CALLIOPE DOCK.
[by telegraph.] Auckland, Monday. A cablegram hag been received from London from Mr J. M. Brigham, secretaiy of the Harbor Board, to the effect that the Admiralty will grant a subsidy oi .£2950 for 30 years, being interest at the rate of 4 per cent on the amount oi .£59,350 proposed to be expended by the Board in equipping the Calliope Uocli and erecting the necessary machinorj and appliances suitable for a naval station. In addition to interest amount ing to £2374, provision is made for a sinking fund of ,£32,350, which will absorb £576 per annum. The balance oi £27,000 to bo expended is regarded b) the Admiralty as not being exclusively for their benefit, and they do not pa) sinking fund upon this item, iilthougl they pay interest on the whole sun expended. It will be necessary to put j bill through Parliament to enable th( Harbor Board to raise £59,350 by meani of debentures, but il is understood tha the money required will be advanced h the meantime by a local bank.
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Bibliographic details
Hawke's Bay Herald, Volume XXXIV, Issue 11124, 17 January 1899, Page 3
Word Count
177CALLIOPE DOCK. Hawke's Bay Herald, Volume XXXIV, Issue 11124, 17 January 1899, Page 3
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