HARBOUR BOARD FINANCE.

Auckland Star, Volume XXX, Issue 211, 6 September 1899, Page 2

HARBOUR BOARD FINANCE.

-\n interesting discussion took place at the meeting of the Harbour Board yesterday afternoon upon Harbour Board finance. The matter was raised by Mr A. Kidd, who moved an amendment to the following recommendation of the Finance and Legal Committee: "That debentures, Loan Account, be issued for £10,000, bearing interest at the rate of four per cent, per annum, aud Vat tender! be invited for-the purchase of the same." As ultimately SSed and adopted Mr Kidd's amendment read, "That debentures be issued for £10,000 at four per cent, pei annum in such amounts as the linance and Legal Committee may from time to time report as necessary. « Kidd objected to raising more monej, than was absolutely required, as it would simply mean a scramble for the balance, while there would be an added recurring charge of £400 i per annum as interest the Board must provide for. There was no necessity to raise the £10,000 at present, and the committee could report iust how much was wanted to square accounts. Eaising more than was required was considered good policy in politics in order to create a surplus, but there was no need for the Board to adopt that system. If his amendment was carried the Finance Committee could from time to time issue debentures as required to raise what money was really required. _ The Chairman (Mr M. Niccol) said they ought to dssue debentures at once for the money required at the moment whatever else was done. The Secretary (Mr Brip-ham) said it would require'about £5000 to adjust the general account. Mr J. TT. Witheford seconded Mr Kidcl's amendment, which was then agreed to.