HARBOR BOARD LOAN.

Taranaki Daily News, Volume LI, Issue 260, 27 October 1908, Page 3

HARBOR BOARD LOAN.

MEETING AX ELTHAM. A statutory meeting of ratepayers was held at Eltham on. Friday evening, and was presided over by Mr. A'. Muir. Mr." Marx explained tlie provisions of the New (Plymouth Harbor Empowering Act. When, first elected he was opposed to the Bill as then before the public. Since then the Bill had been amended in a number of ways that suited hioi and his supporters. He was now satisfied that it would be of advantage to the district for a loan to be supported. H« was satisfied .that there would be no increase of the burdens on the ratepayers. One provision was that if the Board went in for a further loan (wihch he regarded as highly improbable) no further burden would be cast upon thia district. Originally it provided for one man one vote, but now the vote was on a property qualification, and a threefifths majority was required. He had no hesitation in recommending them to support the loan. Mr. Thomson spoke against the Bill. Mr. Connett explained that the Bill authorised a loan not exceeding £300,000 at a rate not exceeding 5 per cent. As a matter of fact the Board expected to borrow at 4 per cent., and might do with £2so,ooo—at all events, the whole sum would not have to be raised for three or four years. To meet interest the Board had revenue fioui various sources provided for in U:.- Bill which made it improbable a lv.'.c would be struck. The speaker quoted extensively to show the increasing revenue of the Board and the increase of trade. In 1907 the imports were 33,91(1 tons and the exports 0418 .tons, juid for nine months of 1908 the imports were 38,476 tons, an increase of 4530 tons, and the exports 10,453 tons, an increase of 1035 tons. - After several questions had been asked by Mr. Fryaay a vote of thanks to the chair closed the meeting,—Argus.