 58 
 
 109794 63 
 
 9 
 
 52481 34 
 
 41911 59 
 
 94392 93 
 
 10 
 
 3(>(;33 S3 
 
 73160 80 
 
 109794 63 
 
 10 
 
 49547 53 
 
 44845 40 
 
 94392 93 
 
 11 
 
 31512 58 
 
 78282 05 
 
 109794 63 
 
 U 
 
 46408 35 
 
 47984 58 
 
 94392 93 
 
 12 
 
 2G032 83 
 
 83761 79 
 
 109794 62 
 
 12 
 
 4.S049 43 
 
 51.343 50 
 
 94392 93 
 
 13 
 
 20169 51 
 
 89625 11 
 
 109794 62 
 
 13 
 
 39455 39 
 
 54937 54 
 
 94392 93 
 
 14 
 
 13S!)5 75 
 
 9589S 87 
 
 109794 62 
 
 14 
 
 35609 7(> 
 
 58783 17 
 
 94392 93 
 
 15 
 
 7182 S3 
 
 102611 79 
 
 109794 62 
 
 15 
 
 31494 94 
 
 G2S97 99 
 
 94392 93 
 
 
 
 
 
 16 
 17 
 18 
 
 27092 08 
 22381 02 
 17340 19 
 
 67300 85 
 72011 91 
 77052 74 
 
 043<)'> 93 
 
 
 
 !?10(MHKK) 00 
 
 
 94392 93 
 
 
 
 94392 93 
 
 
 
 19 
 
 11946 49 
 
 82446 44 
 
 94392 93 
 
 
 
 20 
 
 6175 24 
 
 88217 69 
 
 94392 93 
 
 
 •SI 000001 1 on 
 
 
'M}-2 
 
 93 
 
 •?!)'> 
 
 93 
 
 •;9-2 
 
 :)3 
 
 •M)'2 
 
 <)3 
 
 S'I'J 
 
 93 
 
 :v.)-.' 
 
 *t3 
 
 :v.)2 
 
 93 
 
 •M\-2 
 
 93 
 
 :v.)2 
 
 93 
 
 :v.)2 
 
 93 
 
 H92 
 
 93 
 
 392 
 
 93 
 
 89-2 
 
 93 
 
 t3!)2 
 
 93 
 
 .S(»2 
 
 93 
 
 t392 
 
 93 
 
 4:) 
 
 Deheyitures hoarlwf 7 per rmf, In- 
 tercut, Pai/dble in 25 I'car'i/ 
 
 DehpntureH hmrinj 7 per crnt In- 
 terest, Pni/dhfe In 150 ijearlij 
 
 
 In 
 
 utaimeiitti. 
 
 1 
 
 
 In 
 
 stdhncnln. 
 
 
 •^ 'i 
 
 
 
 Total 
 
 O -3 
 
 
 
 Total 
 
 3;« 
 
 Interest. 
 S70000 00 
 
 Principal. 
 
 Annual 
 Amount. 
 
 1 
 
 Interest. 
 
 Principal. 
 
 Anniuil 
 Amount. 
 
 1 
 
 $15810 52 
 
 8S5S10 .'>2 
 
 870(K)0 (K) 
 
 §10.186 40 
 
 §80586 40 
 
 2 
 
 08893 -27 
 
 1(5917 25 
 
 8,^)810 52 
 
 2 
 
 (5!t258 9(5 
 
 11327 45 
 
 805S(5 41 
 
 3 
 
 67709 0(i 
 
 18101 40 
 
 85810 52 
 
 3 
 
 084(56 04 
 
 12120 .37 
 
 805S(5 41 
 
 4 
 
 60441 90 
 
 193(58 56 
 
 85810 .52 
 
 4 
 
 67017 01 
 
 12908 80 
 
 805Si5 41 
 
 5 
 
 6r)08G 16 
 
 20724 30 
 
 85810 52 
 
 5 
 
 0(5709 79 
 
 1.3870 (52 
 
 80,".86 41 
 
 6 
 
 63(535 45 
 
 22175 07 
 
 8.>S10 52 
 
 6 
 
 05738 43 
 
 14847 98 
 
 80586 41 
 
 7 
 
 020S3 20 
 
 23727 32 
 
 85810 52 
 
 7 
 
 (54699 07 
 
 15887 34 
 
 805H6 41 
 
 8 
 
 60422 29 
 
 253S8 23 
 
 8,-)810 .52 
 
 8 
 
 (53586 9(5 
 
 16999 45 
 
 80,180 41 
 
 9 
 
 58645 11 
 
 27165 41 
 
 8.5810 52 
 
 9 
 
 02397 00 
 
 18189 41 
 
 805HO 41 
 
 10 
 
 5(1743 53 
 
 290(5(5 99 
 
 8.1810 .52 
 
 10 
 
 01123 74 
 
 194(52 (57 
 
 805S6 41 
 
 11 
 
 54708 84 
 
 31101 68 
 
 85810 52 
 
 11 
 
 59701 35 
 
 20825 0(5 
 
 80586 41 
 
 12 
 
 52531 72 
 
 3.3278 80 
 
 85810 .52 
 
 12 
 
 58303 00 
 
 222S2 81 
 
 80.18(5 41 
 
 13 
 
 50202 21 
 
 .3.-)t508 31 
 
 8.5810 .52 
 
 13 
 
 50743 SO 
 
 23S42 61 
 
 80,1S6 41 
 
 14 
 
 47709 63 
 
 38101) S!) 
 
 85^10 ,52 
 
 14 
 
 5,1074 82 
 
 2.1511 .59 
 
 80.186 41 
 
 15 
 
 45042 56 
 
 40707 9 5 
 
 85810 52 
 
 15 
 
 53289 01 
 
 27297 40 
 
 8O5S0 41 
 
 16 
 
 42188 81 
 
 43(521 71 
 
 85S10 52 
 
 10 
 
 51378 19 
 
 2!)208 22 
 
 S05S6 41 
 
 17 
 
 39135 29 
 
 46(575 23 
 
 8,-810 52 
 
 17 
 
 49333 01 
 
 31252 80 
 
 80586 41 
 
 18 
 
 35868 02 
 
 49942 50 
 
 8,-)810 52 
 
 18 
 
 47145 92 
 
 3,3440 49 
 
 S(i,186 41 
 
 19 
 
 32372 05 
 
 53438 47 
 
 8,1810 .52 
 
 19 
 
 44805 08 
 
 35781 33 
 
 8O.1SO 41 
 
 20 
 
 28631 35 
 
 57179 18 
 
 8.1810 .53 
 
 20 
 
 42300 39 
 
 38280 02 
 
 80586 41 
 
 21 
 
 1 24628 81 
 
 61181 72 
 
 8.1810 53 
 
 21 
 
 39(520 37 
 
 409(5(5 04 
 
 80,186 41 
 
 22 
 
 2034(5 09 
 
 65464 44 
 
 8,1S10 .53 
 
 22 
 
 3(5752 74 
 
 43833 (57 
 
 80580 41 
 
 23 
 
 157(53 58 
 
 70046 95 
 
 8,1810 .53 
 
 23 
 
 33(584 39 
 
 40902 02 
 
 80586 41 
 
 24 
 
 108(50 29 
 
 74950 24 
 
 85810 53 
 
 24 
 
 30401 25 
 
 50185 10 
 
 80586 41 
 
 2f) 
 
 5613 78 
 
 80196 75 
 
 85810 53 
 
 25 
 
 20888 29 
 
 53098 12 
 
 80580 41 
 
 
 1 
 
 
 
 26 "31''9 42 
 
 5745(5 99 
 
 80586 41 
 
 1 
 
 Sioooooo oc 
 
 
 ^ 27 19107 43 
 
 61478 98 
 
 80586 41 
 80,186 41 
 
 
 
 
 1 28 : 14803 90 
 
 65(82 51 
 
 
 
 
 29 10199 12 
 
 70387 29 
 
 8O580 41 
 
 
 
 
 30 5272 01 
 
 75314 40 
 
 S0586 41 
 
 
 •SIOOCMWK) 00 
 
 
 
 
 
 
 This work is printed from electrotype pl.atcs. A final proof printed from the 
 plates, has been oheclied by the Author. The possibility of enor in ai ■/ >f the 
 tables, has thus been prevented ; and the correctness of the fignrcs is tUorctore 
 guaranteed. 
 
 WILLIAM POWIS, F.C.A., 
 (Conmltiwj yictno.ry) 
 
 19 Imperial Bank Fjuildings, 
 
 Toronto, Canada.