FINANCES OF PORT

New Zealand Herald, Volume LXIX, Issue 21344, 19 November 1932, Page 12

FINANCES OF PORT

POSITION AT WIIANGAREE REVENUE INSUFFICIENT RATE TO BE COLLECTED ——.—_ • []JY TKLECinAriI—OWN CORRESPONDENT] WHANG AREI, Friday The Whangarei Harbour Board to-day considered a financial statement submitted Ly tho treasurer. Tho estimated income for the remainder of the year ending on September 30, 1933, was given as £10,520. The treasurer stated that a rate of Id in tho pound on tho unimproved rateable value of tho harbour district, if collected, would produce £9928. Tho liabilities arid estimated expenditure for tho rest of the year were set down at £20,048. Attention was drawn by the treasurer to the high rato of interest, 7 per cent, being paid on tho £1.00,000 loan, and, in view of the hoard's reduced income and of the cheap money now offering in Britain, it was recommended that the board again enter mto negotiations with tho debenture-holders in an endeavour to convert this loan, as a reduction in interest from 7 to 5 per cent would save tho board £2OOO a year Discussion on the statement was taken in committee. The following statement was issued by tho chairman,' Mr. J. A. Firilayson, at the conclusion of tho meeting:— " Owing to the hoard's revenue being insufficient to meet interest charges, it was resolved to collect a rate, the amount of which will bo determined by a spocial committee of the board, comprising Messrs. Finlayson, P. Gardner and U. E. Voting."