CANAL SCHEMES

New Zealand Times, Volume XXXVII, Issue 8340, 29 January 1913, Page 8

CANAL SCHEMES

CONCESSION SOUGHT AT AUCKLAND.

Press Association,

AUCKLAND, January 28.

A lengthy communication was before the Harbour Board this afternoon from Mr David B. Russell, promoter of the Waitemata-Mauukau and Waikatoilanukau canal schemes.

The letter asked, on behalf of the writer and those associated with him, for a concession from the board to construct the proposed canals, the construction of which, he stated, had long been cherished schemes on the part of prominent Auckland citizens, the deterrent factor always having been the question of finance. The estimated cost is £2.500,000 approximately, and, as security for contributing the capital, the concessionaires desire power to issue gold bonds bearing interest at the rate current in New York, such bonds to bp guaranteed and protected by the entire undertaking and to constitute a first charge thereon. The writer asks further that legislation be promoted to cover and protect the concession, the board and local bodies interested to obtain a further concession from the Government sanctioning the company’s concession. At the expiry of twenty-five years it is suggested that the board have tho option of taking over the rights and assets of the company subject to valuation. Otherwise, at the expiration of the concession, providing all liabilities have been discharged, the canals and all machinery, plant, property, and assets of tho company revert to tho Harbour Board without compensation.