HARBOUR FINANCES

Wanganui Chronicle, Volume 80, Issue 103, 4 May 1938, Page 8

HARBOUR FINANCES

“SOMETHING DRASTIC MUST BE DONE’’ VIEW OF MR. J. SIDDELLS j Speaking at Keith Street on Monday night, Mr. J. Siddells, one of the city’s representatives on the Wanganui Harbour Board, drew attention to the state of the boards which, he said, were such that something drastic would have to be done to prevent them becoming a menace to the city. "I am particularly interested in the i Harbour Board, for in the finances of ; that body 1 see grave danger to the I city,” he said. "Last February 11 wrote to the chairman of the board, j drawing attention to the drift of fin- | ancial position. The finances of the board have drifted to the extent of £17,440 each year for the past eight years. This has never been refuted, simply because it is a fact. That being so. one must be alarmed about the future. I have done my best Lv curtail expenditure, which, on account, of interest and other charges, cannot be lessened a great deal. I also stated, that in 1912 the board owed £10(),00'.J and then had a greater depth ot water on the bar. I candidly admit that very little saving can be effected, because owing to other means ot transport revenue has suffered. Any person who takes the trouble to look into the financial position must come to the conclusion that the harbour, unless something drastic is done will be a menace to the city. For the period the Harbour Board struck a rate that meant £15,500 to the city, that with a loss of over £15,500 on trams means a 4-Ld rate and at present there is no certainty but that both trams and harbour will mean a greater demand on the city. Take away the loss on trams and harbour rate, and Wanganui with all its drawbacks would be a low rated city.

Engineer’s Plans Being Followed “The present board is following out the plans of engineers, only £15,000 has been borrowed during my time on the board and that was imperative to save the work already done. In « short time it will be known whether or not this expenditure will result in expectations. If not, then it will be a sorry day for Wanganui unless income increases so as to allow for constant dredging. Some people are agitating for expansion and that can only be done by raising a large Joan and so increasing the interest charges and I personally, will not support same. For years I have talked and written about loss of revenue and rating connected with the harbour, but no effort has beer, made to put the brake on. Now the position has become a danger and not only a serious loss to the ratepayers, but to the workers. The lime has arrived when we must refuse to fold our arms and drift along on dangerous tides. "The harbour debt at present is above £600,000, less accrued sinking funds of about £50,000; present interest and sinking fund charges are about £35,000. For current year, the estimated revenue from all sources (not including rates) is £38,610. No relief from the interest burden can be expected until after the year 1955 With these facts in view it. behoves the people of Wanganui to think well | and vote for men who will do their best to conserve the interests of our city. It is no use to ignore concrete facts."