The Daily News. SATURDAY, NOVEMBER 14. THE HARBOR LOAN BILL.

Taranaki Daily News, Volume LI, Issue 275, 14 November 1908, Page 2

The Daily News. SATURDAY, NOVEMBER 14. THE HARBOR LOAN BILL.

Oil Monday the poll to be taken throughout Taranaki is of import,iikC-' not even secondary, from the local Standpoint, to the national general elections set down for decision 011 the following day. The verdict of the ratej.awio on .Monday will decide for some considerable time to come whether ('V iut Taranaki province is to be allowed 10 grasp the opportunity for expausbu and advancement that is within its reach. The port of Taranaki, practically the only safe port available to producers 011 the West Coast of Kew Aau.I land, has reached a point of construction that brings witlim measurable dialanee of fullilnient the complete harbor scheme. Whether Uie rate of progression towards that end is to be accelerated or retarded depends wholly upon the verdict of tile ratepayers at -Monday's poll. So far as the foregoing aspect is concerned, however, it is not one that of itself need cause ratepayers much thought. The port, with its great natural features and growing trade ,/ould in the nature of things work oui its own destiny, reaching its full mea-1 sure of importance earlier, of course, according as it is assisted by the ex-1 peuditure of tresh capital. The preseut loan proposals, fortunately, provide the fresh capital required without imposing ally burden on the ratepayers; Oil the contrary, and in this respect the pioposal is unique, the ratepayers arc actually being oliered a scheme whereby thev Clin free themselves from an otherwise perpetual liability, with an annual rate, and have the money necessary to complete the harbor provided at no charge to themselves. This, as everyone "should now be aware, is accomplished tinder the Xew Plymouth Harbor Empowering Act, which, instead o the ratepayer, us under the existing louii. having iind tlie interest transfers tlie responsibility for the interest to the Board itselt. By tins means the Hoard's permanent source of revenue, all increasing quantities, are earmarked under the Act and may not lie applied to any purpose other tlma the payment of interest and sinking fund. All the interest charges under the proposed loan may easily be met from these earmarked sources, removing at once the liability of the ratepayers for a rate. It is this view of the proposals that naturally appeals most strongly to the country ratepayers, and particular y the ratepayers of Southern Taranaki, whose rates have always been paid under passive protest. They are, under the new Act, oll'erod more than in their most sanguine dreams they ever hoped for. V-nder the differential rating the possibility of Southern Taranaki ever again having to pay harbor rate is practfcallv rendered impossible, and that district is given further protection guaranteeing that they cannot be made party to anv further borrowing for this harbor. The alternative, of course, to embracing the new conditions is to vote against the loan and vote against the removal of the harbor tax. this, we are perfectly satisfied, the country is too level-headed, too keen —and rightly so—after the mailt chance, to risk. The danger, however, is that, thanks to the splendid efforts of Messrs. Maxwell, Marx, and Hughes, of the country . partv, in clearing away all the difficulties in the way of complete acceptance* of the proposals by the country, the supporters of the loan may be lull n d into a false sense of security and underestimate the strength of possible opposition. It is to be hoped, therefore, that every ratepayer 011 the roll will make a point of recording his vote on tiie proposals on Monday, even if, 'll some few cases, it might mean a small additional loss of time in view of the general election the following day. Provided the poll is a heavy one, despite the big handicap the supporters of tinloan are weighted with, xve have 1:0 | fear as to the result.