THE DRAINAGE BOARD.

New Zealand Herald, Volume LIX, Issue 18207, 28 September 1922, Page 9

THE DRAINAGE BOARD.

REPAYMENT OF LOANS. LIMIT OF 49 YEARS. DURABILITY OF WORKS. The Auckland and Suburban Drainage Board met. last evening, the deputychairman, Mr. G. Bagnall, presiding. The engineer-secretary, Mr. H. H. Watkins, in a report with reference to the board's loans, stated that six loans, of a total amount of £475,000, had been effected at date, each with a currency of 21 years. The first of these would mature in May,< 1930, and the last in January, 1943. The sinking fund fixed for any one of these loans was not sufficient to provide for repayment at maturity. The board, however, had power to re-borrow to pay the principal. In addition to the six loans the board's liabilities included two loans amounting to £5500 raised by the late Hobson Bay Watershed Sewage Board and maturing jn 1944. The sinking fund commissioners had in hand at SepItember 19 last £30,442. If the present rate of interest and sinking fund were adhered to the first five loans could be replaced in 49 years and the last one of £25,000 in 37 years. The report added that the amount of sinking fund likely to have accrued at the time of maturity of each loan would be respectively as follows:—

loan Date of Sinking Fund Payable. Maturity. Accrued (est.). £100.000 May 1, 1930 £67.000 £100.0.0 Nov. 15. 1931 £73.000 £100.000 Mar. 15. 1934 I o qo n™ £50.000 July 1. 1934 / tw ' uw £100,000 Oct. 7. 1936 £107,000 £25,000 Jan. 1. 1943 £161.000 The sinking fund of £66 fixed in respect of the old loans referred to provided for their repayment some years before maturity. Concrete on its Trial. Mr. Watkins said the life of the works in the scheme would depend to a very considerable extent upon the durability of concrete. That material had not been generally used in sewer construction for I such a length of time as would justify final conclusions being arrived at as to its durability for such a, purpose. Records were, however, available which showed that sewers constructed of concrete over 30 years ago were still in a good state of preservation. A length of branch sewer in Auckland was recently broken out to permit of the construction • of a chamber, and the concrete removed i was perfectly sound. He considered that j the board's works would be serviceable I for many years beyond the time that the sinking fund would replace the loans. The report was deferred for consideration at next meeting. Requests From Outside Bodies. The Tamaki West Road Board requested the board to consider entering into an agreement for the use of the main outfall for sewerage system of portion of the road districts comprising about 1000 acres, the capital value of which is some £412.000. The engineer-secretary reported that to grant the request would involve the capacity of the storage tanks and outfall fewer only. Preliminary investigations • showed that sufficient capacity was availI able, but full details of the proposal had not yet been submitted by the road board. The area concerned was separated from the drainage district by the Orakei Road district, so that the latter would become involved in any agreement in the matter. The request was referred to the Works Committee. The One Tree Hill Road Board was granted permission to connect the drainage system of two areas of 35 acres and 94 acres respectively, on the eastern side of its district, with the city sewer in Empire Road. A provision was made that the areas should be included in the drainAge district. i The beacon over the outlet end of the • outfall sewer was recently damaged in some manner unknown. It was decided I to ask the Harbour Board to have repairs effected At the cost of the Drainage Board.,