"NEVER BRIGHTER."

Auckland Star, Volume LXIV, Issue 290, 8 December 1933, Page 8

"NEVER BRIGHTER."

BRIDGE PROSPECTS.

ANNUAL MEETING HELD.

LONDON FINANCE OFFER.

"Reputable underwriters here have definitely undertaken to provide finance for the construction of the Auckland Harbour Bridge."

This was part of a cablegram from the High Commissioner in London to the Prime Minister, read by Mr. A. Harris, M.P., at the annual meeting of the Auckland Harbour, Bridge Company this morning. Confidence in the directors and a conviction that the prospects of the bridge were never brighter than they were at present were expressed. The chairman of directors, Mr. C. Hams, presided.

"During the past year very great progress has been made," said Mr. Hams. "The position of the company has greatly changed, both from a financial aspect and more especially in the good will shown. It has been a great worry and anxiety to the directors that, owing to a pledge of secrecy which the London people wished them to give, and which the directors felt they were fully justified in giving, thev have been unable to make public the progress made."

A letter was received from the Mayor. Mr. G. W. Hutchison, which read: "I have read vour chairman's report with interest and am able to confirm that confidential negotiations that are proceeding justify the directors in asking that th-y be permitted to continue these without' being subject to embarrassment." Activities Reviewed. A review of the activities of the Harbour Bridie authorities in the past few months was given by Mr. Harris, it would be remembered that last June it was announced that, subject to certain conditions being consummated in New Zealand, £1,500,000 was available in London. Some time before that a-simi-lar offer had been received from the company's representatives in London, but the conditions of the former offer were very drastic, involving the y ov * ernmeilt in a possible heavy liability. The conditions laid down were practically impossible of accomplishment. Counter-proposals were then put forward. by the company, and after the closest consultation and collaboration with the Government, the proposals were favourably received by the financiers. "Promising negotiations were then commenced," continued Mr. Harris. "These largely involved raising certain capital in New Zealand —an extremely difficult task in a time of serious depression. The London people considered that the people of New Zealand should take some financial interest in their own project. At last I was able to persuade the Unemployment Board to regard the harbour bridge work of truly national importance, and eventually the Treasury and the Unemployment Board were satisfied that the work was of national importance.

"Between £100,000 and £200,000 was made available for the financing of the project, and about two-thirds of that will be a straight-out cash subsidy from the Unemployment Board. Work on the bridge will employ not lees than 400 men for not lees than three years. During the recent visit of the Prime Minister to London he met representatives of the who satisfied him of their bona fides. Without the assistance of Mr. Forbes, Mr. Coates and. Mr. Hamilton, the present satisfactory stage would not have been possible." Boroughs Without Liability. Mr. Harris then read the cable referred to above, but said that the second part of the cable was confidential. It finished by saying that no liability of any kind would rest on the local bodies concerned. Mr. Harris said there had been expressions of opinion from time to time that a rate would have to be struck, but he assured the people concerned that the Auckland Harbour Bridge Empowering Act stated definitely that not a penny of liability would rest on the boroughs. That could not be done without legislation. Solicitors for the financiers at Home had asked the directors to appoint trustees on behalf of the debentureholders. Two had already been approved and appointed and later the names would be submitted to the local bodies in accordance with the Act.

"From time to time there has been adverse criticism," said Mr. Harris in conclusion. "There are always some people who will decry the work that has been done. The directors have overcome overwhelming difficulties. I have laid my cards on the table. I believe that in the near future the efforts of the directors will be consummated and you as shareholders, I hope, will be able to attend the ceremony of driving the first pile of the Auckland harbour bridge."

Motion of Confidence. The annual report and balance-sheet, already published in the "Star," were adopted. The retiring directors, Messrs. C. Hams, W. Parkinson and F. H. Broadbent, were re-elected unopposed. Mr. F. T. Eyre was re-elected auditor. A motion of confidence in the directors and congratulations upon the work already accomplished was passed unanimously and appreciation of the assistance of Mr. Harris was expressed.