PROPOSED HARBOR LOAN.

Timaru Herald, Volume XLII, Issue 3455, 24 October 1885, Page 3

PROPOSED HARBOR LOAN.

MEETING AT FAIRLIE CREEK. Thero was but a uiodcrute attendanco of ratepayers present on Thursday overling, to discuss tho Harbor Board's borrowing proposals. Mr John McGregor oecupiod the chair, and read his anthority for culling the meeting, also tho Board's borrowing proposals. He thought that tho proposals were reasonable, and said that although tho timea were bad, thoy could not supposo thoy woro going to continue so, for if there was tho least riso m trado of any description, those proposals would bo more than realized. Tho district ought to bo congratulated on having such gentlemen as they had to represent them on the Harbor Board. Ho would bo glnd to answer any questions put to him. Mr F. R. Gilhnghara nuked tho Chairman if he could give them any reason why tho works should not ro'i.ain us thoy aro for two or three years. Tho Chairnmn said he thought it would be a pity to stop operations. The present time was a most favorablo ono to go on with the works, as they could now get tho loan cboap. Mr James Wilson then roso and said as ho was representing that district on tho Harbor Board tbo mooting would think it etraugo if ho did not say something on the subject. They woro all owaro of the stand he had taken as their representative. His object m opposing tho borrowing of tho sum asked for was booause ho thought £50,000 would bo sufficient to go. on with. That sum, m his opinion, would provido wharfago accommodation and suftlcicnl means for drodging the harbor to allow Homo going vossols to como here, a thing which was very desirable for tho port. At first ho wast against further borrowing nf. nil, but ho had found on aftor consideration, that it would bo necossary if a good harbor was to bo provided. The stitoments read by the Chairman wire over •anguine. If tho Harbor Board wero going m for expending another £100,000 m making a grand port, the dintriet would, nd doubt,

derive a benefit, but then it was not m a position to pay for that benefit. It was for j that reason that he and one or two others j supported the motion for borrowing only £50,000. When tho matter was first discussed by the Harbor Board, it was said thero would be the same trouble m obtaining £50,000 as £100,000. If they got £50,000 first, and then wauted another £50,000, they would havo to go to Parliament a second time, so it was just as well to get the £100,000 at one time. Ho would like others to express their views. He did not wish to influence thorn against, nor for the proposal, but he wanted them to use their own discretion. His reason for speaking was to give his views to the ratepayers present and to tell them why ho had taken the course ho had m the Harbor Board meetings, which views he considered were m the interests of the district. (Applause ) With regard to the works already extended, when ho was first elected he was strongly m favor of borrowing the £100,000 last obtained, and he thought it had been judiciously expended. Still that was no reason for spending money when they could do without it. (Loud applause.) Mr M. Gray endorsed the remarks made by Mr Wilson ond said his opinions were oxactly the same m overy respect. The whole question of borrowing, he thought, turned on the trade of tho port. For somo time past tho trade had been stationary, and decrease rather than an increase. All they wanted was to accommodate Home going vessels, and if £50,000 was borrowed it would bo quite ample to give that accommodation. It had beeu said that the interest on the £100,000 would be a mere nothing, but it was a verr important matter. If the trade did not increase they should havo the interest to pay without deriving any benefits from tlio works. Even if they vetoed this proposal for £100,000, there would be no reason why tho Board should not borrow £50,000. (Hear, hear.) The Board had been reaping a benefit, from tho money that had been unexpended from the last loan, the interest proving a source of revenue ; but now that it was all expended thoy would lose that interest. A fow questions were asked relative to the figures mentioned m tho proposal. Mr H. Welsh asked the Chairman who was m favor of the last £100,000 loan. (Cries of " Everybody .") The Chairman : I think so. Mr Welsh : Then I propose the ratepayers bo m favor o£ the next one. (Applause.) The Chairman explained the meeting was aimply called for an expression of feeling, and that a poll woiild be taken, of which due notice would be given. A voto of thanks to the Chairman terminated the meeting.