NEW PLYMOUTH HARBOR BILL.

Taranaki Daily News, Volume LI, Issue 163, 1 July 1908, Page 3

NEW PLYMOUTH HARBOR BILL.

—b- —- MKKTiNf i AT JIANALV. I'AVORAJSI.E MOTION (.'AKIMJiJJ. It was expected that there would Ik » liot an J numerously attended meeting at Manaia oil Monday night when Mr. Maxwell was "biil"d"" to speak on the proposed Xe\v l'iymmith Harbor Bill, to borrow .000,000, and Mr. Marx had intimated his intention uf being l>ri;sent for the purpose of replying. As matters turned out; the meeting, which was held in the sidt room of tin: Town lfall, opened with •an attendance of thirty. This later oil increased to fifty and the proceedings were quite ordinary. JLK. MA.WKIX. : Mr. Maxwell's opening rcniayfes proluiSed as fair and impartial a pftiSenifition of the Bill as tiliyune cnu(d give who had the matter k very liitpai at heart. He explained that tile (iill was not one that came froiy Its terms were formulated Mc- | Lean and himself] (the speaker). Because of tile belief that the Bill was from Xew Plymouth there was an expression of bitterness and a disposition ] to "kick it "Out." ■> He, (I'd not wond?r ) 1 at that bitterness, because a large portion of this district had siill'ered mucll injustice; it slioijld iu'ver have been placed 011 a level rate. 'lhe tpca.ser submitted document's to the fiiniriiinn i to prove that the wriy tln.se o; |

tile country members, uiul tin: result of negotiations between tiie members of the Board, and were not (as hail been ! alleged) Mew Plymouth terms. .\;i£ -Maxwell explained' the principles that, were fongiit lor some time ag<>: wliicn principles—and more—wdre embodied in the present Bill. Ilehxent on lo make the following points: — The Bill was to borrow PW,OOO by the New Plymouth llarlibr Board—not by the ratepayers. j The interest was to lie paid lirst by the revenue of the iWrd, and lastly by a rate.

the ratepayers had nothing to do with the capital liability, and not under even the most extitinc circumstances could the ratepayers be called upon to pav one single farthing of the £.">00.000.

Clause 1!) dealt with the amount of the rate to be raised by the Hoard, which should not exceed such amount ■is is required to provide for the payment of the annual charges on me amount borrowed, taking into account land fund (say £4000), endowments (say .£2000), and £4s('o a veiir from revenue. As to the last sunt, if the money did not come in it would still have to be "taken into account," so that Cl.lOO would be the utmost that could lie collected frpni the ratepayers. It' the port were destroyed by an earthquake and brought in no revenue at all that ,£4500 would still have to lie added in. If Mr. |

-Marx or anyone else had an}' doubt about that legal advice could fce taken. -Mr. .Marx: Where does tlii money-

lender come in* j Mr. Maxwell: 1 have nothing to do with that. "Of course tha( contingency." he proceeded to say, "(as altogether improbable." .The speaS'r went 011 to show what the land l'ui|l would be, and said that there were} ■150,000 acres available. Of that area 111 would write ofl 150,000 acres, leaving WO,OOO acres which should li'i at a rental of Is per acre. The jSourd's s'lrarc of this would be .£B4OO odd. This would make: Board jevenuc .£4500, land fund £S4OO, hidowments .£3775, total £10,075.1 Jiut, speaking as a member of the jßoard, he hoped the settlers would not liiy out as the leases would be worth Cjob.OoO. If the Is (id per acre;lessees dil not buy out lit 30s they would not gftiUal Is Od rental; it would lie Is, )is, or 12s, or 13s. Rut at bs rent if would be nearly £150,0011 If (hey did Inly out for cash there woiild be' .015,001)', if not £150,000. Turning to tlie sinking fund, Mr. Maxwell said thai sales

from freehold land, 0.U.1'., would lie £SO7S. That sum capitalised at 5 per cent, and divided by 4 would give the Hoards share, which would be-handed to the Sinking Fund Coiuniiisioners. Providing the land was bought outright' it. would give £4t.SSO, and yet Mr Marx sa4d this would be all "apology" for a sinking fund. Mr. 1). J. Hughes: What about compound interest'; you haven't got a sixpenny bit for the sinking funil. llr. .Maxwell. Yes. The money goes into the hands of the Kinking I'und Commissioners, who will invest it over and over again, and at pet cent, it will wipe the loan off .KiihUi n&.jxart.i - A. statement made by Mr. Marx that the Word "net" was included in the IJill was declared by Mr. Maxwell to be "quite wrong.'' It was not in the Bill. Mi Marx: I must contradict that. It is in the Bill. 1 examined the copy in til? Elthain Courthouse. Mr. I). .1. Hughes: I substantiate that. Mr. Maxwell: To-day 1 telegraphed to Mr. (jnilliam a-king: "Is the word 'net' in the Hill?" ami the reply is: "The word 'net' struck out claiwe 21 as arranged yourself and lying.'' if he (the speaker) was wiong lie Had to apologise. -Mr. Maxwell went'on to say that it was only necesary tliat a copy should he deposited in one Oourtiiouse, and it was the uflicial one at Stratford that had been altered. Continuing. Mr Maxwell was unlerstood to say that Mr. Marx was still -wrong. lie (the speaker) was referring to clau s c 21 and ill'. Marx to clauie 1!). Air. Maxwell ioncluded by saving that the only liihility 011 tile ratepayers would lie the balance of interest between revenue of the I'card and Hie amount payable. If the Jo»n is carried the differential liability will come into force and the three-farthing be repealed. This would mean that the rate liability on paper would lie nominally reduced to a farthing, while the actual rate payments would be reduced from £(ili00 to I nothing at all. Mr. Maxwell referred to a change in feeling by which the country members (as against N'ew Plymouth) were losing their power 011 the Board, and if anything were to be done for the Safety of the southern end it would need to be done now. The old loan falling due gave them their opportunity, and they seized it; hence the present Bill. Mr. Maxwell then spoke;of the power of the Board to use land revenue of the Board for a new loan, leaving the ratepayers to carry the renewed old loan wholly out of rates. Legal advice, as well as the obvious inte»tioii as shown bv previous Loan Bills, clearls showed tnat the endowment revenue was ear-

marked and available for the payment of interest. lie was sorry the discovery had come out, but now there was nil use beating about the bush. If the Bill were not passed the ratepayers would be entirely at the mercy o! I lie Board, which (as he had said) would immediately proceed to get an Act through to borrow .£150.000 over a small area bounded on the southern points by, say, (jaliolu and Siratford,. They would pick' a districi which ivas absolutely certain to give a block vote, ear-marking endowments aud £ 1500 a year from ilie Board's revenue, "We 111 this districi would have 110 right to appeal against that Bill, as we have never had the endowments, and the Board has asked ua now (o aivcpt ihciu and we won't.

Mr, ilair: That is, you bring us a threat, Mr. Maxwell: I wish to »ny it |S ""t a threat, and there iire people llero U-lio will sav I have been working for veurs in the interests ~f the people. (Applause). I am merely living to put the matter fairly before you. and I will leave it to yoil to do as vim think best, ]j„t I sav tiieie is absolutely jro ehance of New Plymouth sitting still: if they can't get a' combined loan they will get a separate one. The most the conn- I try district outside tile small area | borrowing the .CIaO.OOO cCuld expect I would be half the land fund, lie asked. I in the light of pa.it experieme. whether I it' would be better to >t:ind under I r»c old Act, which was insecure and | lyiltv, or aceept the new Hill, which pit the position of the Southern d I j ; jct jilfsolutely beyond danger. It hail |,".'U suggested from here that it would iV a good move to get W'-.tiinate cut out ,-.11111 the operation of the Hill, but if >iiat v-er; 1 done the Hoard would imme''.liiltelv jiW'vc lo have the liill with(frawii. lie concluded by saying thai was a Bill whici) would extinguish the rale, find an ample sinking lund was provided will* wilV'h to wipe the loan rtf ill :i» year'. It was <-ipi illy certain that the'new loan would be raised, i mid if 'hat were done there would be | an everlasting rate for this district ol

OiWH a ywir. Mr. I). llngUe*: Arc y"ii speaking i'i»r lit" whole l!oai-d'' Mr. Maxwell asked the ratepayers il

tliev would take Hi,-, position ;i- it would lip against, the IS'H, which made | liio pi.-ilicm alisoliitfly plain. in answer to a niiestion by Ui'. Marx | \lr. Maxwell said tlm Board had affirm- | ed tit'* principle of exemption frcm fu- | I ini> , 1 Mr. Mark: Why haw y«>u n°t pm. m , I this Bill the I'xi'iiiption of 1 His dirtf'iii'H | from further loans, iuereby defining Lour liability! ' Sir, Maxwell said tliat in the Dili

tiioy were sot, contemplating loans, but were propoainjr to reined, \tliu 111 jLice of tlie past level rating. Air. Alurx: Don't vou think .1 ciaii» eoulil be jjut. ill tins Bill giving in. third uvea exemption from any lutiii' loan; Air. Aiiixwell: 1 think tluit mi ov-j' I lent, suggestion, and one \vH) of . 1 11'JJ over a very serious dilliciilly. jii, point is important, ami if jii. J:. , desires 1 think a special meeting • i ' the Bwtril could be ealleil tu 1 it, .Mr.. Alarx: You don't think me the "mug" you did a minute ngo: An. .'laxwell: 1 never thought yo.i tlie name you eall yourself. it uabecause t recognised your ability tlu: I considered yuur attitude uin'or-iv-able. All'. Alarx asked wily Air. Alaxwcll iu i not provided for readjustment of want I j boundaries under the new JJill. xliai |

had nut been included, ami it was unpardonable. hit repicsentaion 0 „ that ltonrd was the lifc aiul safely or litis district. Was it nut possible to have the representation deiinoil in this Bill; Air. Maxwell: It was possible. JJut ;>y far the safest course was to have it in a general Act. He agreed it would l)c well to have the reprcsontaion defined.

All!. MAIiX. ■Mi'. .Unix, addressing the iiifcij I said tli<v could not lie u> o cuiv-ml of Uieir dealings with Oh- 2>l ( . ilt ti„. "tiler end, ami tin. two <|mstioiis ho asked showed weaknesses in the Hiii lIAs to t lit; discussion, h j (. thought thai a f j great pvMmim of weakm-i/ Has jir. i -Maxwell's aliusc, and he (the speaker, had lieon very soundly aluisi-il. i| r - Marx explained at length the '.iremustances of the "cOnlldeiitial" coniinuni. cation from Mr. Maxwell. ))<- read ij,c letter relating to the land fund lmsineSs showing Hint Air Maxwell ]i n ,i alreudv sent copies of the letter eriticisin s hiili (Mr. Unv.v) to several newspaper edi

I mi's and discussed 11,0 11Ja ttor with other gentlemen. When he ,j[r. Harxi met. tin- committee njipointod to opp;v the Bill lid was hound t 0 disclose to them the development .Mr. Maxwell | llu l discovered. He now referred to an j, u . portiiin point. Alt. .Maxwell had said tile 'only responsibility was the interest ht 't lie (the speaker) could not look at It in that way. It anything went wrong the Board would eonie for .IMother loan. As to the .C-t.iOO, there »i< a risk of it at all times, as it depended On tile earnings of the Board. There was 110 certainty upon it. The land revenue was. an increasing amount, and the present .€4OOO odd would grow substantially. Hut with fhe risks he haul pointed out he "did not believe in thejolly thing." "Jt seems,' said .Mr ilarx, "that we arc under terrorism, and if we don't.do certain things the Board will play -old Harry' with us.'' After hearing .Mr. .Maxwell it seemed „■ ing them to accept and make the of a bad jell. As to the sinking / that also was uncurtain. | L in j.,i u l-eaiiJe a-WUU from 0.1i.J'., it „,H, t really u th:rd of that, lie thon..|il°ilwould Isa hcttcr to set aside a certain definite amount, >ay, 1 per t ,, lLi a 0 thai tiiey Would know exactly what the sinking fund was to be.

Mr. JJhiir (to Mr. Marx) ; D 0 m , ll( ,_ Imitely advise the ratepayers to block the Bill?

Mr. .Marx: 1 advise that you should wet. all the inforiuatioii you can and you deem best.

11l answer to Mr. 0. Cooper, Mr Marv said the whole of the old urea slio'ub'i l»uy oft the old loan, and a smaller area (the tirst schedule) K !.<.„1.1 raise a new loan, leaving the old area the land re venue tor the old loan. If Mr, Maxwell's figures were good enough for the whole area they were good enough fur the small area./ TO ill!, MAXWI'JIJj. -

-Mr. flair asked how it was if the Jioard was -lately getting assistance lrOiu land revenue the taxes bad "one up threefold'; 0

iMr Maxwell said he could not explain, because the statement made was not a laet. Three yeai's ago the rate income was £IO,OUO, two years ago something h'ss, and last year it was .WOIJI) odd. Bill the explanation lav in the fact that valuing was done in sections, and this! deftrict had perhaps escaped for s'Oint time. ■,

Tin. chairman suggested that this discussion did not affect the Bill.

Ml*. Maxwell: Its only and important connection is this: Immediately alter tiie Hill is carried you will have got your final rate notice. Mr. Maxwell moved—that in the opinion of (his niceting of ratepayers, after hearing 'full par-.-,-of Ihe '.",1 n,;fTi!rr Bill 11'ow More the fiouse, it is advisable to allow the Bill to go through, seeing that the ratepayers aiv amply protected by the tliree-liftlN majority necessary at the polls, 'fbe meeting is in favor of the insert ion of a clause being included exempting the area in the third Schedule frCm liny till'l nee loan liability than is included in this Bill; and that provisioij lie made for the periodical readjustm"iit of want lepresemaion 011 the Board according to the valuation. Mr. l!icliard<on seconded the motion -Mr."Blair strongly supported the Bill. The motion, upon lieing put to the meeting, was declared earried hv 17 t'.) 15.--Hawera Star.