THE HARBOUR LOAN.

Manawatu Herald, Volume XL, Issue 1823, 7 May 1918, Page 2

THE HARBOUR LOAN.

THE poll of ratepayers in the Foxton Harbour District on the proposal of the Foxtou Harbour Board to borrow £1(1,000 for, the acquisitioii of the Foxtou wharf and the purdia.se of a dredge,etc.,, to improve the harbour, will be taken on Tuesday, the 21st instant. By this poll, the ratepayers in the district arc afforded an opportunity of getting the control of the Foxton wharf and harbour, and as the progress and prosperity of the district depend to a great extent on the improvement of the harbour, it is to be hoped that'the loan will be sanctioned by a large majority. For many years' past the working of the wharf has resulted in a handsome annual surplus after paying all expenses, the amount of such surplus being more than sufficient to pay interest and sinking fund on the proposed loan of £IO,OOO, so that it will be seen that the ratepayers in the district will not be called upon to pay a penny towards the cost of acquiring tiie wharf and 'purchasing the dredge. For thi year ended March 31st, 1917, the profit on the working of the wharf amounted to £1,332, and in accordance with tho recommendations of the Foxton Wharf Royal Commission, this amount has been set aside and will be handed over to the Board upon the completion of tho purchase of tho wharf. In addition to this sum there will also be available for the Board, if the loan is carried, an amount representing the profit from the wharf from April Ist, 1917, up to the date of the completion of the purchase—in all, a total of somewhere in the vicinity of £3,00. It will thus be seen Unit although the purchase price is £5,000, the profits during Hie past two and -half years will reduce this amount to' about £2,000. As far as Foxton is concerned, we feel confident that an almost unanimous vote will be recorded in favour of the proposal, as everyone must recognise that Foxton’s progress depends a great deal on the development of the harbour.