FINANCE FOR NEW WORK

Bay of Plenty Times, Volume LXXIII, Issue 13721, 3 April 1945, Page 2

FINANCE FOR NEW WORK

capital^ undertaJJ Portion LT N . Years ochenie “ ln oonsi( iering the . fina,lce the propel tiou ' vork * i( impossible out of consideration oth ,** works which the board face within the next dared the secretary in a report to th e i a ‘'A the Tauranga Harbour discussing the question for new work. 1 s

“These may be listed i a importance as Cor O nati oft 3 vision for oil tankers, certain amount of at Hangiwaea for Tuck aa suitable also for expo*), ferry wharf at Mount \u and possible requirement her export trade from R o .,' district." added the report significance of these other relntioii to the als is that if finance for the ? ? tion is to he found by th e '' diate raising of a loan, ion should also be made Vo a loan authority sufficient '' the cost of at least the fi m items in addition.

Financial Policy ‘Tt * essential that the boy, a financial policy to meet ticipated increase in the tsA harbour facilities, that is l 0 . that any increase in harbo Ur ! uue apart from the present rtraffic will require additional K ties to be created before the can be obtained,” stated the “Bearing this consideration j tl3 a plan has been devised ’ permit the board to accojU finance for the reclamation j out of revenue until such tfe] the work is completed and ||i Initiation revenue producing, in conjunction with the progrt the reclamation work a the;

and accurate survey is n|(l w assured post-war trade, the | should be in a of four years to float a loan cot-c all its requirements and jp! charges of such a loan out of r; uue. “Briefly, the position is,” co:; tied the report, “that if the sa approximately £40,000 required: the reclamation work is I'Wi separate loan, now, it will beta sary to increase the harbour rah 50 per cent, this year, follow! a similar increase in 1946, Till; possibility of reduction whet : reclamation becomes revenue r ducing. If, on the other hand,; plication is made to the k Board for authority to raise i amount and the issue of debenir under the loan is suspended!; completion of the work, the required can be obtained from Bank of New Zealand at 4perf until such time as work has completed. This interest charge* a minimum sinking fund of : cent, can be met out of prescab enue. .At the completion of works, the position can then h viewed in the light of i r^r 1 post-war development, and original loan issue floated or «• loan applied for covering board’s then requirements. words, this latter plan ' eaVn _ board with more flexible corloan moneys and expenditure 1 the opportunity to adjust its c op merit work to post-war P*‘*

Long-range Pl« n “If the board is to P |a . v2 post-war development it tive it adopt now some loo? plan with definite proposals development of the pod. not done immediately and trades which are P' e | ,ar " for post-war reconstruction consider Tauranga in their P“Lastly, I draw the board tion again to the P°i' cin my annual report as This was to pursue an acW to foster trade by. adv ert personal contact in aieas . be served from Taurani?^ contact of representative ' the area already sel ' e( * a . tering of feeder road ' is evidence before the day, that the first icy may provide resu sdone over the next oa conjunction with the a j „la,l the hoard tunate position of no<* - , and meeting all charg( - S of revenue instead o “The practical issu eS ( j! by the board to ' day *■ to raised fd>, is to be raised, tone Port- , . ..aise It was decided to l )y hypothecation ot h the bank during 1 p . jj* work, the position then viewed.