PROPERTY LOSSES.

New Zealand Herald, Volume LXVIII, Issue 20792, 7 February 1931, Page 14

PROPERTY LOSSES.

PRIVATE AND PUBLIC. HUCE TOTAL EXPECTED. LOCAL BODY INDEBTEDNESS COST OF HARBOUR WORKS. DISTRICT VALUATIONS. A general survey of the damage by earthquake and fire in Napier and Hastings indicates that the total loss is enormous. One estimate given yesterday placed tho loss in Napier at £2,500,000 and that at Hastings at approximately £1,000,000. If to tho loss of buildings there be added the value of stocks held by commercial houses, the furnishings of private dwellings and the destruction of harbour works and local body assets such as water works and mains, sewerage and drainage systems, it would seem that the total loss at Napier and Hastings must bo considerably greater than the £3,500,000 suggested. Thcro have already been suggestions that in view of tho havoc wrought in tho area and the heavy losses sustained it might not bo practicable, or advisable to .attempt to rebuild these towns, but, San Francisco lias been quoted as an example of what can bo done in such circumstances. After the great earthquake and firo of 1906 it was estimated that the total loss was not less than £100,000,000. Four square miles of the city and suburbs were devastated, but a short three years later a bigger and better-built city was taking shape, and already at that time the valuations were higher than they had been at the time of the earthquake. San Francisco has had no serious earth movement since 1906. Capital Value of Napier. In the case of Napier and Hastings it is difficult to arrive at an estimate of tho loss. Most of tho business premises, which would be tho most costly buildings in these towns, appear to be damaged beyond repair, so that complete rebuilding would seem to be necessary. The capital value of the borough of Napier was £4,500,000, this representing land and improvements.

A calculation based on this figure gives the value of all buildings in the borough of Napier at approximately £2,900,000.

In ordinary circumstances the capital value, which is compiled for tho purposes of rating, would be somewhat below market value at the time it was made, but it has been said by an authority that tho capital value figure given was arrived at during the time of peak prices. His view is that tho steady decline in values during the past two years has brought the market value of the property in the borough to about the figure represented in the capital value. It is doubtful if the value of stocks held by retail stores and -wholesale warehouses will ever be known.

Apart from the private and commercial losses the destruction of public services will be a heavy blow to the local authorities. Tho total assets of the Napier Borough were given at £567,000, while tho borough's total loan indebtedness is £653,000. Tho principal items among the assets were: Drainage, sewerage and water systems, £151,000; electrical plant, £150,000; Town Hall and library, £53,000; reserves, parks, etc., £34,000; plant, £20,000; endowments, £20,000. Position of Hastings, The capital value of the borough of Hastings was £3,500,000, and a calculation similar to that made in the case of Napier gives the total value of buildings at about £2,000,000. The total assets of tlie borough were set down at £220,000 and its loan indebtedness is £369,000. Tho biggest item among the assets was electrical works, £102,000. Other main items were: Roserves, etc., £28,000; drainage, sewerage and water supply, £23,000. It is feared that thero may also be considerable loss duo to damage to tho harbour works at Napier. No reliable estimate of the extent of this damage lias yet been made known. Tho expenditure on tho provision of harbour facilities has been considerable. From tho Napier Harbour Board's own records it would appear that a total of £819,000 has been expended on these works, £737,000 of this amount having been provided by way of loans. At the moment the board's public debt is £555,000. The outer harbour with protected berthage for large vessels lias been provided at a cost of £'149,000, while tho inner harbour, available only to small vessels, lias cost £270,000. Tho board has extensive reserves, mostly reclaimed land, valued at. £270,000, from which it derives between £7OOO and £BOOO per annum in rents. RELIEF SHIP OFFERED. AMERICAN OWNERS' ACTION. GOLDEN CLOUD AVAILABLE. The world-widrt response to the call for help at Napier is revealed in tho generous action of tho Oceanic and Oriental Navigation Company, owners of the American steamer Golden Cloud. A cablegram received yesterday instructed the agents, Messrs. Henderson and Macfarlane, Ltd., to offer tho vessel for relief work or the evacuation of Napier if needed. The offer was conveyed to the Prime Minister, the Rt, Hon. G. W. Forbes, who replied expressing the Government's appreciation, but intimating that the advices from tho affected area indicated that the present arrangements for relief were adequate.