TRUST MONEY

Evening Post, Volume CVII, Issue 149, 28 June 1929, Page 6

TRUST MONEY

AND HARBOUR BOARD

SUGGESTED LEGISLATION

A proposal was made by Mr. C. H. Chapman at Wednesday's meeting of the Harbour Board that legislative power should be obtained to enable trust money to be invested with the board.

Thoro was no question of tlio stability of tlio Wellington Harbour Board, said Mr. Chapman, but under the law thoro waa no power to accept trust moneys. In view of the ample security which, the board afforded he thought it would be merely a matter of approaching the Government, and legislative permission would be granted. If the board approved of the proposa*, he 1 would suggest, the board's solicitor should be asked to dr'ft the necessary legislation, which would come before members again for further consideration. If power were given the board to accept trust money the benefit, would be unquestionably considerable when, from time to time, it was necessary to expend additional sums. Mr. C. j. B. Norwood, in seconding the. motion, agreed that the board's financial: position was such as to ius-tify-full faith in investors; Captain C. M'Arthur asked whether the reason,. for. "the . inability of the board, to accept trust money was not that it had no rating area. The chairman, Mr. J. W. M'Ewan, said that the matter had already been taken up by the Harbours Association, and mentioned that the Government! had already agreed in certain cases { where'ther.e were no rating areas./ Sir Joseph Ward had stated in reply to the association that he-would-give the suggestion careful consideration. Mr. T. B. Barrer remarked that Mr. Chapman's motion referred solely to the Wellington Board; he did not think that Parliament would consent to the investment'of trust moneys indiscriminately among boards. The financial stability of the Wellington Board was however, the highest among local bodies of New Zealand, and possibly also Australia. Hedid not think that the board should U any way saddle itself witn the responsibility of asking;for such authority on behalf of harbour boards generally. „:. B Mr. W. L. Pitzherbert agreed with the general, principle of the motion, but only to the extent suggested by Mr J3arrer.> The motion was adopted.