WHAT IS IT WORTH ?

Dominion, Volume 4, Issue 1136, 25 May 1911, Page 6

WHAT IS IT WORTH ?

HARBOUR PROPERTY. A DEVALUATION FEOPOSED. Some diverse views were expressed at the meeting of tho Harbour Board last evening during the discussion upon tlw following motion, which was introduced by the chairman (Mr. If. Fletcher).:— That tho time is now opportune when a revaluation of the board's real estate should b» made, and that tha chairman, secretary, and engineer ba empowered to make the necessary arrangements to givo effect, to this'resolution. Supporting the motion, the ehairmoO saul thai ho thought it must be patent to every member that tho time was opportune for revaluing the board's real estate. '.

Mr. Jones seconded, and asked whom he chairman proposed to appoint as raluers.

,-J. n « cna >™an named Mr. James Ames (City Valuer), and Mr. W. Muir. . Mr. Cohen said he had been under the impression that it was intended to revalue tho whole of the board's property so as to show what really was the extra value of its estates, depreciable and otherwise, which had been steadily written down for years, in order that the real position of the rental value of the board might be disclosed. Concluding, Mr. Cohen hoped that the chairman would not limit tho valuation to the board's real estate.

Mr. Daniell said he thought that ■ valuer fitted by special knowledge to value harbour works should be associated with one of the 'local valuers.

The chairman said that obtaining a valuation of the harbour works would entail employing an expert outside engineer. As to the real_ estate, no ouo could<jiarc a better idea of its value than Mr. Ames. Jlr. Muir also was regarded as one of tho best valuers in Wellington. It was surely possible to get a bettor valuation from men acquainted v;ith the place than from outsiders.

At the suggestion of Mr. Cohen, tho chairman consented to amend his motion

linking it apply to tho whole of the loard's assets.

Replying to Mr. ■ M'Farlane, Mr. Fletcher iitated that the cost of obtaining a valuation of the harbour works from an expert engineer would be considerable. What do you want the valuation for?" asked Mr. lliudmarsh.

Tho chairman explained tjiat real osInfo owned by the board had not been ro-valuod for nine years, in wliich period its value had increased considerably. Mr. Hindmarsh thought it would be in« curring needless expsuto lo rc-valuo assets other than real estate. It seemed scarcely necessary unless the board contemplated raising a loan at au early date.

The chairman said tho lxiard might want to raise a loan nine or twelve months hence.

Mr. R. C. Renncr supported tho view taken by Mr. Hindniarsh. The chairman's original motion should be allowed lo stand.

Mr. Colion consenting to withdraw hia

amendment, the original motion was carried.

Further, at Mr. Cohen's instance, it was- decided to obtain an estimate of the cost of baring the property of tho board, other than real estate, valued by an engineer.