PUBLIC TRUST OFFICE.

Gisborne Times, Volume VI, Issue 161, 19 July 1901, Page 2

PUBLIC TRUST OFFICE.

At tlio Harbor Board mooting yestor- - day statements needing some oxplana- | tion were made in regard to the Trust ; (Men. Captain. Tucker raised the 1 question as to the cost of administering the Harbor Board loan money, tho charges boing considered too heavy. Then tho Chairman (who is also Mayor) explained what had happened in regard to tho Borough Council. Tho Council had a loan of a few thousands and desired to renew it for a term, pending probable arrangements for a general works loan. Correspondence passed ; tho matter was a very sirnplo one, to the interests of bpth parties to the bargain, and Councillors thought that tho matter was practically settled. Among tho remarkable questions pnt from Wellington was, “By whose authority had the loan been granted ?” Councillors laughed at this strange

question, tlio laughter being only | natural, when it is explained that the loan had been in existence for about flftoen years. Then a formidable mass of papors and legal opinions was sent to tho Council, thero being so much formality that tho Council had to abandon its idea of obtaining a loan of Harbor Board funds through tho Public Trustee, and seek to obtain tho money elsewhere. The district suffers from the fact that while the best of security is offered to the Public Trustee for loan money at five per cent, tho harbor ratepayers have to bo content with seeing the earning power reduced to 31 per cent., or less. The harbor ratepayers are certainly entitled to some explanation.