THE PROPOSED OTAGO DOCK.

New Zealand Mail, Issue 771, 10 December 1886, Page 11

THE PROPOSED OTAGO DOCK.

(united press association.) Dunedin, December 6. A special meeting of the Chamber of Commerce was held to consider the proposals of the Dock Trust to raise a loan to construct a second graving dock. Mr Macandrew wrote stating that it was all nonsense to say that the English moneylenders, was not able to Jook after himselr, and tba, bogey abont the shipping having to pay_ . extra charged was: too far-fetched. He-, pointed out that the dock had been before Parliament three times, and had run the ■' gauntlet on each occasion. * After a dfa--.-cussion, in which the two Port representatives took part, and urged that there would be a surplus if the dock were built, thlhfollowing resolutions were carried, only the port members opposing : —That in view of the attempt at present being made to float the loan in Great Britain of £75,000 for the purpose of the construction of a new dock at Port Chalmers, this Chamber desires to place on record its emphatic protest against any, such attempt, on the following grounds : Ist. That the present and prospective trade of this port does not warrant the belief that for many years the proposed dock would pay interest on cost of construction, but that even with the revenue from the endowments of the Trust it would leave a very large annual deficiency ; 2. That the security offered for the proposed loan is entirely insufficient, and the statistics given in support of the same are illusory and deceptive ; 3rd. The good name of the Colony demands that this Chamber take steps to defeat, an. attempt. which, if successful, would materially damagethe credit of the Colony in the English, money market. It was resolved, to cable the resolutions to the Agent-General. \i V