GISBORNE HARBOR.

Poverty Bay Herald, Volume XXVIII, Issue 9095, 13 March 1901, Page 3

GISBORNE HARBOR.

•— ■ - -- NO. 11. (By W. L. Rees.) Before proceeding to sketch the plan which 1 propose, 1 must premise, nrst, that after the expenditure, of the 4JVJO,OOO, released by the Act of 1900, 1 trust that neither public nor Parliament will permit any more of the ratepayers' money, . save lor incidental necessary expenditure to be spcntt*^ on the improvement of tne l-iver. I Ui> not object to the river being improved, so far as its natural ieatures will permit. W'liat does even the .Mayor Hope to obtain, after the expenditure oi ±imO,000? He hopes within 12 months to see a small steamer drawing l&ft of water alongside the wharf. 'me mountain is in labor, and brings forth a mouse. In the second place, 1 would call upon the public to remember that the district is progressing with great a»pidlty and witn solid prosperity. The tables compiled some time since by Mr fcShelton snowed conclusively the vast strides which Poverty Bay is making in. its settlement,, productions, and commerce. The rateable value of the County and Borough grows with startling speed; every year adds materially to our population and wealth, every year beholds new sources of production •■ opening and new prospects oi progress unfolding themselves. The railway, the opening of roads and building of bridges throughout the country, the timber industry, the possible rich finds of petroleum, and other mines of wealth, beside the steady onward flow of the ordinary industrial tides, all join to prove -.that the East Coast is rapidly winning its way to the front rank. . " - ,-_ 'It is proclaimed in every newspaper throughout the colony " that tne East Coast is perhaps the most flourishing district in .New Zealand. Nothing will aid the further development of this portion of "the North Island so much as the construction of a harbor of refuge that will give accommodation to cue largest ocean-going ships. If a har--bor fit for commerce were necessary 17 years ago, it is now more than necessary, it is indispensable. At present, witn no hope of material improvement, and no possibility of making our present works into a harbor capable of accommodating large ocean-going, ships, all out communication with the outside world is conducted under circumstances which are most deplorable. Delay, ' expense, irri tatioh, and annoyance are consequent upon tne arrival and departure of every snip, and we are always liable to further disadvantages in stormy weather. Were we in possession of a good harbor stretching westward from Cstoney Point, the town could i>e reached by rail or road in a 'few minutes. Every passenger upon every ship would land and see something of tne district. No persons would fear being carried on or losing a passage, and exact times could be hxed for the departure of every boat. „ . Every person in the district would profit by the saving of the many costs and charges attendant upon our present system. I now proceed to state my proposals, and invite the fullest discussion upon them, , Tbe^financial condition of the Harbor Board is not so bad as it appears to be on the bare statement that £140,000 has been spent, or ear-marked. Of the £20,000 released lost year, a portion only has been expended ; there remains in itound sufficient to pay for the dredge row being. built, to complete the wfchirf to the Turanganui bridge, and to deepen the water beside it; also to extend the western groin, and generally, with some assistance from surplus revenue, to complete the work at present undertaken by the Board. This will leave a sum ha the hands of the Public Trustee of upwards of £85,000 available under any legislation for legitimate purposes, as intended by the Act of 1884. Sixty thousand pounds of the original £200,000 and ±125,000 of accrued sinking funds and interest'are in the hands of. the Public, Trustee, exclusive of the £20,000 released by the Gisborne Harbor Board Amendment Act, 1900. The annual payments are firstly £10,000 for interest, about £1,500 net per annum for sinking fund, the Public Trustee's charges, £280, and the bank's charges for exchange to London^ £150; practically £12,U00 per annum. The debentures are payable in! November, 1915, and their present market value in London is from 104 to 105. In consequence, many years ago, of the delay in- payment of a half-year's interest, they fell suddenly to between. so and 60, but they speedily rallied, and as precautions, have always since been taken to provide for the pay ment of interest at due date, they now stand steadily at from 4 to 5 per cent, premium. The New Zealand Government 6^ per cent, debentures stand" at the same price in-, the London market -as our Harbor Board debentures. The Government and Parliament should be at once approached with a view to the issue of £300,000 of Government debentures at 3^ per cent., and an exchange of the present Harbor Board debentures at 5 >er cent. The premium obtained by the issue of the. £100,000 of 3£ per cent, debentures beyond the £200,000 required for the exchange' would partly defray the costs of the operations. But if £10,000 more were required to satisftr the present idebenture&olders, that would be_a cheap method of providing so great a benefit for . this district. - The xwition then would be this. We should owe £300,000 in lieu of £200,000. We should have to pay - interest a£ 3£ per cent, or £10,500 per annum instead of £10,000, which we pay at present, and with £ per cent, sinking fund in lieu of 1 per cent, which we now pay, -wV should pay exactly the same amount as at present,. that is, £12,000 per annum for interest and sinking fund combined; for the Public Trustee's charges and the bank's exchange would both be saved ; the debentures being Government debentures, the Government would be our creditor, and not the English moneylender. This operation would leave, us practically where we stand now in . the matter of the yearly payments, but the payment of interest and sinking fund would be extended, as in the case of the Government loans -to local bodies, over a period of 41 years. The financial position of the Harbor Board would then enable us to enter at once upon the construction of such works as were intended by the Act of 1884. The money in hand, £85,000, could be released when the £100,000 freshly borrowed had been expended, and we should thus have, after the payment of all charges, upwards of £175,000 with which to construct the works. We should indeed ultimately lose the interest now accruing from tlie investment of the £85,000 in the hands of the Public Trustee, and have to pay for a longer period, but that would oe a mere trifle compared with the immense boon conferred by the existence of a safe and commodious harbor. In my former communication. I mentioned plans which had been prepared practically upon those of Sir John Coode,l)ut not on a scale of such large expenditure as proposed by that eminent authority. Mr Davis, after going carefully on many occasions over the Stoney^Point at Kaiti, working,, out quantities, providing for excavations in the reef inside the harbor works, and carrying out a mole to a distance sufficient to give from 30ft to 35ft of water at low tide, and providing complete protection against) any storms, estimated the cost at less than £100,000. ' The question of costs and construction must-, of course, be left to experts. I have conversed during the last 15 years with, many persons connected with marine engineering and the building" of harbors and protective works, and those who know the locality, as well as those who could . only reason from seeing maps and plans, and obtaining information' from myself and others, without exception declare this site not only to be the best to be obtained near Gisborne, but under the circumstances to be one whereon harbor works could be constructed with greater economy and more certainty of success than in any other part of the colony, near to a centre of population. . I have no doubt, therefore, that the money in hand after the present loan had been converted would be amply sufficient to do the work required, and unless my reasoning can be shown to be wrong, or without foundation, then it is our duty as a community at once to take definite action. Defeated 17 years ago, let us again attempt with courage and confidence a task which must be grateful to us all, and within five years those of us who are left will see a harbor worthy of the bay and district, and the great ships, which carry our produce across the seas, lying alongside our wharves as safely as in Auckland or Wellington. It may be said that neither, the Government nor Parliament will accede to a request, which may possibly cause a coalition of all the Harbor Boards in the country to obtain advantage from the public credit, such as we are seeking. I for one should like to see such * coalition, and to see it successful. No more dangerous or disastrous prmciple was ever introduced into New Zealand legislation than that of handing over the construction of great harbors, at a cost of millions of money, . to local

■ bodies, with all their petty feelings and ! their petty prejudices. But I should an- | swer any such objection by pointing to the incontrovertible argument contained in my first communication. Successive Governments and successive Piirlioinents have during 17 years aided in the spendI ing of nearly £150,000 of money borrowled by us, and to be paid by us, in a 1 manner contrary to or altogether different i from the purpose for which it was raised, and for which it was intended. No just or generous mind will deny that we have the strongest claims, at least upon the sympathy and good offices of the Government and Parliament. That is all we seek. With the sanction of Parliament, Mr Seddon and -Mr Ward could make the conversion and float the debentures within six months, and the work could immediately proceed; not now on the authority or at the will of the Harbor Board, but upon a distinct and definite plan, and upon the proper site, such as was intended by the Act of 1884. If we rise to the occasion, the thing will be done, and in the near future we shall welcome the Premier, Mr Ward, and our own member (Mr Carroll) when they visit the town of Gisborne for the glad purpose of laying the first stone of the Gisborne Harbor. "-—-.■