D.—s

6

I have gone through the actual cost to date, which includes all plant and preliminary work, the construction of 486 concrete blocks now stacked in the yard, and 215 ft. of the completed concrete pier. The following are the particulars of expenditure out of loan to April, 1888 : — £ s. d. £ s. d. Cash and materials in hand ... ... 3,058 13 6 Blocks in yard ... ... ... 6,466 3 4+ 9,524 16 lOf Preliminary surveys and plans ... ... 627 7 7 Railway, block-yard, &c. ... ... 11,790 1 2 Sheds, shops, and crushers ... - ... 1,894 18 11 13,685 0 1 Plant (net cost) ... ... ... 15,392 16 6 Exchange, freight, &c. ... ... 3,642 4 8 19,035 1 2 Wharf and viaduct ... ... ... 5,638 14 7 Concrete pier ... ... ... ... ... 6,246 13 5f Engineering, &c ... ... 2,000 0 0 Expenditure on works ... ... ... 56,757 13 9J Transfer to General Account, being premium on loan, as legalised by Act ... ... ... 4,107 5 0 Transfer to General Account, being payment of overdraft, as legalised by Act ... ... 10,834 1 8 Total expenditure out of 10an... ... ... £71,699 0 5} 4. The Amount of Revenue that will be raised by the Board at the Present Bates by (a) Wharfage and Charges on Goods, (b) other Port Charges on Shipping. In replying to this it is unnecessary to separate the charges, but I will give a return of the actual amount received for the year ending the 31st December, 1887 : License-fees, £51 17s. 6d.; port charges, £614 18s. 3d.; wharf dues, £1,895 13s. lid.; storage and sale of water, £26 Bs. lOd.; weighbridge fees, £40 Bs. 6d.: total revenue for 1887, £2,629 7s. For the current year the revenue from these sources has been estimated by the Secretary as follows: License-fees, £50; port charges, £600; wharf dues, £2,000; storage and sale of water, £25; weighbridge fees, £40: estimated revenue for 1888, £2,715. There appears to be no reason to anticipate any material increase in trade during the current year, seeing that the exports from the Port of Gisborne have varied little during the last four years, as will be hereafter shown. I am therefore of opinion that the estimated revenue is likely to be correct. The present rates are higher than are now charged at either Oamaru or Timaru; it will therefore not be advisable to calculate upon increasing the revenue by the imposition of a higher scale. 5. " The Annual Amount that will require to be levied by means of a Bate under ' The Gisborne Harbour Board Empowering Act, 1884' (in addition to the Bevenue derived from Wharfage and Port Charges, and from the Bents and Proceeds of the Board's Endowments of Land), so that the Board will be able to meet all Liabilities in connection with Interest and Sinking Fund on the present Loan of £200,000, and also provide for the Maintenance of the Works and for Working Expenses; and, if the present Bate authorised by the Act will not be sufficient for these Purposes, what Bate will have to be imposed." The estimated receipts and expenditure for the year ending 31st December, 1888, are as follow :— General Account. Receipts. £ s. d. £ s. d. Expenditure. £ s. d. £ s. d. Licenses .. .. .. 50 0 0 Refund to Loan Account, Port charges .. .. 600 0 0 overdraft .. .. .. 1,083 8 2 Wharf dues .. .. 2,000 0 0 Advertising and printing .. .. 50 0 0 Sale of water .. .. 25 0 0 Salaries and allowances .. GOO 0 0 Weighbridge fees .. .. 40 0 0 Office rent and stationery .. 60 0 0 ■ 2,715 0 0 Rates .. .. .. 63 0 0 Interest from bank for money lodged .. 5,750 0 0 Auditors'and legal fees .. 60 0 0 783 0 0 Pilot and wharf departments .. 200 0 0 Bank interest on overdraft .. .. 500 0 0 Miscellaneous .. .. .. 300 0 0 Balance of Sinking Fund, 1887 372 510 Balance of Sinking Fund, 1888 562 0 0 934 5 10 Balance .. .. .. .. 4,614 6 0 £8,465 0 0 £8,465 0 0 Interest Account. Receipts. £ s. d. £ s. d. Expendittire. £ s. d. Outstanding rates, 1887 .. .. .. 1,900 0 0 Interest on loan .. .. .. 10,000 0 0 Rate of Id. on borough property 1,290 0 0 Bank charges, say .. .. .. 200 0 0 Rate of Jd. on county property 2,910 0 0 4,200 0 0 Transfer from General Account .. .. 4,100 0 0 £10,200 0_ J) £10,200 0 0