RAISING THE FUNDS.

Northern Advocate, 10 September 1920, Page 3

RAISING THE FUNDS.

FLOATION OF HARBOUR LOAN

DREDGE WANTED SOON

When thii Whangarei Harbour Board yesterday had decided to reengage Mr W. M. Fraser as resident engineer 'and to appoint Mr Blair Mason as consulting engineer, Mr Tib.bits stated that the first card had been played and asked what was the next business. The query received a reply from the chairman, Mr J. D. McKenzie, who stated that the next move was to get the money authorised at the poll. He had interviewed the board's banker who was prepared to give him a letter to the general manager in Wellington, and the last-mentioned would doubtless help him to get the money in the best quarters and on the best 'basis; consequently Mr McKenzie intimated that h e and the treasurer would go to Wellington and when there would be guided by the financial advisers as to , how much of the loan should be lifted at a time. He did not want to pay too much for the loan, and he did not want it squandered. Tentaively he suggested that he should try to get half on debentures, but he did not wish 'to say too much until he had- been to Wellington where he would do the. best he could.

What was the position in regard to the purchase of the dredge was asked by Mr Tibbits, and the chairman replied that had debentures been ready, the board could have got the money to buy the dredge straight away. If it could be obtained locally at 5i per cent, including sinking fund, he considered that it wouid be a good move to get the dredge here as soon as possible. A few days' work was . ready for the dredge at Parua Bay, where Mr McKenzie was convinced she would save the expense of a new wharf. There would be two dredges idle in Auckland within three weeks. The question of letting contracts was referred to by Mr Mclnnes, who suggested that the dredge be, obtained as soon as possible, and he moved, seconded 'by Mr Jones, that the chairman and treasurer be instructed to obtain the money at the best possible terms wihout avoidable delay. The motion was carried. Mr Jones thereupon added a warning to abide by Mr Blair Mason's advice "to be on the go all the time, but not to msh. things," and at his suggestion a committee-consisting of Messrs Mclnnes, Tibbits, Jones and the chairman was set up to deal with urgent financial matters.