THE HARBOUR.

Evening Post, Volume LXXV, Issue 53, 3 March 1908, Page 3

THE HARBOUR.

NEED FOR WHARF EXTENSION. A MILLION LOAN. FINANCIAL POSITION DISCUSSED. {Important financial questions were dealt with by the Harbour Board yesterday. The board sat in committee for an unusually long time. The following motion was carried in committee: — "That the solicitors be instructed to include -in the proposed Bill powers to borrow £1,000,000 at a rate of interest toot to produce to the lender a higher rate than five pounds per cent, per annum. That provision be made for a sinking fund of one per cent, per annum. That the board be authorised to expend such loan moneys to construct, execute, perform, and pay for the folio "ring works, acts, matters, and things, or' such of them, as the board may, in its discretion, think fit, with such modification or amendment as to the board may seem meet: — (1). The purchase of the property and assets of the Wellington Patent Slip Company, Limited, including the legal expenses of acquisition.' (2.) The construction and equipment of patent > slips. (3.) The installation of workshops, plant, and machinery in connection with graving docks and slips. (4.) The reclamation of any lands which the board is or niay bo authorised to reclaim, including; the purchase of ah lands necessary in the opinion of the board for such reclamation, either for spoil purposes ok purposes of providing access to or road trontages for such reclamations, including the cost of retaining walls, tho construction of sewers and watercourses and of streets. (5.) Dredging, and the purchase, hire, and maintenance of dredging appliances and qther expenditure connected therewith. (6. ) The construction of quays and quay walls, pitched slopes, and works of a like nature. (7.) Tho extension oi existing wharves and stores and the construction of new wharves, jetties, sheds, offices, and stores, and of cranes and of other machinery, plant, and appliances." THE DISCUSSION. When the resolution was, called on for confirmation the chairman (Mr. T. M. Wilford) explained that it was not intended to spend the full sum but the board would require' the whole amount for necessary works. Mr. F. G. Bolton protested against the amount to be raised, and said it was a, pity that the motion had been brought forward at a meeting when the country members were absent. A sum of £872,885 was all that was required at the present time for all the works. In regard to the Evans Bay 'scheme nothing more than tho preliminaries should be done at the present time. Thirty-one thousand pounds would bo sufficient for the preliminaries, and that would leave £120,000, which could be deducted from the £872,885, leaving £750,000 as sufficient to be borrowed for all the -works required during the next four years. Furthermore, it was proposed to expend £1 35,000 on the Patent Slip scheme, and the probability was that a large portion of this 'would remain unexpended in 1911, leaving a further, additional amount available for tho construction of any additional new wharves. He felt 'they should not carry the Evans Bay reclamation scheme into operation until absolutely certain that the betterment clause of the Bill was 'assured. Ho again protested against the motion being dealt with when there was not a full meeting of tho board. ' The Hon. T. K. MacdonaUl supported the motion. In these proposals the board had exhibited the greatest possible \ amount of prudence, and the Jbest stops were being taken to secure sound and suitable .finance. It was a melancholy fact that the ' port did not contain all the facilities required for carrying on the extensive business which showed expansion every year. As a matter of fact, to-day' groat steamers that came into port could not get berthage immediately. There ware stenmers which had to wait two days (as the Athenic had for instance) and the shed accommodation on the wharves for storing the goods of the great steamers was' inadequate. Merchants 'and shipping companies had a right to complain to the board and say that they expected proI par accommodation. It was the duty of ! the board to see that they had it. Tho object of raising a million of money was to provide the requirements of the mert chants and shipping companies, and the city and country districts generally. It was impossible for those not intimately acquainted with the working of the board to realise tha immenso growth of tha port, and what tho gain would bo in the next threo or four years. In tho j future the port-'woukl continue to expand. The opening of the Main Trunk line would have a, great influence on tha business of the port and tho completion of the Panama Canal would alr.o be a great thing for Wellington shipping. In five years' time, looking back on -what had been done that day, people would ses that the board had noted in the right spirit, and with a, due appreciation of the necessities of the port, and the requirements of shipping. Mr. Bolton interjected nprc that h"o had gone into the schedule of works and ascertained that the Clyde-quay, Pipitea, lung's and Thorndon Whnrvcs would all bo eoverud by £750,000. '.The chairman (air. T. M. Wilford) thought thafe the board was about to inisc £250,000 more than it required. However, us the matter had been decided, hi would not now further discuss the question. I Mr. J. W. M'Ewan agreed with Mr. Macdonald as to the need for more wharf extension. At any time when it was proved wharves were required he would support a proposal .for the required expenditure. The lion. T. YV*. Hii-lop said he wns convinced' from his experience in municipal finance that it would he unwiscs for the boaid to get its boriowiiK< powcr3 piecemeal from Parliament. The money could 'b?. rnieed as required. I(, would not all bo lequitvd within four years, but it would within a longer 'period. The board's indebtedness now was £540,000, and its s&sets were £850,0C0. including accrued ■sinking funds nf £60.000. They might havo allowed thair expenditure to approach too near the total amount of their income, but they had tho sntisf notion of knowing thnt, after making liberal allowances for depreciation, they hnd assets, 'including sinking funds and unexpended' portions of loans, - totalling, as ] 10 had "said, £8.50,000. Mr. Fletcher strongly supported tho motion. Tho construction of ' wharves hnd not been in keeping with the growth of trade. The motion was approved.