HARBOR FINANCE.

Poverty Bay Herald, Volume XXXIV, Issue 11123, 24 July 1907, Page 4

HARBOR FINANCE.

A HOPEFUL ESTLMATE. At the meeting of- the Harbor Board yesterday afternoon breezy dialogue at once gave way to respectful anticipation when Mr G. Matthewson announced that he wished to give the other members the benefit of his calculations on the financial prospects in connection with the outer harbor. Considering that Mr Matthewson has been for so many years a Government nominee on the Board, tliat he strongly fought against the harbor scheme that failed, and that tlie close attention he' has given, to all matters connected with the harbor makes him 1 specially qualified for reviewing the whole position, the bright prospeot foreshadowed will naturally impress~ratepayers generally as well as members of tlie Board. "I liave no intention of going dowu to Wellington to give evidence," said Mr Matthewson, "but would like .the figures placed on record for use by th© Board -as may be 1 thought fit. 1 ' The figures upon which h-a] based his estimate were, of course, he, explained, approximate, and in each case \ round numbers wer© given, but he '..be- ] lieved that the statement was all through! on the safe side. He went on to read the] statement, incidentally referring to some of the points as he proceeded. Regarding Crown and Native land there was a great deal still coming into occupation, and this was likely to go ' on for at least nine yeare, and much land in private nands still unimproved. The Ous- \ toms returns, thev had been told at .... that table by the Customs officer, had trebled in five years. He had allowed that no interest would be payable until 1908 on new loan, os with delays, such as the passing of the Bill, tlie taking of a poll, and in getting a start, there was no work likely to be done until the end of 1908, and therefore he, believed he might fairly, take it there would be no interest payable until the following year. The sum of iBSOOO' a year revenue he had set ' down for the 'Board's endowment. Tauwhareparae -was, he (believed, clearly; an underestimate; it would only be an average of 2_ 3_dan>acre, which he regarded as absiiirdly low, nearly three-fourths of the area being improved. Referring to the amount set down for .trams, this advantage would not be shown in the Board's revenue, but would mean a benefit to the public in the saving of lighterage. The j statement was as follows: 7- ■_■ | Estimated -receipts and expenditure of, • the Gisborne Harbor Board for a period of nine years from 1907 to 1915 (both j years inclusive), commencing with the j Dolahce-sheet of the ; Board for. -the year : ended December 31st, 1906, which show- \ ed a gross income of £26,000. From this sum is deducted £10,000, being fates uncollected for 1907, leaving a balance of £15,000 -with which to commence the year 1907. To this credit balance, as also those o_ the succeeding years,, is added an estimated annual natural increase of £2000. The expenditure is based upon . interest payable on old and new loans and' estimated amounts for maintenance and harbor improvements (£5500). The following table shows the annual working of the' account for the above stated period: — 1907. — Reoeipts: Revenue based upon that of the year 1906, £15,000 ; natural increase, £2000; total, £17,000. Ex--1 penditure : Interest on old loan, £10,000 ; i maintenance (£2500). and harbor improvements (£3000), £5500; totali £15,500. Balance* at end of year^ £1500. 1908.— Balance from*l9o7i £1500. Re. ceipts: Esitmated revenue, £19,000; total, £20,500. Expenditure : Interest on old loan, £10,000 ; maintenance and improvements, £5500; total, £16,500. * Balance, £5000. 1909.— Balance from 1908, £5000. Recedptß: revenue, £21,000; total £26,000. Expenditure: Interest on old loan £10.000, interest on new loan . (£70^000) £3150— £13,150 ; maintenance and improvements, £5500; total, £18,---650. Balance, £7350. ' : 1910.— Balance from 1909, £7350/ Receipts: Estimated revenue, £23,000; total £30,350. Expenditure : Interest on old loan £10,000, interest on new loan (£140,000) £6300— £16,300 5 maintenance and improvements, £5500 ; total, £21,800. Balance, £8550. 1911.— Balance from 1910, £8550. Receipts: Estimated revenue, £25,000 ; half. , year Tahwhareparae £2500— £27,500; to--1 tal, £36,050. Expenditure: Interest on 1 old loan £10,000, interest on new loon (£210,000) £9450^£19,450 ; maintenance and improvements, £5500; total, £24,950. Balance, £11,100. 1912.— Balance from 1911, £11,100. Re. 1 ceipts V BBtimated revenue, £27,000 : Tau- , j y/hareparae, one year, £5000— -£32,000 ; I total. £43,100. Expenditure: Interest on ; old loan £10,000, interest on new loan (£280,000) £12,600— £22,600; . maintenance and" improvements, £5500; total, £28,100. Balance, £15,000. 1913.-?Balance from 1912, £15,000. Re. ceipts ; Estimated revenue, £29,000; Tauwhareporae, £5000— £34,000 ; : total, £49,. 000. Expenditure: Interest on old loan: : £10,000, intent oh new loan (£350,000) £15,750— £25,750; maintenance and improvemente, £5500; total, £31,250. Balance, £17,750. '■■'■■ ■■•'.• 1914.— Balance from 1913, £17,750. Receipts : Estimated revenue, £31,000 ; Tauwhareparae, £5000-^636,000; total, £53,---750. Expenditure: Interest on old loan £10.000, interest on new loan' £15,750— £25,750; maintenance arid improvements, £5560 ; total, £31,250. Balance £22,560. 1915.— Balance from i914, £22,500. R^ceints: Estimated revenue, £33,000 ; Tauwhareparae, £5000 -^ £38,000; total, £60,500. Expenditure: Interest op old loan £10,000, interest on new loan £15,---750--£25,75 0; maintenance and improvements, £5500: total, £31,250. Balance at end of year,' £29,2so. Note.— -It is probable that during, the last two or three years extra expenditure will be requited for- running trams to town, say £5000. In November, 1915, the old loan expires, when £7750 will be saved. Estimated sum- available to , redeem debentures, 1915 bearing 5 percent, interest, £150,000, new loan of. £50,000 at A_ per cent., total £200,000. Difference between 44 per cent, and 5 per cent, on £50,000, £250. He submitted that the statement must Ibe considered a very safe one. It showed that the inoome for nine years would amount to £347,000, and the expenditure .to £218,250, leaving at the end of the nine years a credit of £29,250.— Mr Lysnar: Without any rale' at all or increase in shipping charges. — Mr Matthewson: Yes, without any rate.— The Chairman; I move that the document lie on the table. It can thus be used for reference at, any time.-^ Lysnar seconded the motion, which was carried.