HARBOUR ASSETS

New Zealand Times, Volume XXXIII, Issue 7449, 25 May 1911, Page 1

HARBOUR ASSETS

REVALUATION TO BE MADE WILL RESULT IN IMPROVEMENT OF THE POSITION. j TLe desirability of making a complete (revaluation of tlic assets of the W ellington Harbour Board was discussed last night, when the chairman, Mr I’. lletcher, moved — That the time _ is now opportune when a revaluation of the board s real estate should bo made and that the chairman, secretary, mid engineer bo empowered to make the necessary arrangements to give effect to Hus resolution. To his mind, said Mr Fletcher, it must bo patent to every member that this was an absolutely necessity. The sooner the revaluation was made tho better. The motion was seconded by Mr C. AVJones, who asked if the chairman suggested any particular valuers. Air Fletcher said ho was thinking of two of tho best valuers in A\ ellington. Air J. Ames, the. City Valuer, and Air W. Muir, who had acted for tho board on many occasions. Ah- Jones objected that both these were city valuers. Tho board really Granted (someone who could estimate the value ol tho wharves, otc. ~ ~ “AVc. know the cost of these, said the chairman. “What we. now want to know is tho value of tho land itself. 0 ’ WHY NOT THE LOT? Air AI. Cohen 'said he had hoped .that the motion would have gone-further and ' asked for a revaluation of the whole of ! the hoard’s assets. It would bo quit© idle to do the thing piecemeal. He was perfectly satisfied that the assets shown in tho balance-sheet were amply justified, !but he wanted to'know (for certain par- ' poses which would.appear later) what was the real expert valuation of tho assets that had been written down eteadily fqt vears past and so to get at the exact position. Ho honed that tho chairman would ho able to see his 'way Ip carry out the scheme in its entirety. “It will have a considerable effect on our bondholders, won’t it?” asked Air Daniell- 1 A “Acs," said the chairman. It wilt increase our assets vary) considerably. _ It is nine years since we had a valuation, and I think wo should - , have one made now.” ■, ' Air Daniel! urged, that', from tho point of view of the bondholders it would bo more satisfactory to hate tho valuations made bv outside men. I.’' The chairman said that if it was tho desire of the hoard to. have the wharves and other structures valued he Would raise no obj notion, but ho would point -out that it would mean an'.increased expense that would haidly bepustiiied. The services of an expert engineer would have to ho called in for this prfrpoao. However, he was willing to make his motion apply to all other assets ifVdesired. NOT NECESSARY. Alr Hindmarsh eaid he did tnot see tho necessity for a valuation of alii the other assets. The expense would hardly be justified. The board did not. desiro to 1 raise a loan, did it? I “Wo will want a loan pretty soon, was the chairman’s reply. “Perhaps, not in the immediate future, but in '.pine or. | twelve months. AVe want more '.wharves and more structures.” , Mr Renner said he agreed with Mr 1 Hindmarsh that the expensewouldt.be tuo groat, and that a complete revaluation was not required- -■ It’ was urged by Mr Cohen that it would be illuminating to have a complete knowledge of how the board stood in relation to its assets. However, he did.-.not wish to embarrass the chairman’s motion, and would not'seek to make any addition to it. t ! V The motion is originally brought down was passed and. subsequently Air Cohen gave notice to move that, inquiry be made ns to the cost-ofi valuing tho whole of the board’s assets of)ier than real estate. \\