The Timaru Herald. THURSDAY, SEPTEMBER 21, 1885.

Timaru Herald, Volume XLII, Issue 3429, 24 September 1885, Page 2

The Timaru Herald. THURSDAY, SEPTEMBER 21, 1885.

Wb congratulate the Timaru Harbor Board on the manner iv which the question of tho proposed new loan was discussed nnd dealt with on Tuesday. The admirably plaiu, clenr and struightforward statement of the Chairman placed the facts of the case before the Board nnd tho public m tbo tuoßt succinct nnd business-liko form, while tho subsequent discussion was conducted m a manner tbat reflected credit on those

who took part m it. Briefly stated, tbe reasons which have led the Board, after careful consideration, to recommend the raising of a new loan of £100,000 are as follows : — The existing loan will be exhausted early m ISB6. The Breakwater will then hare been carried to a total length of 1900 feet including approach, and there will be a total wharfage of 1836 feet, of which 1370 feet is available berthage for shipping. The structure will then afford partial shelter over an area of 115 acres and good shelter to tbe extent of 61 acres. As the Chairman pointed out, if the conditions of shipping had remained as they .vere ODly four years ago, the stage at which operations have arrived might have sufficed for some time to come, vessels of 1200 tons now finding complete and prompt despatch. As everybody knows, however, there has been a complete revolution m the colonial carrying trade, and any port which is not prepared to provide facilities for the large steamers, which are day by day absorbing more of the traffic, will speedily sink into a third-rate or fourth-rate position. That, we are safe m assuming, is a fate which no one desires for the outlet of this large and flourishing district. The Board and the ratepayers have the great satisfaction of knowing that they are travelling upon Bafe ground, which is by no means the invariable experience of communities embarking m harbor construction. The present works have proved a grand success, not only from an engineering point of view, but financially. Tbe inhabitants of the district have so far reaped a splendid return from the money invested. Apart from the many indirect benefits of having a. safe harbor where formerly there was only a dangerous open roadstead, there is at the present time, as compared with 1880, as Mr Moody showed, a distinct gain on a year's working of £9400 m hard cash, made up of reductions m harbor rates and diminished transhipments alone. This, as we understand, is quite independent of reductions m insurance, and savings m storage and haulage owing to the facilities for sending cargo direct on trucks to the consigning point. Further, the harbor has entirely met its own expenses. There has been a gradual, but gratifying increase m the net revenue from the port, and hitherto it has not been necessary to demand one penny from the ratepayers towards payment of interest. Even when a new loan is raised, it is not anticipated that it will be necessary to levy a rate until the money is nearly all expended m the contemplated improvements, which will occupy three years m execution, and at the very worst it is calculated that all that the ratepayers would be called upon to bear is a rate of threesixteenths of a penny m the £, which will produce £5000. Mr Talbot, whose Bpeech deserves especial attention as that of a practical country settler, with a substantial stake m the district, is of opinion that the most that a farmer with 500 acres would have to pay is £4 per annum — an amount which is really ridiculously small m proportion to the immense advantages he would reap m the improved facilities for getting his produce to a good market. The proposed loan will not complete the harbor works according to the full design, but it will enable us to take a most important step m advance, and to cope with the direct steamer trade which otherwise would speedily settle down m other channels. It will give us an additional 400 feet of breakwater, largely increasing the sheltered area, and materially decreasing the " range," which is at present the only troublesome feature that shipping ever have to contend with. It will extend the Moody Wharf 400 feet, making it a wharf of which any port might be proud, and it will enable us to excavate the basin to a depth sufficient to accommodate Homegoing steamers, and provide us with dredging plant sufficient thereafter to keep the harbor at a proper depth. Lastly, it will enable the Board to reclaim the foreshore, so as to give five acres of valuable building sites, which should recoup some of the expenditure incurred. If the ratepayers do not consider these results worth a little effort and the possibility of having to bear a rate of less than a farthing m the £ three years hence, all that we can say is that the enterprise and patriotism which commenced the works under every species of discouragement, and achieved such a gratifying Bnccess m the face of suoh great difficulties, must have suddenly forsaken the inhabitants of the district, and fled no one knows why or whither. As for the minority of tbe Board who felt it their duty to stand out against the proposal, we respect them for the evident conscientiousness of their motives, but one cannot help being struck with tbe extraordinary weakness of the only argutrents they were able to bring forward. They admitted everything that had been said as to the success of the works already undertaken, and they further agreed that it was impossible to remain stationary. What they urged, however, was that the Board should bo content to go m for a loan of £50,000 to start with and try the effect of that. They urged that times were bad, and that there was not sufficient prospect of improvement to justify the Board m incurring the heavier outlay. The case m reply to all of these propositions, however, appears to us to be overwhelming m its strength. In the first place, the charges of the loan agents would be almost as high on a loan of £50,000 as on one of £100,000. In the second place a loan of less than £100,000 would not be quoted on the Stock Exchange, and it is certain that a higher rate of interest would have to be paid on the emaller sum than on the larger amount, so that really taking everything into consideration the interest which the Board would havo to pay per annum ou £50,000 would be at least two-thirds, and probably three-fourths, of the annual charges on £100,000. The great difference is that the latter sum would enable a good job to be made of the work, while there would be little perceptible improvement after only £50,000 had been expended. It is admitted that at least £25,000 will be required for dredging, and it is at once evident that the balance would enable very little to be done m the way of extending the Breakwater, wharves and reclamation. As to the district having settled down to a dead level of depression, from which it is not likely to rise, we hope there is nobody who seriously

believes such a thing. The idea is at once afforded a plain and clear contradiction from the fact that during the last three years, admittedly the worst m the history of the colony, so far from any diminution having been shown m the trade of the port, it has maintained the utmost steadiness, and the net revenue has constantly increased. This being ' so, is it not evident that with the slightest encouragement m the way of prices there must be a great stimulus given to production, and, consequently, a marked increase m the trade of the port ? Nobody Relieves that grain will remain at its present level next year, even if no improvement takes place earlier, and, apart from this fact, the operations of the farmers are seeking different channels. The frozen, meat trade alone has enormously increased the business done at Wellington and other ports, and we cannot doubt that it will rapidly grow and flourish here also. As for not taking into consideration " prospective trade," which was another plea brought forward by phe advocates of the " rest-and-be-tbankful " policy, it was very well pointed out by Mr Gray that if this v;ew had prevailed m the paßt not a block of the Breakwater would ever have been put down. If it were to prevail generally, we might add, it would be fatal to every species of industrial activity and enterprise all over the world. We are glad to note tbat Mr Acton, after having had bis figbt for the £50,000 and lost it, loyally yielded to the will of the majority and promised the Board his hearty cooperation m carrying out the larger project. We hope that Messrs Elworthy and Wilson may yet see the matter m the Bame broad and patriotic light, so that m future years when we are congratulating ourselves on the development of the harbor and the flourishing condition of the trade of the port, they, too, may hare the satisfaction of know- j ing that they assisted m carrying out a work of which, we arc sure, everyone will then feel proud.