Taranaki Herald. PUBLISHED DAILY. SATURDAY, JANUARY 17, 1903. BREAKWATER EXTENSION.

Taranaki Herald, Volume L, Issue 12198, 17 January 1903, Page 4

Taranaki Herald. PUBLISHED DAILY. SATURDAY, JANUARY 17, 1903. BREAKWATER EXTENSION.

In the brief discussion which took place at the Harbour. Board meeting I on Friday upon tho proposed extension of- the breakwater some of the members doubted whether the Board has any surplus revenue to devote to such a purpose. "We have on mpro than one occasion shown that for years past the Board has found money; in considerable sums for puz-poses outside the ' ordinary" ' working of the port. Still, the matter is of such importance that we may bo >, excused for, again drawing attention to it. In 1899; the Board spent £468 for new boilers and repairs to the dredge, £135 in working the grab, which' has long since been discontinued, £2061 on tho fixed sand-pump, £11GO V on the wharf, £-150 on cottages for the harbourmaster and other employees, and £132 for the quarry crane, in ,all .£4706 oui of ordinary revenue. Against this, however; must bo set an increase of £2305 in the overdraft, leaving- £2103 as tho actual payments out of earnings upon matters outside ordinary working expenses. In 1900 a sum of was spent upon the fixed. sand-pump,, £1097 on tho wharf, £132 for the crano, and £140 on tho lagoon, 6r a> total .of £3251, whi^le the. overdraft was only added t6 by £133, leaving £3118 as thp coniribution^out of actual earnings. In 1901 the fixed sand-pump cost £507, the wharf £3029, tho quarry crane £132, a windmill £90, an opening in the breakwater £7S, new sheds £J 00, and engineering expenses in connection with harbour {improvement scheme £48, a total of £3984, 'against' which must bo set an increase of £922' in. the overdraft, .leaving £3062 paid out of earnings. The accounts for 1902 aro.not yot audited, but roughly wo believe upotd £4000 has been spent out of earnings which might fairly be charged to capital account.' Thus in four years ' some £12,500 has been spent in that way out of earnings, an average of rather more than £3000 ' a year. The overdraft on December 3lstj 1902, was £2776, against £4340 at the beginning" of tbe year, and the ordinary revenue reached £8500, £2000 ! more than it was in 1899. Th>e in- : crease., wi11.,-bo maintained, and <if greater facilities and accommodation are provided the growth .will become mor% rapid. ,TVe* cannot sec a shadow of a doubt as to tho Board having a surplusage ! of Tevenue of at least £3000 a year available ' for harbour improvements. Tho epidstion is how that can best bo spent. Our own, opinion, and at vis /shared -'by "several members ■ of the Board; gg that it should be devoted to paying interest on a further loan for harbour extension. If £25,000 a year could bo spent during- the next : four » years at the end of that time .we, should havp accommodation ' for J direct liners. -..The , first year the interest charg-o at five per cent, would bo £]200 ; the- second <y oar it would bo I £2500; the third year £3750; -mid tho fourth year 1 £500fr. By this time, h'owover, the revenue of tho port will have so increased that the full £5000 may reasonably bo expected to be me,t out. of revemte, so that there is no likelihood of a rate bein£ required to meet tho interest.' In" the absence of any definite stohftme' for carrying on the work on an extensive scale. • Mr Ward's idoa of doing a little ftach

year out of revenue is worthy of consideration. Candidly, we do not think ithc expenditure of £3000 a year is likely to offset' any appreciable improvement in the' hnrhour for many years,, but we should like to see the ratepayers endorpo the «?ohefne as- an indication that, they wish to sco an extension carried out. Borrowing a ■further sum of £150,000 in ovc sum is, we are afraid, quite out of the nuostion at prcßpnt. but w ~V»r>liovo it is otiito foaaiblo to borrow £20.000 or £26,000 a yo.nr wi'fhout imposing 1 any further b»mlen\on iho rainpnvors. T^Toro than 1-nat, wo V»o1i(n-n afiat. if tho fu'hemo woro inkon up in W proper Rpt^it in mo -town,- tho rbuntry woulrl road ily' 1 lie' inHucod to ftffrco. Tn i ho 'rortaiitimo'ycar 'after 'your passes* away with nothing accomplishrd beyond maintaining in working ordor

the harbour as wo had it many years ago.