THAMES FINANCES

Evening Post, Volume CXVI, Issue 60, 8 September 1933, Page 5

THAMES FINANCES

HAKBOUR AFFAIRS

BONDHOLDERS' PROPOSALS

TERMS FOR CONVERSION

The Thames Harbour Board on Monday evening received a letter from tha debenture-holders' representative (Mr. Stewart Hardy), of Wellington, enclosing a report of a meeting of debentureholders held at Wellington on August 16 to discuss a proposal -for the joint control of the Thames Borough and the Harbour Board, states the, "New Zealand Herald." ■ •

The letter stated that there, was a general and lengthy discussion and that finally it was resolved unanimously that the suggested terms of agreement for joint control by the Thames ■ Borough. Commissioner (Mr. C. L. Grange) be rejected. A special committee was appointed to consider proposals for tha future conduct of the board's affairs.

The result of the meeting of the committee was embodied in a letter from the representative of the • debentureholders' committee, who stated that, with reference to the agreement at tho debenture-holders' meeting'to the con-, version and the waiving of- the rights of the debenture-holders to premium on, the conversion, he had ascertained from the Treasury that' the saving to the ratepayers, so far as the premium was concerned, would total £3176. From this it would" appear that the agreement of the debenture-holders to the proposal would result in a very material benefit to the board's ratepayers. He trusted that the action of the deben-ture-holders would be appreciated. The clerk explained that in addition there was a further annual Eaving in interest" on this amount 'of £460. RECOMMENDATION TO BOARD. A further letter on behalf of the de-benture-holders' committee made the following recommendation to the board: That the Governor-General in Council appoint as commissioner for the Thames Harbour district Mr. J. M. Pox, the present secretary, and that the appointment take effect from October 1, 1933. That in view of the fact that existing legislative authority does not extend to cover the agreement of the Harbour Board debenture-holders contained in' the proposal, the necessary legislation to give effect to it be introduced, so that conversion of the existing debentures may be effected in accordancs with the agreement. Furthor, that a voluntary conversion of debentures be effected as at October 1, 1933, at aa interest rate of 4J per cent., and that the debenture-holders forgo any rights they may have to premium in respect to the conversion. The chairman (Mr. H. Lowe) said that the debenture-holders objected to the amalgamation chiefly on account of having to maintain the borough services, particularly the water race. Mr. E. Coulter said he thought the terms very reasonable and that th» chairman and secretary were to be congratulated for the work they had done. Mr. S. Ensor, Mayor of Thames, the Government's representative on th» board, said he doubted if the GovernorGeneral would appoint another commissioner in Thames. He thought 'thera was no need to upset the present arrangement. He predicted friction in' the town over the arrangement, as at present there was considerable feeling among ratepayers, and he bad been asked to convene what was tantamount to an indignation meeting. He thought it a mistake to have two people collecting rates over the same area. Mr. E. Edwards moved a vote of appreciation to the- debenture-holders for accepting the conversion and forgoing the premium and that the board request the Minister to facilitate th» conversion. This was carried unanimously.1 ' " '■' ;," ;'" ' " '■' ■' '• ;