WELLINGTON HARBOR BOARD.

Oamaru Mail, Volume XXXVI, Issue 10059, 29 January 1909, Page 4

WELLINGTON HARBOR BOARD.

(Per Press Association.) Wellington, January 28. The Wellington Harbor Board, under legislation passed last session, is empowered to borrow £1,000,000 in a single loan or a series- of loans. It docs not, however, propose to go on the London market for any 01 the money for soma time, probably not this year. The Chairman of the Board (Mr Wilford), referring to this matter at to-day's meeting of the Board, said it was well known that it was almost impossible at the present moment to get money on good' terms on the London market.' He was authorised by the Board's banker (the National Bank) to state that in their opinion the time was not opportune for the purpose. The Auckland Plarbor Board proposes going on the London market for £250,000, whilst the Auckland Borough Council, Timara, Dunedin, and Napier local authorities also proposed raising loans. He believed that the Board was able to pay its liabilities this year without the necessity for a loan, and if towards the end of the year the Board found there were good opportunities for floating a. loan the matter could ■ be reconsidered. Members of the Board concurred in the course suggested by the Chairman.