HARBOR LOANS.

Patea Mail, 20 March 1882, Page 3

HARBOR LOANS.

The Harbor Board at Dunedin proposes to levy an extra rate of one penny in the pound value on all imports and exports, towards paying for the dredging of the harbor. The Legislature must first pass an Act to that effect; and the prospects of Dunedin harbor will therefore come before the House for discussion in the next session. The Board requires, on its own showing, £6,000 more to meet the current year’s liabilities, and may require £IO,OOO to £12,000 more next year to make up deficiency of income. The Board estimates that a penny in the ponnd ad valorem on imports and exports will yield £16,544. On this expected increase of income, the Board will ask Parliament to grant further borrowing power to the extent of £300,000. The Board has borrowed at present £350,000. The ambition of Dunedin is great; but this deep-water harbor project is not to be pooh-poohed from mere jealousy or ignorance of the conditions. We believe the harbor scheme is feasible, and is well within the means which are or may be available.

Taranaki harbor scheme cannot be realised for want of funds or a safe prospect of funds. Wanganui harbor scheme has reached the critical stage where funds are likely to fail when needed to give value to a half-finished work. That result would be deplorable, and we hope it will be averted. Napier Harbor Board is now projecting a deepwater harbor on a gigantic scale similar to that of Taranaki, after spending about £90,000 on works which have proved useless. In listening to the cries for assisting these great works, Parliament ought to discriminate, and not lump them together as being equally impracticable and extravagant. What chance will the smaller harbors have of getting borrowing powers and endowments on a scale proportioned to the remunerative value likely to result from each work ?