DRAINAGE BOARD.

New Zealand Herald, Volume XLIX, Issue 15060, 1 August 1912, Page 9

DRAINAGE BOARD.

No. 3 LOAN OF £100,000. PROGRESS OF THE - WORKS.

The Auckland and Suburban Drainage Board met last night. Present : Messrs. J. Court (in the chair), G. Bail don, W. R. Bioomfield, R. S. Briggs, M. J. Coyle, T. Dignan, A. J. Entrican, F. E. N. Gr-udin, J. Hawkins, G. Knight, W. McLauchl'in, G. Reed, J. Trevithick, and R. Tudehope. Prior to the taking of ordinary business, a special meeting was held to adopt a special order for tho flotation of the No. 3 loan of £IG!J,OCO. The order was duly adopted, arid remains to bo confirmed at the next ordinary meeting, on August 30. Regarding this loan, the secretary reported, through the Finance Committee, that the manager of the Bank of New Zealand advised that the necessary steps should be at once taken in connection with tho raising of the loan, and that a new clause should bo inserted in the power of attorney given to the directors of tho bank to the effect that they should be given power to pledge tho debentures in London as security for an overdraft until a favourable opportunity should occur to float the loan. In this way the Board would have the advantage of having its overdraft cheaper than by getting it in Auckland. The secretary also reported that the Board would be, overdrawn to the amount of its fixed deposits (£30,000) in October. A sum of at least £10,000 pur month would be required for the next six or seven months. The Board had no authority to borrow by way of overdraft, except to an amount not exceeding tho amount of its outstanding contributions at the time the application for the overdraft is made, and this amount was . estimated ai about £3000. Tho Act provided, how- | ever, that the Board could borrow by way of overdraft to the amount of the face value of it 1 debentures. No. 8 contract, that for branch No. 1, Remuera, was reported by the engineer to have been completed last month, and an, outfall had" been provided on the main sewer at'Orakei so that the Remuera Road Board could discharge light sewage into tho branch. Tho Works Committee reported that st. had been waited upon by a deputation of Remuera ratepayers protesting against the nature of the sewage to be discharged into the Orakei Creek ; but quoted a report by the engineer to the effect that their fears were groundless. The engineer reported that the contractors for the No. 8 contract (Messrs. Forrest and Lovctt) had put in a claim for an extra because the amount of reek they had met with was greater than had been indicated by the borings made by tho Board. There was r-Omo discussion in regard to the claim, but it was ouiekly ended when one of the members asked the engineer if j ho had expected a refund from the con- : tractors if the error had been in the op- ' pofiite direction, and tho Board decided I to take no action in the matter. The usual report on tho progress of the | Board's works wan submitted by the engineer. Tho principal point in the report | was that the work at the storage tanks, in j spite of all efforts, was liable to be stopped at any time for want of shingle, j and operations had actually had to bo I suspended for a day or so because all the , jihinglo in the bin had been used. Messrs. j Winstone, Limited, who were interested !

in the contract, had promised that no effort would be wanting to maintain good supplies in the future. The contract for the main sower, section 3, and branches 3a, Parnell East, and 3j>, Judge's Bay, was now practically completed. It was decided that a price should be obtained for tho construction of the detri-

tus chamber lit the storage tanks at Orakei.