LYTTELTON HARBOR BOARD.

Globe, Volume XXI, Issue 1737, 13 September 1879, Page 3

LYTTELTON HARBOR BOARD.

Thubsdat, Sbpthmbbb 11. A meeting of the Board was held in the offices, Hereford street, Christchurch, at 2 p.m. Present—Hon. E. Richardson (chairman), the Mayor of Lyttelton, Hon. John Hall, Messrs D. Craig, H. Sawtell, M. Allan, O. W. Turner, H. P. Murray-Aynsley, P. Cunningham, B. J. S. Harman. The Chairman stated that the sum of £875 9s had been paid to the credit of the Board since last meeting. A communication from the Lyttelton Borough Council was read respecting the tunnel sewer.'and enquiring if the Board would bear part of the expense of diverting the same. The Engineer’s report upon the subject was read to the Board, advising it not to take the course requested by the Borough Council. After some discussion, it was resolved to refer the matter to the harbor improvement committee. A report was read from the engineer with reference to a double power iron floating dock, the plans and estimates connected with which had been referred to him. The engineer advised that the Board should not consider the matter until tenders were received for the graving dock. The report of the finance committee as to the banking account of the Board was read, as follows :

Your committee, in compliance with the request contained in the Board’s resolution, waited upon the manager of the Bank of New Zealand, and ascertained — 1, That an agreement exists between all the Banks in Christchurch, by which they are debarred from tendering for any account excepting the Government account. 2. That the Banks have agreed among themselves on certain rates and terms upon which accounts will be taken. The manager of the Bank of New Zealand stated he would be prepared to take the Lyttelton Harbor Board’s account on the most favorable terms permitted under the existing Bank agreement above referred to, the terms being as follows Interest on overdraft, 8 per cent. Interest on current account, none. Interest on three months’ deposit, 5 per cent. Interest on six months’ deposit, 6 per cent. Interest on twelve months’ deposit, Gi per cent, for twelve months. Exchange on drafts on London, -J per cent, less than current rates. Exchange on New Zealand drafts, par. Commission on paying interest on loans in London, none.

Under the above circumstances, your committee unanimously recommend the Board to place their account with the Bank of New Zealand on these terms, on condition that the agreement should be made for twelve months certain, and subject to six months’ notice in writing on either aide at the expiration of the twelve months, or subsequently at the expiration of any six months’ period- Attached to this report is a schedule showing the rates tendered for the Board’s account by the several Banks in 1877 - , Mr Cunningham moved the adoption of the report, which was seconded by Mr Allan. After some discussion, Hon. John Hall moved, as an amendment, " That the report be referred back to the finance committee to ascertain the terms upon which the Board’s account will be taken by the several Banks doing business in Christchurch.” Mr Harman seconded the amendment, which, after some discussion, was put and negatived by six to three. Ayes—Hon. John Hall, Messrs. Harman and Cunningham. Noes —The Mayor of Lyttelton, Messrs. Turner, Craig, Allan, Sawtell, and MurrayAynsley. The original motion, “ That the report be received,” was then put and agreed to, Mr Turner then moved “ That the report be adopted.” The Mayor of Lyttelton seconded the motion.

Mr Cunningham moved, as an addition to the report, the following danse : —“ That the sum of £50,000 be placed on fixed deposit with the Colonial Bank for twelve months, from January Ist, and that a similar sum be

placed with the National Bank of New Zealand, for twelve months from date.” The addition as proposed by Mr Cunningham was not' seconded. After some further discussion, Mr Harman moved—“ That £75,000 be deposited with the National Bank of New Zealand for twelve months, at Ci per cent. Mr Cunningham seconded the motion, which, on being put, was lost by five to three. Ayes: Messrs Harmon, Cunningham, and Murray-Aynsley. Noes : Tho_ Mayor of Lyttelton, Messrs Craig, Allan, Sawtell, and Turner. , Mr Harmon then moved That the adoption of the committee’s report be delayed, with a view to allow of the Bank of New Zealand being informed that the credit balance of the Board may be reduced by £75,000.” This was seconded by Mr Cunningham, and negatived. The original motion for the adoption of the report was then put and agreed to on a division, the votes being six to two. Ayes : The Mayor of Lyttelton, Messrs Sawtell, Craig, Allan, Turner, and Murray-Ay nsley. Noes : Messrs Harman and Cunningham. Accounts amounting to £312 11s 8i were passed and ordered to bo paid. _ The following notice of motion was given for next meeting : —Mr Cunningham to'move : —“That the sinking fund for the year (£1000) be handed to the commissioners for investment by them.” The Board the adjourned to October 2nd, at Christchurch.