HARBOUR EXTENSION.

Taranaki Daily News, Volume XXXXV, Issue 118, 16 May 1903, Page 2

HARBOUR EXTENSION.

REPJRT AND R OiMMEJN NATION OB THE COM.MITIEB.

The Committee appointed by the FTarbctir Board, to inquire into ihe que3* ion of harbour extension, reported to the Botrd on Friday as follows!

After carefully efcaminiog ati 1 considering all requisite dhta, this Committee is of opinion that it is essential that the woik of breakwater extension should be proceeded wi'.h as soon as po sib!e; and with such spred after commencement, as to ensure the pro gress of the work so as to keep ah ad cf the sand drif , and thus fcff ct a large annual saving of expenditure in dredging, For this piup s > an aunual expendi ure of .£25,000 will be' ample, and Messrs 0. Napur B.li and Mirchant concur that £143,000 in all will suffice to procU .'e such a hirbour as will accommodate English and Australian shipping, The Committee sugge,ts the advisability of firsb endeavouring to obtain from the Government the services of sufficient prisoners to carry out tue extension of the molp, in conjunction wi h mea to be employed by the Board, bu - , should the prisoners not be available, your Committee recommend that the neces?aty step 3 bo takea to bring a Bill before Parliament giving powir, wi:h the consent of the ratepayers, such cmseot to be decided by a poll, to finance a loan of £160,000, to extend over a period of nearly six years, t> the date of the expiry of tha present lorn (which ktter will then stand at about £140,000), and to be advanced at ihe above rate of about £25,000 per annum, as a se.ond charge on the saan security as tha 1 : which already exists for the present loin, at a rate of about 4£ por cent. This will entail a piyment of approximately:—First year £562 10j, second £1687 lOi, third £2812 10', fourth £3937 10s, fifth £5062 10s, and sixth £6187 10 '.

The present surplus revenua if tha Board is about £3OOO psr amium, and, after the fist year, even if the income of the Board.does not increase (which is inconceivable), tbere will ba an annual saving of about £SOO in dredging, which will increase the surplus to about £3500 per annum, more than sufficient to pay the interest on the lorn, and yieldiug an accumulation me*n.vhtl', whi'st interest will only be payable on the lesser sums from time to time borrowed.

At the Ist May, 1909, when tka present loan will mature, the proposed new loan of £160,000 will also matu.e, aad authority should be taken now (whilst authority for the £160,000 loan is being obtainul) to raise then a new consolidation loan not exce:dicg £300,000. This on the security now pledged for the existing loan, at such a rite of interest as such a sum will thin be capable of being raised at, will, in the committee's opinion, certainly not entail any greater rate than that at present levied.

Seeing that the Government is a party to this Board's loan, inasmuch as a fourth of its land revenue is appropriated for interest, it is evident that the Government should endeavour to reduce the rate of interest payable by the Bond as much as passible, and tbb it can do without any cost to the colony, by facilitating the inset iption of the stock.

It is impossible to contemplate the effect on the Board's revenue of the extension <&f the harbour, and the consequent trade both intercolonial and foreign ; but thismu;t prove enormous, and the increase of the proßp.rity and wealth of the district will be greater still.