TIMARU HARBOUR LOAN.

Timaru Herald, Volume LXXXI, Issue 12583, 21 January 1905, Page 4

TIMARU HARBOUR LOAN.

MEETING AT WAIMATE.

The last of the- series of meetings of ratepayers of the Timaru harbour district was.held in the Oddfellows' Hall at Waimate last night. . The Mayor. (Mr Manchester) presided, and Mr. Fraser (the chairman) represented the Harbour Board. The meeting Had-to be held;, but as_ai meeting it was .farcical, five newspaper reporters and eight other listeners being present, and two of these-did not stay through the meeting. Mr Manchester reviewed the history of the harbour loans, each of which, he said, was to have been the. last, and the isame promise was given now. He had opposed the last loan,- not being convinced that the proposals made, were the best in the interests of the harbour. However, the loan was carried, and the wprk'commenced and carried on so lar, and. it had better be finished. :He did not think the ratepayers would stand, in the .way of the loan. ' : Regarding he. thought attempts should the present machine more. efficient*-

Mr G. H:'Grahairi asked whether there was to beanyfinalityMo borrowing. Would the loan now proposed finish the work? • The chairman' replied that- he cculd not guarantee that. Mr Fraser added" that the conditions of ocean trade-vary so. rapidly that improvements must, be- made'from time to . time. When-the harbour was started, 1200 ton vessels were in contemplation, aiii now boats carrying 12,C00 tons were entering .the harbour. '* All over the world harbours of any importance were being, continually improved. He was confident, however, that the new loan would not add to the rate. The facts, figures and arguments already published, in connection- with the meeting in Timaru were repeated." Mr Fraser also replied to certain criticism of the work in newspaper correspondence, particularly asserting that- the stone used in the mole was equal "to the original specification of sizes. •

- "In reply to Mr George Manchester, Mr Fraser explained that the surplus of revenue over expenditure was put aside to form reserves for the renewal of the wharves and the dredge. These now amounted to £16,000 or' £17,000, and would serve ? if necessary to tide over a lean year should one occur. When the loans matured ;in 1916, they would be consolidated, and: a ■Sinking fund would be) provided out of the rent of the storfc sites and a contribution from the revenue' of rate. Of the pre-" sent loan, £25,000 was required to finish the eastern mole, and the remainder, for wharfage, dredging, or other works cropping up.. The greatest care wciild be exercised in the expenditure," to avoid the necessity of increasing the rate. Mr Fraser laid stress upon the fact that while the. harbour cost £7OOO a' year- in rates, it saves about £IOO,OOO a year in railage—the alternative to an efficient harThe meeting lasted an hour, and close;! with the usual votes of thanks, and an announcement that the poll will be taken on the 30th inst. Mr Fraser states that ail the vancus .meetings have been most friendly to the proposal. The most earnest- criticism had been met with. * Having - regard to the amount, it should have been £IOO,OOO, with perhaps a limitation. of the expenditure to half within say five years. This would have given a certain amount of- free-, doin and saved the necessity of repeating the troublesome process of obtaining legislative and popular sanction to further borrowing, should the necessity for it arise.