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Updated: May 8, 2025
"Pig-metal," mumbled the reporter, "um! coal facilities, um! hands employed, twelve hundred, bitumen, um! all right, I believe, Mr. Clarke; sinking-fund, what did you say was your sinking-fund?" "Twelve hundred hands?" said the stranger, the young man who had first spoken. "Do you control their votes, Kirby?" "Control? No." The young man smiled complacently.
The precarious condition of financial affairs among the people still needing relief, immediately after the 30th day of June, 1887, the remainder of the 3 per cent bonds then outstanding, amounting with principal and interest to the sum of $18,877,500, were called in and applied to the sinking-fund contribution for the current fiscal year.
From easy and obvious calculations he inferred, that in a very little time the interest upon all the South-Sea annuities would be reduced from four to three per cent., without any danger to public credit, or breach of public faith; that then the produce of the sinking fund would amount to fourteen hundred thousand pounds per annum, to be applied only towards redeeming the capital of the several trading companies; he proved that this measure would bring every one of them so much within the power of parliament, that they would be glad to accept of three per cent, interest on any reasonable terms; in which case the sinking-fund would rise to one million six hundred thousand pounds per annum.
These certificates of loan were then ostensibly to be sold in the open market, a sinking-fund set aside for their redemption, and the money so obtained used to take up the long-outstanding warrants which were now such a subject of public comment. It is obvious that this was merely a case of robbing Peter to pay Paul. There was no real clearing up of the outstanding debt.
Perhaps that continually-recurrent catastrophe had something to do with the sapping of my infant faith, or the establishment of a sinking-fund of doubt regarding the veracity of the Noachian reporter?" She leaned towards him, her placid grey eyes dilating with pity for this man. "You ought to come and sit under our minister Mr. Oddris, on Sundays. Pray do. He would convince you if anybody could.
The thing that was troubling him most in all of this was not the five hundred thousand dollars which was owing the city treasury, and which he knew would stir political and social life to the center once it was generally known that was a legal or semi-legal transaction, at least but rather the matter of the sixty thousand dollars' worth of unrestored city loan certificates which he had not been able to replace in the sinking-fund and could not now even though the necessary money should fall from heaven.
When a municipality embarks on a municipal tramways scheme or any other industrial enterprise, and pays off by means of a sinking-fund the capital which it borrows in the first instance, the proceeding amounts, as the defenders of municipal trading have rightly claimed, to a compulsory and unconscious saving on the part of the citizens.
The whole supply amounted to two millions seven hundred and ninety-seven thousand nine hundred and sixteen pounds, ten shillings and twopence, to be raised by a land-tax of two shillings in the pound, a malt-tax, a continuation of certain duties on wine, vinegar, cider, and beer imported, a sum taken from the sinking-fund, and the overplus of certain grants, funds, and duties.
The precarious condition of financial affairs among the people still needing relief, immediately after the 30th day of June, 1887, the remainder of the 3 per cent bonds then outstanding, amounting with principal and interest to the sum of $18,877,500, were called in and applied to the sinking-fund contribution for the current fiscal year.
Thus for the year 1808, the state required L.12,200,000 in loan above what the taxes produced. But in the same year L.1,200,000 were applied to the sinking-fund; consequently, it was necessary to borrow so much more, and therefore the whole loan of that year amounted to L.13,400,000. The loan was increased exactly in the way in which our friend added the L.10 to the L.100.
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