Harbor Board Finances.

Gisborne Standard and Cook County Gazette, Volume II, Issue 173, 24 July 1888, Page 2

Harbor Board Finances.

The report of the Parliamentary Committee appointed to enquire into the financial position of the Gisborne Harbor Board is as follows :— Your Committee having taken evidence on the subjects referred to them are of opinion that the provisions of the Gisborne Harbor Act, 1884, Ame dment Act, 1887. have not bem contravened ; the works in progress and Outstanding contracts amounting only to about £61,000 exclusive of the £25,000 Sinking Fund aud £lO,OOO overdraft which the Auditor General has ruled should not be included in the £65.000 limit of clause 10 of the l.tter Ant. With reference to the unspent balance of loan, £105,009, it has been shown that this is in the hands of the Union Bank of Australia, Gisborne branch, on fixed deposit in several sums at a present maximum rate of interest of per cent. With regard to the investment of the Sinking Fund which is in the hands of two Commissions appointed by the Board itself without any specific legal authority, it appears that . he Board remain still responsible for the safety of the moneys, and the attention of the Controller General should be drawn to this point. Without taking exception to any of the investments that have already been made your Committee would recommend that in future the Sinking Funds should be invested in the debentures of the Colony of New Zealand or other Colonies. It appears that in order to comply with clause 24, of the Act of 1884, it h..s been arranged that the Harbor Board shall contribute £5OO a year additionally to the £25,000 set aside for Sinking Fund. Your Committee recommend that steps should be taken to have an adequate provision made incumbent by law. The Committee being of opinion that the above includes.ail that has been referred to them do not feel justified in reporting upon other evidence which has inoiuentally come before them, leading to the conclusion that the financial position of the Board requires serious consideration. G. S. Whitmore, Chairman.