HARBOUR WORKS.

Auckland Star, Volume XXVI, Issue 196, 17 August 1895, Page 5

HARBOUR WORKS.

PROPOSED £10,000 LOAN,

A.meeting of the Finance and Legal Committee of the Auckland Harbour Board was held yesterday, Mr W. J. Napier presiding. The question of providing funds for carrying out dredging and other necessary , harbour works was considered. The Chairman explained the position of the Board's finances, stating thafc loans had' been authorised to the amount of £500,000, ab five per cent., of which sum £300,000 was to be expended in redeeming the loans of 1874 and 1882, leaving £200,000 to be expended upon worka. Of the latter sum £100,000 had been raised and expended. Of the unraised £100,000 there only remained to the credit of the Queen-sreet Wharf £4,786 83 Bd, for widening and improvements, but £6,000 has'been spent out of the general accounb on the Freeman's Bay Reclamation. That sum, however, could be repaid to .the loan account- and added to the £4,786 for expenditure -on the Queen-streefr Wharf because the Board was Authorised to spend the balance of £23,392 17e 3d towards the reclaiming of Freeman's Bay out of the £100,000 to be rais&d. About £5,000 could- aleo be taken from contingencies, leaving altogether out of the whole £100,000 to be raised £15,000, which could be expended on the Qneen-street - Wharf if necessary. It was considered thafc a sum of £10,000 would enable the Board to renew the Queen-streeb wharf for all present requirements, and also to dredge out the bertha and approaches to No. 2 jetty, these operations taking about twelve montha to complete.

, On the motion of Mr Napier, it was resolved to recommend to the Board : "That the sum of £10,000 be raised in Auckland at 4 per cent., the money to be expended on Queen - streeb Wharf and necessary dredging operations, and that the Secretary bo instructed to prepare draft debentures for approval by this Committee"