HARBOR LOAN BILL.

Taranaki Daily News, Volume LI, Issue 72, 14 March 1908, Page 2

HARBOR LOAN BILL.

o— AH!. CONNIiTT AT NEW mAiOUXH.

there was not a large attendance at the Theatre Royal last night, when Air. •I. B. Comiett, the chairman Of the 'liarbur Board, addressed the ratepayers—and incidentally his constituents—con"i"g the proposed New Plymouth Harbor Loan Bill. His Worslup the Alayor. Air. .1-.. iJockiill. pri'sidi'd. Air. Council said that over ,'i(l years ajjo lie had come to the conclusion that I lii■>, one ui the liuest grazing districts iu Australasia, was being handicapped li\ the waul of a harbor, and Jie then I and there, with the assistance of other gt-nllciueii—of whom some were present | (hat evening—set to work to have a I harbor constructed. ll e still had his | -boulder lo the wheel, and lite posits was now more hopeful than ever. ,ic believed that there were immense possibilities. Some members ut the Hoard I were mil SO optimistic as he was, and i hey hail lor many years consistently opposed bumming tor harbor works. Adl liw it list a ndiiig ihui, they were in la\or ot the present- loan proposals. Tilt: llAliliOli'S JIISTtUiV." In tracing tlie harbor inurement from

its earliest days. Air. Connett mentioned that iu IS7I the New Plymouth Harbor Hoard Endowment Hill gave power to set apart a quarter of the land re\enue ot (he province, and in ifamiarv of the next year (lie lirst New Plymouth Harbor llill passed the Provincial Council, constituting a Harbor Hoard. It was interesting to notice that there

were three Waitara men on the lirst Hoard. In Alay, LS7B, arrangements were made witli the Bank of New Zealand for the sale of the Board's debentures and also for advances from the Hank to commence and carry on the work. On August 10th the 'lirst. contract towards the construction of the

harbor was let to Air. N. Hooker. On 7th February. 1881, the foundation

stone was laid by Air. P. A. Carrington. At this time the first section of 251) feet

was practically completed. In October. ISHIi. the breakwater construction was slopped for want of funds. At this time it extended for a distance of 1900 feet.

On -2nd February. 1887, the contract for the cattle and cargo wharf was accepted at ,£0053 7s 4d, after which the was practically at a standstill for many years. During this period the New Plymouth people subscribed £IOOO for the upkeep of the harbor. The enclosed area became silted up with sand, and it was not until the Board was enabled to overdraw, owing to efforts of the late Mr. _E. M. Smith, then M.11.K. for the district, that any work of protection of the wall or dredging the harbor could be undertaken. HARBOR EXTENSION PROPOSALS. The work of harbor extension was being carried out under tile scheme prepared by All'. Napier Bell, adopted by the Board and approved, by the Covernmont. 'I he first block in connection with this work was placed over the end of the breakwater on 30th March, 1!I05, and 1110 feet were completed during the remaining nine months of the year.' During HlOfi, 133 feet were added," and during 1007 another 13li leet. .since which date 3(j feet more had been completed, making a total of 405 feet for the three years, out of the total of 10(10 feet. Thirteen months remained before the date nf maturity of the present loan, so there was time for the completion of another 135 feet, or 510 feet in all, by that time. The cost of the 3lio feet completed to the end of last year averaged .C4ii 0s lid per foot, and tile engineer's estimate for the work had been £75 per foot. His estimate of completing the works outlined by Air. Napier Hell's scheme was as under: Breakwater extension, 520 feet at £OO per foot, £31,200; new wharf, £24.000; new dredge, £2(1,000; dredging, ,C 20,0UO; moorings, £1500; contingencies, £2300; total, £105,000. It would cost £IO,OOO to raise the new loan, and £135,000 was needed to redeem the old loan. His estimate of the cost of extending the wall was very liberal, the harbor foreman stating that no such sum would be required. (iIiOWTR OF THE PORT.

On Ist .January, 1007, the overdraft was C 4340, and in the next six years it iiicmisod by only £2731, although £28,3-41 1 5s 4d was expended on new work. Of this, ;Clti,om) V.h Qd went in extension of the breakwater uml £U,ttot) Ms 7(1 on wliin'f extension and widening. Surplus revenue, inclusive oC the land hind, after providing for ordinary lvtpiivemvnls, had increased from C 4375 Us lid in MI0;t to £!)3!)4 18s 2d in 1007, .md the total for live years was £80.533 (id. A\ harfage and dues increased by Cl>fJ7s (from £(1038 to £13,013) in the same period. Imports in 1901 were 44,582 tons, increasing to 72.230 tons in 1007.

UiMJKNT IiKQUIBKMJSNTS. Th 0 most urgent requirements at the port we re a new and larger dredge and a new wharf. Those familiar with the working of the port had no doubt noticed that very frequently vessels had to lie oil', awaiting a chance to berth. Th e earnings of the port were always on the increase, and the cargoes had grown to such an extent that better facilities were imperative to meet the requirements. Mr. Connett traced the growth of trade at the port, laying particular stress on the rapidly-growing export of dairy produce.

THE BILL.

The provisions of the Loan Bill were explained in detail. Summed up, it was proposed to obtain power to borrow CiJOO.OUO, but only £250,000 was likely ever to be required, aijd not even that amount for years to come. This money would be used in repayment of the existing loan and-in the improvement of the port. To provide interest on the loan the Board would pledge land revenue £4050, rents from reserves C2OOO, and £4500 from port earnings—a total of £11,150, or £llsO more than would be required to meet the interest on the £250,000. Should a rate ever be necessary, it would lie levied on a differential basis, and in the farthermost districts would be small as lo amount practically to a cancellation. The bulk of tlie rating would tie laid oil the lands nearest to and therefore deriving most benefit from the harbor. The land revenue and port dues were bound to largely increase iu the very near future. ill 1 . Connett referred to the fact that Mr. Marx, one of the candidates for a seat on the Board, was advocating a loan of only :tli),000 to pay off the existing loan. He was sorry that Mr. Marx had so committed himself, for, if elected, lie would find himself in an awkward position with the ratepayers ■when he came to fully understand the situation. lie also explained the advantage of proceeding at a moderate rate with the work of extending the wall, giving the stone every opportunity lo settle and form a good foundation. They were now building a breakwater and protecting it for half the money that was spent ill the old days on the work of I'onstj'Hctinn alone. Til answer to Mr. !!. C. Hughes, Mr. Connett staled there would be plural voting, and a three-fifths majority would be required to carry or defeat the proposals. He referred to the fact t?Kt those memliers of the Board who had previously opposed borrowing were jusl as enthusiastic as the New Plymouth ] members in favor of the Bill.

In answer to ~Ur. Hughes, Mr. Connett said he k;mv no necessity for a sinking fund. The credit of the'harbor was inv proving, and he saw no reason for striking an additional rate to provide a sinking fund. At the same time he was prepared to abide by a majority. With roads and bridges sinking funds were

necessary, but this harbor work was in |i different category. Tim work would improve every voar, and was noi a perishable product. Ue thought, however. that the majority of the IWd would vote for n sinking fund. He would favor a clause giving power to osHiili*h a sinking fund out. ol ? hirevenue, hi short, he would no! favor i sinking fund if a rate had to be strip k in order to go.t it, U' to Mr.Okey. ho said it would he unfair In rate 011 ;i. differential basis to ] ii'ii viilo a sinking finul. Mr. (i. Tinch moved tliat-tin- moclim' approve of the Bill as outlined bv Mr! Counett. The proposals were sneli dial they should be supported to a man. as they would eonfev a lasting benefit on (lie whole ol' tlio district,

Mr. Okcy, M.T., seconded. At a meeting in South Taranaki Mr. jtfeOuire Imd stated that, the Bill when it eume from the ] Touse would be very difl'oront I'rom what it. was now. Mr. Mrfiuire, as an old member, knew belter, av.d be (Mr Okeyt eonld only say the statement had been made to influence people against the Hill. He trusted the Board would lie ready to introduce the Bill 011 the first day of the session.

Mr. Connetl said that he and Mr. TCli.l' wore pledged in honor to withdraw 1 he Bill if materially altered in Parliament, so there was no likelihood ol the people being "had." He believed the people, were going to ho with the promoters, and he was assured of the support of all the Taranaki members of Parliament.. He went on to refer to the SUCCCBB of the artificial harbor at Timaro. The Beard's proposals gave 26ft at low water at tlie end of the

wall, anil at high tide there would be 38ft, and 30ft at tlw wharf. With such possibilities lie thought there should be a city where now there was but the borough of New Plymouth. The motion was carried unanimously. Upon the motion of Mr. 1!. ,C. Hughes, a vote of thanks was accorded to Mr. Connett, flic mover mentioning Mr. Connett's long and faithful and zealous services in the. interests of the harbor, The usual compliment to the chair , concluded the mooting.