THE OAMARU HARBOUR BOARD.
I (Fbom Oub Own Cobrespondent.) OAMARU, Juno 27. The financial position of the Oamaru Harbour Board to-day presents a striking contrast to its pitiable condition of a few years ago. Then the receiver was in occinwtion, and the board was unable to pay its way in full; now it has a plethora of cash, and is in a position to lay aside money for a time of greater need. This happy change is the result of the consolidation of the board s loan by which money was obtained at a reduced rate of interest and a part of the \ oppressive burden cast off At to-day's meeting of the board the chairman mentioned that there was now an accumulated surplus of revenue amounting approximately to £6OOO, and suggested that part of the money should be set aside for I improvements to the port and for renewals ! that would become necessary from time to time He moved—" That an account, to be 1 oalled the harbour improvement and renewal account, be opened in the board's books, and the sum of £3OOO bo transferred from the general account to the credit of such account, and placed on fixed deposit with the National Bank of Now Zealand for two years." _ . This motion was carried, and it was generally understood that the reserve created would bo added to as occasion offered.
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Otago Witness, Issue 3251, 5 July 1916, Page 3
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230THE OAMARU HARBOUR BOARD. Otago Witness, Issue 3251, 5 July 1916, Page 3
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