AUCKLAND HARBOUR BOARD.

Auckland Star, Volume XXXI, Issue 183, 3 August 1900, Page 3

AUCKLAND HARBOUR BOARD.

EMPOWERING BILL.

THE BILL IN COMMITTEE,

(By Telegraph—Parliamentary Reporter.)

WELLINGTON, this day,

In Committee of the House of Kepresentatives on this Bill, Mr. Tanner objected that the objects on which the money was to be expended were not specified, ft appeared that £300,000 was partly unraised, but the Board proposed to divert a, large sum to other than the original objects.

Mr Napier regretted that the hon. member had not heard his remarks in moving the second reading. It had been found, owing to the change ot circumstances, that the money could not be as advantageously expended as? originally intended as upon the new purposes. Mr Napier Hell's scheme would involve an expenditure of £-100, 000, but the Hoard proposed to carry out the plans as far as possible in improved berthuge, etc. In ten years hence the revenue oJ1 the Board would be increased by £10.000, when another loan could be* raised to complete the

scheme

The Minister of Marine moved to insert in clause 3 titter the words "in the construction of such wharves and permanent harbour works as," the words "subject to the provisions of the Harbours Act, 1878, may be approved by the Board."

Mr Tanner wanted to know in detail how £90,000 was to be expended.

Mr Napier said if the Bill was passed he could assure the House thfl-t every penny of it would be properly expended. (Laughter.) Mr T. MacKenzie moved that after "C 90,000" the following words should be added, "after the British Parliament has passed the Bill entitled the Trust Investment and Colonial Stocks Bill."

The Speaker ruled the amendment out of order.

Mr Napier said Mr Mackenzie's amendment was needles?, because it was proposed to raise the money in Auckland at 4 per cent. Mr Witheford said works of a very extensive character were beins- carried on, !'or which the money was needed in order to provide accommodation for Her Majesty's ships of war, 'and large sea-going vessels. He was therefore surprised that any section of the House should obstruct the Bill.

Mr Napier enumerated the main objects on which the loan was to be expended, of which works to the nmount of £75,000 h.-ul actually been approved of. the balance being- required for dredging. The amendment moved by the Minister of Marine was agreed to. Mr MaeKen/io sigain moved his amendment, with the addition that the interest should not exceed four per cent, Mr Fowlds said the. House might as well stipulate that the loan shall not-be raised until the Women's Suffrage Bill had been passed, as that the money should not be borrowed until certain legislation had passed the British Parliament. He deprecated the treatment of this important question in a spirit of levity. Mr Ward said the Auckland Harbour Board deserved credit for its enterprise and economy in carrying out important improvements. He adviser! the member in charge of the Bill (Mr Napier) to remain cool, and persevere with his measure. Mr Napier pointed out that the \wkiand Harbour Board debentures stood very high on the London Stock Exchange. Some years ago ian attempt was made to buy up the debentures, but the quotation was so high, that the attempt was abandoned. He defended the proposal to raise the loan locally on the ground that the interest would also be expended in the district. Mr W. Russell (Ricearton) condemned the practice of some local bodies to raise loans up to the last shil-

Mr Pivani: Yes, and cet an overdraft in'•addition, like the Canterbury Coli T\uz retort evoked loud laughter, amidst which Kiccarton subsided. Mr Hogg denounced the waste ot time caused by the frivolous way in which the Bill had been received by the Committee. The debate had become a burlesque, which was discreditable to the House. He strongly ipveiehed against the unfair manner m which the Bill had been received. Mr Hall echoed the protest ot the last speaker. The Auckland Harbour was the best in the colony. ( JNo, and "Yes"), and the local Board deserved praise for its enterprise in improving the accommodation for shipping. He sympathised with the hon. member in charge of the Bill in the discourteous manner in which his Bill had been received. Mr Meredith (Ashley) thought the chstigatiori administered by Mr Hogg was well deserved. He strongly condemned this unfair treatment of the Auckland Harbour, one of the most important in the colony, and he advised the hon. member in charge ot the Bill to hold the fort and sit tight. (Laughter.) He was reiterating the statement that the Auckland Harbour was the most important in the colony, when Mr Wilford (Wellington Suburbs), who evidently imagines that there is no"harbour worth the name except that of Port Nicholson,_ rose to create a diversion with a point of order, which was promptly snuffed out by the Chairman. . , Mr Pirani, who spoke of Mr rsapier as "my learned, gallant, and honourable friend, Captain Napier, the member for Auckland," supported the amendment. Mr McGuire characterised the amendment as ridiculous. Mr Palmer, speaking as one of the directors of the Auckland Savings Bank, said the money would be advanced by that institution as required, lie did not think any local loan had been so advantageously raised as the one under consideration.

The Hon. Mr McGowan said there were large sums of money in Auckland seeking investment, and its utilisation for the purpose proposed would be a benefit to the colony as a whole.

The amendment was negatived on the voices. Mr McKenzie moved another amendment, restricting the interest on the loan to 3$ per cent, par value. Mr Witheford hoped the lion, member would withdraw his amendment. They had been told by the Premier the other day that the time is inopportune for going into the London money market for a loan, and yet the member for Waihemo (Mr McKenzie) was tin-owing difficulties in the way of raising the money locally at a comparatively moderate rate of interest. Mr Napier said the Bill was not a borrowing measure, as the money was to be obtained locally, free from any

charges beyond a few pounds spent in necessary advertising. The amendment was squelched by 51 to (J votes..

Mr E. Mc&enzie moved to restrict the rate of interest to four per cent, per annum. The amendment was negatived by 30 votes to 2G. Mr McKenzie. who had by this time developed his attack into an undisguised "stonewall." moved yet another amendment as follows: —"Provided that if the present time is inopportune for borrowing money, the Board shall be authorised to raise its loan temporarily for a period not exceeding two years, at a rate not exceeding five per cent." This was negatived by 35 to 10, and the clause as amended was agreed to.

Mr Napier moved to amend clause 5, so as to read: "That the. Board may raise money to an amount not exceeding £ 20,000, upon the security of the revenues of the Board, at a rate of interest hereinafter specified, for a term not exceeding fifteen years." The discussion now developed into a controversy among1 the lawyers. A technical amendment, moved by Mr Barclay (Dunodin), to strike, out the word "may" from the borrowing clause, with the. palpable design of spoiling the Bill, was negatived on a division by 35 to 13.

Mr Napier then moved to insert after the word "debentures" in line 28, clause ">, the words "two and n-half, not exceeding £20,000, upon the securities of the reveimcs of the Board at the rate of interest hereinafter specified for a term not exceeding 15 years, such debentures shall be in the form specified in the schedule hereto."

A motion by Mr ft. McKenzie (Motu'eka) to report progress (and kill the Bill) was negatived on the voices. Clause 5, as amended, was

agreed to

■ Clause six passed with amenibnent. The clause protects the rights of lessees in regard to the validity of leases heretofore made. Clauses 7 and 8 passed without amendment.

. A new clause was added to the Bill, providing for a sinking fund not exceeding one per cent, on the debentures issued, such sinking fund to be under the control of the Board. The schedule was agreed to and the Bill was reported with amendments.