THE FOXTON WHARF.

Manawatu Herald, Volume XL, Issue 1813, 13 April 1918, Page 3

THE FOXTON WHARF.

•LOAN PRELIMINARIES AR- - RANGED.

POLL TO BE TAKEN NEXT MONTH.

At the meeting of the Foxton Harbour Board bn Thursday, the report of the committee regarding the harbour loan was adopted as follows/. • —“After many conferences with the Public Trustee and the Board’s solicitor, a loan has been arranged with the Public Trust Office for £IO,OOO (the amount authorised by the Foxton Harbour Act, 1917), spread over a period of 30 years; £5,000 will be available on the carrying of the poll, and the balance Avithin six months of the termination of the Avar, The interest is 5i per cent., plus 1 per cent, sinking fund. The Public Trustee insists upon 10 per cent, being added, as required by the Local Bodies’ Loans Act, which, under ordinary circumstances, Avould entitle the borroAving authority to a further 10 per cent, of amount of loan, Avithout further reference to ratepayers, but as the Board is limited by statute to £16,000, this cannot apply. The total amount required per annum to cover interest and sinking fund, and the 10 per cent, above referred to,- is; Interest at 5j per cent., £840; sinking fund at 1 per cent., £160; 10 per cent, on £I,OOO, £100; total, £l,lOO, The nearest calculation, as per schedule of rating, Avorks bub at £1,198. The Public Trustee Avould probably have accepted a special rate of £B9O, provided the Board pledged, as additional security, the revenue from endowments. It does not seem fair to your committee to ask the present Board to mortgage the income of its successors from this source for a period 0f.36 years. To-day’s income from reserves (excluding the signal station reserve and sections about to be surveyed) is £165, and it is fully expected this Avill be more than doubled Avithin five years. The Board’s solicitor has been asked to insert in the notice of poll (and has done so) that the Board intends to pay interest and sinking fund out of general revenue. The General Manager for Raihvays reports under date February 23rd that the balance of revenue to the credit of the Foxton Avharf from April Ist, 1916, to March 31st, 1917, is £1,339 18s 6d, Avhich in terms of the report of the Commission is to be placed in a fund and handed to the Foxton Harbour Board on completion of -the purchase of the Avharf.” On , the motion of Messrs J. A. Nash and T. Riramer, it Avas resolved: “That the system of rating in force be on the capital value of all rateable property therein; that the Board take the necessary steps to obtain the consent of the ratepayers to the raising of a special loan of £16,000, and for that purpose a poll of the ratepayers in the Harbour District be taken on Tuesday, May 21st.” It Avas also decided) on the motion of Messrs Nash and Linklater, that the chairman of the Board be requested to Avrite to the Chambers of Commerce and local bodies in the district, and asking them to use their best endeavours to get the loan proposal carried.