THE HARBOUR LOAN PROPOSALS.

Taranaki Herald, Volume LIV, Issue 13797, 31 October 1908, Page 7

THE HARBOUR LOAN PROPOSALS.

STATUTORY MEETING. Owinw to strong counter attractions 'here was not a large attendance at the meeting of the harbour ratepayers held at the Town Hall last night to consider the Board's loan proposals. Mr G. Tisch. Mayor of New Plymouth, presided and briefly stated the object of the meeting, calling upon the Chairman of "the Harbour Board to explain the proposals. Mi- Connett said he thought it was scarcely necessary for him to go very deeply into the question here, as townspeople were well acquainted with the Board's proposals. It was, however, necessary, in the terms of the Act, to hold a meeting. He briefly explained that the new Act gave power to borrow £300,000 at a rate of interest not exceeding five per cent, but he expected it would not be necessary to borrow more than £250,000, or to pay more than four per cent, interest. As it was possible they might have to make temporary arrangements to pay off the existing loan in May next the rate of interest had been stated at five per cent, as a precaution, but the Board did not intend to pay that rate permanently. A sinking fund with interest at four per cent, a total annual charge of £12,500 on a loan of £200,000. To meet this they had land revenue £5000,. which was gradually increasing, £2000 rents from reserves, and £4500 was set aside from the port earnings, making in all £11,000. Ihe expenditure would be spread over three or four years and the unexpended portion of the loan would each year be earning interest, so that ample means were provided to pay interest for some vear3 without levying a rate, liieir land revenue and rents would increase and they would be able to set aside, if necessary, more than £4500 from port earnings. Last year the earnings exceeded the expenses by £9400, and assuming that £2000 a year was lost by the Main Trunk Railway diverting uW-enger traffic, the Board would still have no difficulty in setting aside more than £4500 if it was required. Dealing with the improvement scheme Mr. Connett said Mr Merchant's estimate of the cost was £133,000, but by the time the present loan matured they would have completed 120 feet out of the 650 feet of breakwater provided for in Mr Marchant's estimate, so that there would be a saving of £8000 or £10.000 there. In other respects Mr Marchant's estimates were very liberal and he felt satisfied £250,000 would be all that was required to borrow. In conclusion, Mr Connett urged the ratepayers not to take it for granted that the loan would be carried, but to vote as though success depended upon their individual votes. . Mr King said he need add nothing to what Mr Connet had said. The chairman then formally announced that a poll would be taken on the proposals on November 16. Mr Jas. Sole moved a hearty vote of thanks to Messrs Connett and King for their attendance, which was carried with acclamation. A similar compliment to the chairman concluded the business.