The Star [Published Daily.] SECOND EDITION. FRIDAY, JANUARY 21, 1898. NEW PLYMOUTH HARBOR.

Hawera & Normanby Star, Volume XXXIV, Issue 3751, 21 January 1898, Page 2

The Star [Published Daily.] SECOND EDITION. FRIDAY, JANUARY 21, 1898. NEW PLYMOUTH HARBOR.

I ♦ The annual report of the Chairman of the New Plymouth Harbor Board (Mr E. Maxwell) contains information of general interest. In the first place he showed that the experience of the past year had confirmed the hope that the protective work put in under the advice and direction of Mr Marchant, C.E., had proved satisfactory. It is now two years since the breakwater had suffered injury, and. meantime the protective work has been completed; " The rubble work has in some places settled slightly below the height advised by the engineer, but this will be adjusted at small cost by the removal to such places of stones which are now above that height. There had been an exceptional continuance of heavy weather for several months which should have thoroughly tested the stability of the work ; and the belief expressed in last year's report that the Breakwater was beyond danger has so far been borne out." Figures are given as to the result of contest with the sand difficulty, and the vigor with which that difficulty has been attacktd may be judged from the following: — The quantity of : §and removed for the year 1898 to j 1897 inclusive, with total cost per cubic yard, is as follows: -1893, 16,800 cubic yards, total cost £794 Is 7d ; 1894, 22,615 cubic yards, I total cost £787 Is 8d ; 1895, 89,680 cubic yards, total cost £853 19s; 1896, 67,186 cubic yards, total cost £1768 8s lid ; 1877, 114,809 cubic yards, total cost £1877 15s lOd." Any further increase of the quantity removed per annum is not expected with present appliances, but it is hoped, the chairman says, that during 1898 the accumulation of sand will be so decreased as to allow of a berth for steamers on the breakwater side of the whirf. After referring to the wharf and railway charges question, the report goes on to deal with finance. It had been shown that the overdraft had come down from £8626 to £2863, or over £1250 during the year. The chairman proceeded to say :— " The rate levied during the year was £d in the £, being the same as the previous year. This, together with the land revenue and blance brought forward, was sufficient to pay the cm rent interest in full and all costs, leaving a balance to carry forward of £3483 10s sd. It is expected that in striking tbti next ratn a reduction of of a penny in the £ will be made, which would make the third reduction from the maximum of f d during the paht three years. The land revenue for the year was £4870 18s 9d, as compared with £6706 9s 4s in 1896, being a decrease of £1835 10s 7d." The sinking fund now stands at £35,555 11s Bd, the sum of £28,050 in the Board's bonds, £7000 being held by tho bank for further investment, and the balance, £505 11s Bd, at interest. Notice of the terminuJJ tion of the arrangement as to interest on daily balance between the bank and Hinking Fund Cominihsioners has been given. As to the neor distant future the chairman said :— "The £200,000 loan was floated at the ond of the year 1879 at £95, bearing interest at 6 per cent, per annum ; the net proceeds after payment of costs being £185,855 12s Id, currency 80 years, due in London on May let, 1909 (11 years hence) by which time it is anticipated the Hinking fund will have reached £60,000, leaving £140,000 of the loan to be providid for. When the loan was raised, the prospective value of the 25 per cunt, laud revenue was a considerable security to the bondholders, but the maximum rating power of |d in tbe

£ was a small proportion, as the I area of settled land waa at that time ' comparatively limited, and from the time the rate was first levied until about three years ago the fullfd was required, and for part of the time waa not, together with the land fund, sufficient to meet the interest ; but since that time all arrears have been paid, and £d rate has been found enough, which proves that the rateable value and area of occupation within the Harbor Rating District has so greatly increased that we have now a margin of one third of the full rate, and it will not be too much to anticipate a margin of twothirds by 1909 when the loan matures. Having such a greatly increased security to offer, and only requiring £140,000, the probability is that this sum will at that time be easily obtainable at the lowest rate of interest then ruling for such loans, a rate not likely to exceed 3 per cent., which will be annual interest of £4200. The Land Fund is always a very uncertain quantity, but as there is still a large area of land to be settled in the Taranaki Provincial District, this revenue will not be likely to fail very much more, in which case the land revenue would meet the interest in full, and the rate would not then be required. As stated, the Land Fund is a very uncertain amount, but it is hoped that as the trade improves, the ordinary revenue of the Board will contribute to the Sinking Fund, and so ensure relief to the ratepayers." It will be seen that the outlook for ratepayers is materially improving, and the history of the past few years proves to the hilt the contention so often advanced in these columns that when the " pinch " arose a few years ago the Government of the colony could have given great relief to the ratepayers without imposing a farthing of loss on the colony. We congratulate Mr Maxwell and the Board generally on the more hopeful appearance of matters.