DRAINAGE BOARD.

Globe, Volume V, Issue 529, 28 February 1876, Page 2

DRAINAGE BOARD.

The usual meeting of the Christchurch District Drainage Board was held this morning 10.30 a.m. Present—Messrs F. Hobbs (chairman), Harman, Hall, Jones, Ross, Tancred, and Wright. Mr T. W. Maude waited on the Board to ask them to allow Mr Webster, who had been engaged in surveys for the Government railway claims, to be at the disposal of the Government for one or two days after the Ist March, in order to allow of several plans being furnished. It was resolved that Mr Webster be allowed to assist Mr Maude if required. Leave of absence was granted for two meetings to Mr Andrew Duncan, on application. -

Letters were read from Messrs ; Webster and Bell, accepting the positions offered them by the Board.

Mr Webster was in attendance on the Board, and stated that Mr Bell, resident engineer, would be in Christchurch in two or three days. A letter was read from the Government, stating that so soon as the railway engineer had reported on the matter of the construction of the railway drain, they would communicate with the Board.

A letter was read from Mr J. T. Harrap, assessor of the Spreydon district, enquiring as to whether the Southern railway, immigration barracks, and gaols were rateable. A letter was read from Messrs Garrick and Cowlishaw respecting Mr Harrap’s letter, and forwarding opinion as to the liability to rating of the Southern railway, immigration barracks, and gaol. The opinion was to the effect that the barracks and gaol were clearly in the occupation of the Crown or the Government of the colony, and were therefore exempt. As to the Southern railway, they were not in a position to say from the title whether this was exempt or not.

The acting secretary said that he had made inquiries at the Government buildings and found that the Southern railway, as far as Rakaia, was Provincial Government property, and the Northern railway as far as Rangiora.

A letter was read from the solicitors to the Board, forwarding the form of resolution to be passed by the Board with reference to the borrowing of £IOO,OOO.

A fresh tender for the valuation of the Heathcote district by Mr Huddleston was received.

Some considerable discussion ensued, and ultimately it was resolved “ That the chair* man be authorised to make arrangements with the clerk of the Heathcote Boad Board to make the extra valuations in the Heath* cote district.”

It was also decided that Mr Huddleston be informed by letter that the contract would be left as it originally stood. A letter was read from the manager of the Bank of New Zealand with reference to the financial arrangements of the Board.

It was decided that the chairman communicate with the Hon B. Bichardeon as to the .obtaining the use of the Public Works Office in Gloucester street as an office for the Board, to report at next meeting of the Board, > Mr Harman moved—“ That the chairman, Mr Boss, and the mover, be a sub-committee to consider the duties of the secretary of the Board, and also whether the offices of secretary and treasurer should be combined, such sub-committee to report at next meeting.”

Mr Wright seconded the motion, which was carried. The Board then resolved itself into a special meeting, to consider a resolution by Mr Boss, respecting the raising of the loan of £100,0000; Mr Boss moved —“ That the Christchurch District Drainage Board borrow, and take up at interest on the security or credit of the rates authorised to be made and levied by the Board, under the Christchurch District Act, 1876, the sum of £IOO,OOO being the first issue of a loan of £250,000, for defraying the costs, charges, and expenses of the system of Drainage to be executed by the Board ; for paying for any lands which may be charged or injuriously affected, and for defraying the costs, charges, and expenses of and incidental to the purchasing, building, and constructing and maintaining any buildings, drains, sewers, floodgates, dams, reservoirs, machinery, steam engines, bridges, and other works necessary for such drainage ; that, for the purpose of securing the repayment of the said sum, together with interest thereon, the Board do issue 200 debentures for the sum of £IOO each, and 160 debentures for the sum of £SOO each, in the form in the fourth schedule to the Christchurch District Drainage Board Act, 1875, or to the effect thereof, to the person or persons by or on behalf of whom such sum or portions thereof be advanced. That the said principal sum of one hundred thousand pounds be borrowed for a period of fifty years from the issuing of the said debentures, and that the rate of interest to be named in or made payable by such debentures, be at the rate of six pounds per centum, and payable halfyearly, and that coupons be attached to such debentures for the payment of such interest. That such debentures be forthwith offered for sale by the Bank of New Zealand in London ; that the minimum price for such debentures be fixed at ” The chairman said he had seen Mr Murdoch on the subject, who recommended that the debentures should be issued in five hundred pounds each as well as one hundred, and also that this should be placed on the market as the first ins *lment of a lean of £250,000, This would necessitate a small alteration, which might ba made in the resolution, The Bank of New Zealand were anxious to get the debentures away by the next Suez mail, so that it would be necessary that a sub-committee should be appointed to get them stamped and signed. Mr Harman pointed out that the Commissioner of Stamps had decided that the debentures oftheWaimakariri Board of Conservators did not require stamping. As the debentures of the Drainage Board were so nearly identical with those of the Board of Conservators it would be necessary that the chairman of the Board should see the Commissioner of Stamps on the matter. The chairman undertook to see Hen 0. O. Bowen on the matter.

It was resolved that the chairman and Mr Harman should make arrangements to hare the debentures printed, and prepared for transmission by the Suez mail.

Mr Boss’ motion having been seconded by Mr Tanored.wiw carried, and the Bo§rd ad* journed until Monday next,