The Proposed Harbor Works

Gisborne Times, Volume XXIV, Issue 1930, 12 November 1906, Page 3

The Proposed Harbor Works

(To flic Editor Gisborne Times.)

Sir, —ln view of tho proposals for a doop water harbor wliich liavo boon laid boforo tho Harbor Board, it would porliaps 1,0 as well if wo oxatuinod tlio prosont resources of tlio Board in tho way of rovonuo from rates, wharfages etc., and considered whether tho future possibilities and probabilities of tlio l’ort warranted the expenditure of the sum ot .6550,UU0. Tlio Harbor .Board’s present loan of .6200,000 at 5 per cent, matures oil .December Ist, 19.15, and it would appear from the last, yearly statement that thoro is at present in round ligures upwards of X 103,000 in hand towards the payment of this loan, and it is estimated that this sum will amount to at, least £150,000 by the date on which tlio loan matures, leaving only £50,000 to be found by tlio Board upon that date. It must not bo J forgotten that this loan is at live per cent, and that future loans would probably bo obtained at 4.1 porcont, so that our interest on £050,000 would be X 15,750 per annum I as against XTO,()OU which we are at prosont

i paying. 1 imd that tho present revenue (by tho last statement) derived by tho Board from rates is, <68388 ; from wharfages, esc, <611,474; ami from rents, <0.1033, cr, in all, roughly, <620,844. Thoso figures cL-maud close ectutiuy, far it will bo touud that wo oau hardly baas our oalouialious upon thorn. Tho capital value of ths whole district baa expanded enormous y Bines the last valuation, and tho increase in Oook Bounty alone amounts, I understand, to about <6800,009. Thus too revenue from this country aiono (if tko prosont ruts only bn struck) wth ii!Ccea-*o from <65122 to <66372, bus f.gainst etna wo must consider too probability <i shu less of <£1162 in ravos from Tel go .and Wainpu, as t here is little doubt cha< .itc-so dutriois will oppose a loan for the now w<tk, and, indeed, it is very quoßttonablo whetuor it would be just I or fair to ask thum to contribute except to u very limited oxtont. is is satisfaoiory to note that tho busiooßs of tho port is increasing by leaps and bounds, and that wharfages during the past nine months show an inorease of <6IOOO over the corresponding ponod of last year. It is there, fore only fair to assume that with better facilities a larger and increasing revenue would bo derived from this source. The

gentleman who was reported to have stated at tho Board meeting that large shipa would not oome into tho wharf oven if we had a deep water harbor did not adduoe reasons in support of his contention, aud I muoh fear that he would find it difiioult to do se, for tho extra wharfage whion ships like the Athonio would have to pay would bo uiaro than roturued to them by tho expedition with whioh they oould receive their cargo. An item whioh will probably show the mast remarkublo improvement will bo tho rents derivable from the barber endowments, whioh now only bring in L 698 per annum, Toe Tauwhareparao block of some 45,000 acres is valued at L 105.000, and the lease I expires in less than five years. If the reus is then only fixed us 5 per cent, upon the present capital value we have a revenue of L 5250, as against L 698, and this is a very low estimate.

On the above figures, together with present port ohargos, we may expect a reveauo of <623.9u2 (if tho rates from Toiago and Wuiapu are exoludod), as against <£22.478, witnout counting tho audition from rents in five years of .64552, It is manliest, however, that I have much . under-estimated tho future rovonuo, for I nave not been able to aeoertum the amount of she inoroase in tho capital value of the borough, aad have not allowed for the certain steady increase in she vuiue of the whole district from year to year, Further, it tho prosont “ though of D<.-s----pond” wah its coLC-miiause tao ''John I Toivnity,” etc., ate abandoned, it ts reasonable to expect a reduction of <610,010 in I expenditure which it uagrofisab.a and recurring, j,

According to Mr Marehaot tho work wou.d do oomp.uisd ia tour years—which probacy mesas five, By taat iim-j we should be paying interest on sue fud loan, aud ou tha above figures have £28,454 annually to meet ouc obi giuous without Cunaidui-mg tha reduction ui about <610,000 in expenditure on harbor improvemauts, o:c„ above referred to, Taeao figures are basal upon tho assumption that tho ra’.o struck over tho County (jji) and Borough

(;jb) will remsiu tho same, but it is not unreasonable bo supposa that the ratepayers of both wdi do proparod to agree to a slightly increase! rate when tney have fudy considered ibe substantial advantages which will accrue to both town and country when Gisborne becomes the best port between Wellington aud Auckland.

Figures aro always unpalatable to the majority of people, and as my apology for quoting so many 1 may point out that finance is the first essential in the consideration of this matter, but should I endeavor later to suggest tho advantages of a harbor I will try to .avoid figures as much as possible.—l am etc., W. LISSANT CLAYTON, Gisborne, Nov 9, 1906,