MEETING AT GERALDINE.

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

MEETING AT GERALDINE.

(By Telegraph.) (from our own correspondent.) Gebaldine, Oct 23. A public meeting was held at tho Oddfellows' Hall, Geraldine to-night to consider the Harbor Board's proposal to raise n further loan of £100,000. Mr Pearpoint, Chairman of the Town Board, occupied tho chair, supported on tho platform by Mr Moody snd Mr Kelland, members of the Harbor Board. About sixty persons wero present. The Chairman stated tho object of the meeting, and eaid ho was m favor of the proposal—in fact it was absolutely necessary to go on with tho work. As there were two members of the Harbor Boavd present who would be m a position to answer any questions he would ask the ratepayers to discuss the matter, reminding tliem that no rosolutions could be passed. Ho also read the proposal of the Harbor Board as to tho manner of expending tho £100,000. Mr Kelland expressed surprise at so small an attendance, but considered that the general feeling of the electors was to get the loan because the work already dono was such an unqualified success. It was a^olutely necessary to borrow further m order to accommodiite large steamers, but he did not think that even tho proposed loan would complete tho whole of the work, but wo as a district must keep pace with the times. There was no doubt that we had one of the best ajricultuviil districts m New Zealand for grain growing. The district could not consumeall it produced, therefore we must export the surplus and get it away as cheaply as possible. Our present harbor might answer for a time, but the New Zealand Shipping Company's steamers could not be accommodated at present. Mr Angus McDonald said ho was disappointed iv not seeing certain gentlemen present that took a great interest m the welfnro of tho district. He was m fnvor of the loan, but as a country settler would like to see a sliding scale of rating when it was necessary to lovy a rate, as Timaru properties would be immensely increased m value. He hoped all would support the loan. Mr Moody remarked that ho took the opportunity of being present, expecting a numbor of questions to be asked, which members of the Harbor Board could answer better than thoso outside tha Board. There appoarod to be only ono opinion all through tho district, namely, to borrow. The present works stood tho tost, and with the present engineering skill the proposed loan would bo spent safely. A email ratewould bo nothing compared with tho advantages to be gained m our exports and imports. Ho wanted to see tho largest ocean-going vessels loading from Timaru direct for Home, and ho anticipated seeing this m about nine months from dato. He did not think Timaru would be benefited to tho extent that Mr McDonald did, at least not for some time to come. Mr Moody answered Mr Dunlop as to the Board's present indebtedness, also the amount of interest paid now. In reply to Mr A. Shorratt, Mr Moody explained that tho Board's net profits word about £4,000 per annum. Tho borrowed money invested m New Zealand would make up the dilleronco to £1)000 for about three years, when a rate is 8-16ths of a penny alight bo required to ho rnised. Re sinking fund, ho Btated that no provision was made at present, it being considered unwise. Mr Badham dosirod all to agree to the proposed loan. Mr Maslin : If the Government Insurance Company lend the money, will there bo Commissions und other charges to bo paid as if tbo Board borrowed m London ? Mr Moody considered thero would bo certain charges made, but thought if the money could be obtained m Now Zealand at 5 per cent it would be equal to getting it at 4 per cent m London ; furthor, tho Board received £07,200 out of the last loon, leaving .E2BHO commissions, otc. Other questions were asked, all of which wero satisfactorily answered, tho proposal to borrow being unanimously approved. Mr Moody explainod how tho voting would bo done, and tho Chairman stated that a poll would bo taken m übout a fortnight's time, of which duo notico would be givon as to thetitno and polling places. Mr Moody moved a hearty vote of thanks to the Chairman, which was carried. Tho mooting then closed.