HARBOUR BOARD AND TRUST MONEYS

Dominion, Volume 22, Issue 232, 27 June 1929, Page 11

HARBOUR BOARD AND TRUST MONEYS

POWER WANTED TO ACCEPT INVESTMENTS

REQUEST TO PARLIAMENT

Legislative authority to enable the Wellington Harbour Board to accept trust moneys for investment was advocated by the board in a motion carried at its monthly meeting last night. Mr. C. H. Chapman, M.P., who submitted the motion, said that the position at present was that persons having trust moneys at their disposal could not invest them with the board. As was very well understood, the general security of the board was splendid, and the financial position was sound. It appeared to him that those controlling trust moneys would appreciate the onnortunity to invest with the board. He felt that it was only a matter of approaching Parliament and pointing out the position of the board's assets, and that as far as Wellington lias concerned the necessary legislative authority would be given. Mr. C. J. B. Norwood seconded the motion. The board was a perfectly sound investment, he said. They had, of course, to look at the position from the Government’s point of view, and all boards might not be as sound an investment as the Wellington board. Mr. T. R. Barrer said that as far as the Wellington board was concerned he could not see any objection to the investment of trust monies with it. He did not think, however, that the board should saddle itself with the responsibility of asking that every board attached to the Harbour Boards' Association be granted the authority which they were seeking. The chairman (Mr. J. W. Mac Ewan) read a letter which bad been sent by the Harbour Boards’ Association to the Prime Minister asking that the necessary authority be granted to enable trust monies to be invested with all harbour boards. The Prime Minister’s reply to the letter was that he would consider the representations. • Mr. W. L. Fitzherbert supported the motion to the extent that it should apply to the Wellingon board only. They did not, he said, know the position of other boards and should not concern themselves with them.

The chairman: It will practically mean a private Bill confined to this board if Parliament agrees to our request. The motion was carried.