Mr Peacock also signified assent to the re solution, which was unanimously carried in its amended form. The Chairman said that the next resolu tion was a large one in point of detail. Be fore proceeding to its consideration, he should like to call their attention to the fact that it was necessary for the Board first of to decide what amount ought to be rail >y a rate, and to endeavour to arrive at some prin ciple which might govern their decision. He threw this out altogether as a suggestion. It was dear that they could not strike a rate in the dark ; therefore they should arrive at an estimate of the sum which it would be fair and politic for them to levy, in view of the fact that the money they had been expending had been advanced on the debentures of the Board. He would therefore aubmit to the Board the advisability of considering, first— whether in levying a rate to raise a special amount, they wished to include in that a cer tain sinking fund towards the extinction of the debt already incurred, as well as lor the expenses of next year. Mr Fisher thought that by a clause in the Act, the Board couldn’t establish a sinking fund.
