| Description | COUNCIL REGISTER, VOLUME 71, FOLIOS 50v - 53r
Council meeting, 18 May 1824
[Sederunt given]
The Provost reported that, as a result of the general reduction of the interest rates, he and the magistrates believed that it would be necessary to reduce the interest payable on the debt due by the Harbour from five to four percent. With this in mind he had contacted the Directors of Aberdeen Banking Company to arrange an advance at four percent of a sum of money sufficient to pay off any of the creditors who may not be inclined to allow their money to remain at the reduced rate. In order to comply with the terms and conditions of the loan the Council empowered Mr Whyte, the Treasurer, to grant bill to the Dean of Guild for the principal sums due to him at Whitsunday 1817, amounting to £25,999 15s 8d, the Dean of Guild and Master of Shoreworks to endorse the same and the bill to be deposited in trust with the cashier of the Banking Company in security of such advances as may be made by the Bank. The Council exonerated the office bearers from private liability and declared that the Harbour Funds should indemnify the Dean of Guild. [Letter from A Morrice, Cashier of the Aberdeen Banking Company, engrossed]. (50v - 52v)
The Provost reported that the magistrates had considered the propriety of selling the victual feu duties payable by Mr Knowles out of the Lands of Wester Cairnie and Kirkville, agreeable to his application, and could not agree to the amount offered. However the Council agreed to sell the money feu duties payable out of these lands at twenty-five years purchase, including the casualties of superiority, and empowered the Dean of Guild to execute the necessary discharge in favour of Mr Knowles. (52v - 53r) |