OTAGO DOCK TRUST BILL.

Otago Daily Times, Issue 10422, 26 July 1895, Page 3

OTAGO DOCK TRUST BILL.

(From Our Own Gourkspojsdekt.) 1 . . Wellington, July 25. The Ofcago Dock Aci Amendment Bill came on for its seaond reading this afternoon, and in moving the second reading Mr Millar urged the necessity o f tbe Dock Trust having power given to them to borjow the money requisite for building cool chambers at Port Chalmers. The trust would have erected ccol chambers last season, but found they had no borrowing power. Clause 2 provided that in anticipation of income the tcust might, by way of overdraft, get sufficient monpy froai the bank. The truat had power to borrow £10,000 for the.purpose of building a new dock, but did not want to exercise ihAt power. Thsy did not propose to borioiv the full amount at once. They j>roposed.to first erect cool chambers, the estimated eoac of which together wi h machinery atd aol>l>aocds was £3000, su.l afterwards to eclargi! On* dock. Mr Millar pointrd oub the &dv.«iWe thiifc Auckland, Wellington, and LyttolWi bad !? Tev. by kav>ng freezing works adjacent to the wharves, and said if the p->wtr asked for was given to the Ofcago Dock Trust all porli would be put on an equal foolin.g The Hoiv J M'Konaie approved of the object of |.he hill, *™ thought that to have cool stores at Port Chalmers would be remunerative for the Dock Irust. He, however, hoped that the trust had no intention to borrow for any purpose ofche>' linn the traction of cool stores, and he asked whether Mr Mi'lar would accept an amendment to the effect that the borrowing powers shall not be applied for any otber purpose than those mentioned by him. Mr T. Mackenzie suoporfced the bill, pointing out that thece was no fear of default aR the trust had a surplus of £700, which wai sufficient to pay 7 P 3- ce.n'o. on ths amount ther proposed to borrow. Mr James Allen objected to the clause which gave permission to the trustio borrow by way of overdraft from a bank. JLoc»l bodies wore now not allowed to borrow from a bank a sum more thaa equivalent to t,h?ir outstanding rates »nd he did not think tbe Dock Trust should bs tretfed otherwise Mr Allen contended that the bill gave no security thai; the money was to ba ezpended in tho OirfcUon indicated by Mr MilUr. Ifc migh*, b* rightfco allow fcha Dock Tru«t to borrow money Tor the errction of cool scores, wid he fov ono woul/i not object to that, but hs objected that t.sey should be allowed to borrow for sny parpose vTithoafc the House b*in R provided with lull information. With refn-anso to Iho extension of the dock, Mr Allan said thera was no necessity for power to b? given io the till for that purpose, as the trust had already power to borrow £10,000 for it. He was of opinion that tbe Government were the proper authorities to erect tha cool stores, for nob only v?ss it in the interest of tbe agcicult-urislb, but he understood tha whartes belonged to th« Government. Mr Barnshaw said iv Committee h« wi.uM attempt to bo amend thn bill that the Dock Trust would be bound to espe-ir] the money on the specific woik* for which it was asked, 88 there was nothing in th« bill lo prevent them Rpendinjr the monsy on wh.-rfaare or ottiT snoh work. The bili was not required Rf1. *H, and it would be doinjj a kindness to Duncdin to reject it. In reply Mr Millar said th:,t thf Government had b»en asked to ones the coo) woks, but; they could not see their w*y to do it, and private individuals would not do it Tbe trnst bad £2000 lyiug to their credit, ami they hid no desire to upend it until they could see their way to increase their revenue. He w^uld have no objection to any reasonable amendment to the bill when it got into Committee. The re.isoti why power to borrow by way of overdraft was desired was because ihry did not waut to borrow £10,000 at ocea ami pay interest on that amonns. Ho pointed out the necessity that existed for the extension of the dock, ifc boing too small to aucommodxt's (he larger vessels calling iv Rt the Port. If tbey thought the trust had no'right to sn overdraft, he would be quite r*»ady to nccept that amendment provided the Honca gave them tbe power to borrow £10,000 directly for the purpose he hsd mentioned. The trust had no other intention in borrowing the money than to erect the cool stores and, when the time arrived, to lengthen the dock by 50fb. The bill Was read a second time on the voice 3.