HARBOR LOAN SINKING FUND.

Gisborne Times, Volume IX, Issue 903, 29 May 1903, Page 3

HARBOR LOAN SINKING FUND.

PUBLIC TKUSTKK'S REPLY

iION. -i. CAKBOLL TO Bid I NTHKVJ HWHD. Af the meeting of the Harbor Board yesterday, a reply was received from the Public Trustee in reference to the following resolution : “That Clause 12 of the Act, J'JOO, appears to he quite misunderstood by the Public 'Trustee, and the Board is of opinion that the Public Trustee ought, without delay, to seek investment for the Board’s money now In the Common l , Tind. Hefer the matter to the Public Trustee for flirt her consideration.” The Public 'Trustee replied : “ I regret that your Board should have

put such an absurd resolution on its records. It is clear that they do not Know the meaning of tlie term ‘ Common Bund.’ >See Section 2!), Public 'Trust Office Consolidation Act, JK94.” 'The Chairman : Thai, is short and l'j the point. (Laughter.) 'Tlie only remedy, continued the Li.airman, was to get a special Act passed lo deal with tlie subject, lie r mid not see that there was anything absurd in the Board trying to ml, tin; money invested in a reasonable way. ‘Their object in getting tiie money placed in the “common it.ml ” was that it might lie invested in a fair way, lmt> the Public 'Trustee apparently claimed tlie .right to keep flic money there without investing it.

Air Sievwriglil said that the .seclimi of the Act said it should be. invested unless expressly prohibited. Air Wiiinray urged Unit the Board should seek to get, control of the money to invest themselves. Air Harding: They do not think We are capable of managing it. Air Whinray : L think we are capable, and should iiave it in our own hands. Air Harding: No doubt. 'The Chairman : Well, th re is Hie icsiilt of our resolution. Ur Wiiinray : The Board should move further, so as to get tlie investing of its own money. Air .Sievwriglil said they had now the reply of the Public Trustee, and ■ hey could consider the position in

due course. The Chairman moved that the matter tie referred to the Finance Committee. Captain Tucker said that the mcmler for the district was now in Ciisl.orne, and they sliodld put tlie sub;ect before him. That could he done netter by verbal explanation than in correspondence. By law tlie moneys must lie paid into the common Bind, mid ilie point then was whether it could lie taken out again ot: must, lie there. .The Public Trustee seemed lo think that once it got .there, there .was an end .to it,. lie had no doubt that their member could give them material assistance in getting an Act passed. . Mr J larding said they, had m this district the best investment offering, that of the Borough Council. Captain 'Tucker : They, say it lias sum: into the common fund.. No Act says that for that reason it is not to be invested. Air Harding: They, are masters of ilu situation. Air Sievwright : But we need not lie afraid of claiming .what is our

Light. ... Mr J larding said the Board hau lcng been frying to get that, but up ;, 0 \he present bad never been able lo get t lie matter satisfactorily settled 'J'hev were met at each step with the reply that they had no light to interfere with the money. .Mr Whinray : l think we should go further with tiie matter. We are responsible for that two liundrei thousand pounds loan. The Chairman : Unfortunately .we. arc ; we know that. ,\lr Whinray said that the money 1- id been taken out of the control ol the Board some two years ago and Uiev would tie glad to have, it back, for they could find ready investment •or it in lids district. They had to nav live per cent, for the money and , r iy got from three to three and a 1 all per cent, for their own money, imi some of it was lying dormant. It was high time they were m a position to prevent the loss the ralelayers were now sintering, and they. Maui Id seek U> obtain legislation H

i>t icssiirv. \lr »Sicv\\right : Discussion lake place ou tlie report of the com.Mr Harding agreed With Caplam Tucker as to taking Mr Carroll into 1 heir confidence in the matter. I an A ll were required lie could give them valuable assistance. He did n"l 1 i,o w that they should leave the •caller to the Finance Committee—was the duly of every member ot Hie Hoard to assist. Captain Tucket : We admit Rial the money should he paid into the iommoii fund, hut dispute 'hat should remain there, holding that it should he invested as speedily as possible It lies there for the purposes „ investment. We complain oi the money lying idle when suitable m- \, si meats are waiting lam not imposing what Mr Whinrav says , as \ve are responsible for this money ;M .(i ihe interest, we might very well 1.,.vc tiie management and disposal ol

Continuing, Captain Tucker said til,it previously the Public Trustee consulted them and accepted their recommendation. The Board were ;U !icd and gave their advice as to se-ll-cities. . . 'i'll,, public Trustee maintains a r, sit ion here now. and that is what we have got to face. it was'resolved that members interview the lion. .). Carroll and exthe position. As M ' La, ‘ ol w.is then engaged on trust Boaiu i si ness, an appoiiitiiient was made lor Tuesday.