THE NELSON AND WESTLAND LOANS.

New Zealand Times, Volume XXIX, Issue 4125, 10 June 1874, Page 3

THE NELSON AND WESTLAND LOANS.

On moving tlie second reading of the Nelson Loan Bill, in the Provincial Council, the Provincial Solicitor .said the Bill provided for the borrowing of ,£20,000, .£3OOO of which was to complete and furnish the Lunatic Asylum, and £17,000 for a new stone wharf and reclamation of land in Nelson harbor. The Government now proposed asking for £30,000, so as to construct a Dry Dock in connection with the wharf. He believed the money could be obtained at C per cent., and the runts accruing from the works when finished would pay the interest, and thus there was an opportunity of these important works being earned out without tho revenue being charged with the expense, as security was to be given over the works and reserves alone, and not on the Provincial revenue. If tho Council passed this Bill, he was prepared to abandon the Harbor Board Bill. Mr. Shephard proposed the ad-

jourrnnenfc of the debate, so that reports and estimates of costs might bo laid on the table. The works proposed in Westland, and thencost, were thus referred to iu the Superintendent’s opening address :—The estimated cost of these works is £285,000, but, although tho amount may at first seem large for us to undertake, it must be borne iu mind that their construction will necessarily extend over a considerable period of time. My proposal to you is, that the construction of these ivories should extend over five years, and as I feel that to go to tho General Assembly with too large a proposition would only ensure its defeat, it is my intention to ask you to decide upon a modified scheme for the first year, consisting of those works which are most urgently needed, and what is also a matter of great importance, those which are likely to be most immediately reproductive. It must be borne iu mind that if the Colony either authorises us to borrow money, or consents to borrow on our behalf (which, in my opinion, is the preferable course, and would remove one of the main objections I made to the system of Provincial borrowing proposed last year), proper security will have to ho given by ns. The works that I would submit for your con-

Ono special feature in the works included in this schedule, (continued tho Superintendent) is the undoubted security we arc able to oiler for the payment of interest on the greater part of them. I propose that the security offered should be as follows :—l. Mikonui Water Pace. I think that even the few who uiav doubt the payable nature of this work as a commercial speculation from which large profit would accrue, will not question that a revenue of at least £BOOO per annum will bo derived from it, and this ought to remove any fear of liability on the outlay of £35,000. — 2. Hokitika llivcr Protection. To provide for this amount I would propose that the wharfage rates should be security, and as they amount at the present time to the annual value of £*2,000, there would be no difficulty iu providing for the sum set down to bo expended in this way, viz., £IO,OOO, —3. At the Hospital and Lunatic Asylum, the outlay would be at once met by the very large saving in tho management when removed to this side of the river; the expenses might he reduced by at least £SOO per annum, and this would cover a further sum of ££">oo. In this way we have ample security provided for £-19,500, leaving only a balance of £2-1,000, which would not he a large additional burden on 250,000 acres of land already mortgaged to the General Government, and which is supposed to cover only £IOO,OOO.

sidoratiou are as follows ;—• Mikonni Water llace ... .£35,000 Great South Eoad 10,000 Arnold to Lake Brunner 5,000 Eoad to Taipo Kcefs ... 2,000 Hokitika Eivor Protection ... 10,000 Hokitika Hospital and Lunatic Asylum 4,500 School 33uildings 8,000 Provincial Government Buildings ... -1,000 Total ... .£73,500