HARBOR FUNDS.

Gisborne Times, Volume X, Issue 936, 8 July 1903, Page 4

HARBOR FUNDS.

At the meeting of the Harbor Board yesterday aiternoon, Mr E. J. Clirisp (the hoard's soi.citor) sunmitted a draft of the Gisborne liar'bor hoard Amending hill, which it is proposed to submit to Parliament during the present session. The Bill is a special Bill under the Harbors Act, IG7B, with which it is incorporated. Clause 4 provides : ‘'Notwithstanding anything in tne said Acts contained to the contrary, it shall be the duty ol the Public ■Trustee to invest all moneys the property of the hoard (including in such moneys all unexpended, loan moneys, sinking fund, and the accretions thereoi; as may lrom time to time he available for investment in the manner following: (1) On mortgages'of any real estate held in fee simple within the colony free from all encumbrances to an amount not •exceeding three-fifths of the estimated value of such estate, according to a calculation to be approved of bv the Public Trust Board. (2) In •any leasehold estate under lease from the Crown under the provisions: of the Land Act, 1892, or amendments thereof, to an amount not exceeding one-half of the estimated value of such estate, according to a valuation to be approved oi by the Public Trust Board. (3) In purchasing debentures issued under the said ActSj (4) In Government secyrities of the United Kingdom or of any colony or dependency thereof; or (5) on debentures issued by any local authority under any law now or hereinafter in force secured upon general or special rates. Clause 5 provides that out of the funds of the Board as they become available for investment it shall be lawful for the Fublic Trustee, and he is hereby au-, thorised and directed, to lend out and advance to the Mayor and Councillors of the Borough of Gisborne at •their request a sum not exceeding £2i’,ooo at a rate of interest not being less than 4 per cent, upon the following security : The land acquired by the Council at Wailiirere for the purpose of water-works and a .water and drainage 4 scheme, a, special rate, not exceeding Is Gd in the .£ upon the annual value of all rateable property within the borough, together with the issue of debentures under the Local Bodies Loans Act. Such loan by . the Public Trustee to the Borough of Gisborne shall be deemed to be a loan within the provisions of section 23 of the Public Bodies Loans Act, and shall be repaid out of a special loan of £75,000, which the said Council arc or will be authorised to raise for the purpose of a water and drainage •scheme. Clause 6 states that the Public Trustee shall, as funds become available for investment, give notice thereof to the Board, which may forward a recommendation of any security in any part of the colony as one which the Board considers an investment should be made and if on an approved valuation by the Public Trustee the requisite margin is shown such investment shall be made. Clause 9 states that the deed of arrangement made between Messrs Wi Fere, W. L. Rees and the Board, set forth in the schedule, shall be deemed to be part of the Act, and. be validated and confirmed. r

'1 The draft of the Bill was agreed to, and will be forwarded immediately to the Public Trustee.