The Evening Star. TUESDAY, SEPTEMBER 8, 1874

Evening Star, Issue 3602, 8 September 1874, Page 2

The Evening Star. TUESDAY, SEPTEMBER 8, 1874

At the lunch on board the Dunedin on Saturday, his Honor the Superinten-, dent and Mr Tewsley agreed on the desirability and probability of so deepening the channel between Port Chalmers and Dunedin, that in a very short time vessels of heavy tonnage will be; able to discharge and load alongside the Rattray street jetty. Mr Tewsley even was sanguine enough to hope that; steamers from Melbourne would come up to the City in six months. It is not necessary to discuss the advisability of. so great an improvement in the Harbor. That has been .settled by the community and ratified by an Ordinance of the Provincial Council, which has been approved by the Governor, According to the provisions of the Ordinance a Board has been appointed, they have met from time to time, adopted standing orders, invited applications for the offices of Surveyor and Secretary, re-: ceived them, and now, notwithstanding the apparently liberal endowment and the permission to raise on £250,000 on security of that endowment, they find they have gone as far as they can—they can do no more. The Ordinance which created a Harbor Trust, ans apparently so liberally endowed it, has not provided the means of rendering it available. Ho doubt the estate is a valuable one, and likely to be worth far more than the money for which it is intended to be security, but it has to be created through reclamation and it is so tied up with restrictions that there is no inducement to capitalists to advance money upon it. However desirable may be the improvements which the Board are appointed to carry out, they are met at the outset with the most trying of all positions-—a prospectively valuable estate, hut no ready money. We tbfoik that under the circumstances they have justified the confidence ■ placed in them by- the bodies by whom they were appointed in not incurring liabilities there was no prospect of meeting. We do pot think it needful to probe into matters that have passed away, nor .to endeavor to cast blame upon any men, or class of men, for the omission of a clause giving powers to a mortgagee, that, under prudent management, or even a little mismanagement, will most assuredly never be required to be exercised. In all probability the omission of a clause conferring on mortgagees a power of sale of so valuable a public estate was considered not lively to interfere with obtaining necessary advances towards an undertaking that has so little doubtful as to its' successful completion, and which bears the character of a quasi national work. It is a necessary complement to our railway system, and, therefore, lenders of money might fairly be assured, that their security would be greater than even the pick of ordinary mortgagees. But we are not permitted to doubt on this head. Capitalists seeking investment look with different eyes upon those matters from those who want. They weigh every con- < and look narrowly to conditions j and would rather advantte u pbii a phblifc work an shares eotne tea!

or fifteen per cent, below par than upon one secured on property that will advance indefinitely in value, with the additional guarantee of Provincial honor, at six per cent, interest, and no ultimate accumulation of the capital lent. It is certainly somewhat extraordinary that in so important a matter the Provincial Executive should not have consulted those likely to be asked to make advances, what would be acceptable provisions for their security. In a city where there are so many able managers of banks, they might easily have ascertained so simple a matter. It was only the question, “ Will you or will you not advance on such security and on such terms T That this cannot have been done is plain by the result: they will not lend, and the members of the Harbor Board will not, and should not, become personally responsible. They cannot act without funds, and, therefore, they are at a standstill. They must either be relieved from the dilemma by the action of the Provincial Executive, or they must wait until the next meeting of the Provincial Council to make the Ordinance a living power instead of a dead letter. We believe that the jetty dues could be at once transferred to the Trust, as they are no longer needed as security for interest on the Port Chalmers Railway ; and the Provincial Executive are, no doubt, in a position to give such assistance as will enable the Board to give effect to the will of the Provincial Council as expressed in the Ordinance. It would be an insult to common sense - and a reflection on the wisdom of the Council* were the Executive to refuse to relieve the Board from the dilemma in which they are placed. The responsibility of introducing and passing a lame Ordinance was theirs, and the public expect them to provide a criftch to help the Board on until the damage is repaired.