FINANCES OF PORT

Taranaki Daily News, 23 November 1932, Page 8

FINANCES OF PORT

POSITION AT WHANGABEI. Whangarei, Nov. 18. The Whangarei Harbour Board to-day considered a financial statement submitted by the treasurer. The estimated income for the remainder of the year ending on September 30, 1933, was given as £10,520. The treasurer stated that a rate of Id in the pound on the unimproved rateable value of the harbour district, if collected, .would produce £9928. She liabilities

and estimated expenditure for the rest of the year were set down at £20,048. Attention was drawn by the treasurer to the high rate of interest, 7 per cent., being paid on the £lOO,OOO loan, and, in view of the board’s reduced income and of the cheap money now offering in Britain, it was recommended that the board again enter into negotiations with the debenture-holders in an endeavour to convert this loan, as a reduction in interest from 7 to 5 per cent, would save the board £2OOO a year. Discussion on the statement was taken in committee. "The folowing statement was issued by the chairman, Mr. J. A. Finlayson, at the conclusion of the meeting: “Owing to the board’s revenue being insufficient to meet interest charges, it was resolved to collect a rate, the amount of which will be determined by a special committee of the board, comprising Messrs. Finlayson, P. Gardner and D. E. Young.’ ’