HARBOUR BRIDGE

New Zealand Herald, Volume LXXV, Issue 23222, 16 December 1938, Page 12

HARBOUR BRIDGE

£2,000,000 AVAILABLE STATE GUARANTEE WANTED POLICY QUESTION INVOLVED Information that tho capital .io build the Auckland harbour bridge was now available in Australia at a satisfactory interest rate, provided the New Zealand Government guaranteed a reasonable interest payment, was given to tho annual meeting of the Auckland Harbour Bridge Company, Limited, yesterday on behalf of the directors by Mr. Julius Hogben. it was stated later that the sum available was £2,000,000. Mr. Hogben detailed correspondence he had had with M. It. ITornibrook Proprietary, Limited, of Brisbane, and the Prime Minister, the lit. Hon. M. J. Savage. On October 12, ho said, ho received a cablegram from Hornibrooks stating that the capital was available. Prime Minister's Reply Subsequently, said Mr. Hogben, ho wrote three letters to tho Prime Minister and, on November 14, ho received a reply from Mr. Savage stating that ho had no objection to receiving a suggested deputation of two directors of the company, but that he thought it was quite unnecessary as- so much had already been said about the project. Thp question to be considered was one of Government policy, which, of course, said Mr. Savage, no deputation could decide. Mr. Hogben proceeded to emphasise tho need for such a bridge. Taking recently announced figures of the city engineer, Mr. J. Tyler, that harbour traffic was 1600 vehicles a day, he said that at the same rate bridge traffic would bo 6000 vehicles a day. The revenue would bp quite sufficient to pay maintenance and sinking fund. Major Public Utility

The Government, said Mr. Hogben, had for two years been in full possession of all the f.-cts for the need of such a bridge. He could not, therefore, understand its policy of studied procrastination, and with this view of the position the Member for Waitemata, Mr. W. J. Lyon, associated himself in full. Mr. Hogbpn asked what could possibly be preventing the Government from undertaking such a major public utility. If it were sincere in its declared policy of taking men off the Public Works to encourage New Zealand industry, the advantages of the bridge must be obvious, for it would immediately provide employment for from 800 to 1000 men. The meeting decided to increase the capital of the company to £IO,OOO by the creation of 5000 new ordinary shares of £1 each, ranking equally with the existing shares in the company.