HARBOR EXTENSION.

Taranaki Daily News, Volume LI, Issue 281, 21 November 1908, Page 6

HARBOR EXTENSION.

JOARD PROCEEDS TO NEGOTIATE ■ £300,000 LOAN. WHARF EXTENSION IN FERROCONCRETE. THE ENGINEER'S REPORT. At the New Plymouth Harbor Board meeting yesterday, the engineer {Mr. F. W, Marchant) reported as under; " Breakwater.—The extension of this structure continues to be satisfactorily constructed. We cannot expect to make a much better rate of progress with it in future than we have Jiitherto done, as it is necessary to allow ample time for the rubble to fully settle be'iore the capping blocks are placed. A small ! quantity of new plant will be required for the work, namely: Four Hudson's 3 cubic yard tip waggons, four turnover concrete skips, manganese steel jaw plates for one stone-erushcr—total cost, probably £OSO. " Dredging.— . . The new plant has been designed alternatively, first, for the dredging machinery to consist of a 20-inch sand-pump with two largest make Priestman grubs, each capable of lifting live tons of «.poil per stroke, au.l, second, for the machinery to consist cf a 20-inch sand-pump, with a bucket ; ladder in addition instead of the grab*. I The plant described under the second | -heading wili cost more than the other, and will not be so light and easily ! handled, lint, on the other hand, will exj cavate the sand and hard ground over the whole area to be deepened without the ueces-.ilv for the temporary hire of a bucket-ladder dredge to excavate ground wiii; ii neilh'-r the pumps nor the (grabs enliid deal with.

" Whurl.- T!'.e widening nl' tliH is going <mi as iast us cireumstauces and supply of timber will permit. The question of the material to be employed in the 51)1) feet extension of it requires consideration. Timber suitable for this class of work lias become exceedingly expensive and diilicult to obtain, and bids fair before long to be unprocurable, i think the extension should be built in reinforced concrete with timber spring piling ituwide it, on the lines designed i I'm- [lie Napier wharf extension now in

, niiv-e nf io:isu';ii iiou. .During the la.st three year- [ hive designed ;md supervised )iiu roiMinii:li->ii of several works in this inai'-riai. nml have a very high opinion uf its value and durability, while in point of t-ost —allowing for repairs ami depreciatiou of a timber structure — it is much cheaper ill the long run. At Napier, for instance. the lowest tender ror reinforced concrete work was about 10 per cent, higher than the 'lowest tender for timber work of the same dimensions. At the Opilii river, ill Canterbury, where we are about buikl a -- inforced concrete bridge 900 feet long, the cost of the permanent structure was about 30 per cent, above that of a timber one of the same dimensions, the work being tendered for alternatively in either material. In the case of the liridge the piles were of exceptionally expensive, design, in order to suit tlie necessities of the site (requiring to be driven through 28 feet of very tiglitly bound river gravel). It may be taken as certain that the cost of the concrete wharf extension here would not cost more than 15 per cent, above that of timber, and, allowing a life of 40 years to the. timber structure (which is longer than it would last, probably) it would be much cheaper in the end to have it liuilt in reinforced concrete after depreciation and repairs were allowed for in tlie timber structure." Mr. Marcliant remarked that the work of extending the wharf could not he commenced until the present wharfwidening had been completed. It would be necessary to give up some 40 or 50 feet of the wharf to the contractor for

the extension for the convenience cf working, -Mr. Thomson wanted to know to what depth it was possible to dredge alongside the present wharf. The response was that the driving of a few fresh piles would enable the Board to dredge to 30 feet, or "down to anything." lie was also informed that the present intention of the Board was not to dredge to 30 feet at this wharf, hut only alongside tlie extension. Mr. Marcliant estimated that the present work of wharf widening could be completed within three months o.f the arrival nf the timber 'from Australia. In answer to a query, Mr. Marcliant said the cost of the work would be well within his estimate previously submitted to the Board. After discussion in committee, the engineer's report was adopted, oil the motion of Messrs. Maxwell and Ward, and the engineer was instructed to prepare plans for llie extension of the wharf in ferro-concretc. 11AISIXG TilK MONEY.

Tlie Chairman and Mr. King were authori.ed to make arrangements for Hie niising of the whole loan authorised by the ratepayers. Mr. Maxwell moved iu I hi- direction, and slated that it would be advantageous for the Board to raise '.lie whole amount at the present juncture, a most favourable time for negotiating loans on the London market. He understood that there was every prospect that the money could be borrowed at. 4 per cent, at par, or even at a slight premium, lie would have been very well satisfied with the money at 97 or 98. It would be much better to raise the whole amount now, wlien the market was favourable, than to raise, a portion and then have to eoine on to the market a few years hence in a hurry, and when the terms would not be so favourable to the Board.

Mr. Tlughcs said he was pleased t< hear that money was so plentiful, ait?i all that, had been said lately ahoul stringency. ■Mr. King said that when he and Mr Connctt interviewed one of the flnancia' institutions recently it had been theii intention to raise only '£250,000, bill upon considering the cost of flotation and acting upon the advice of no less

an authority than Sir Joseph Ward, lie now recommended the Board to raise

the whole. Sir Joseph had told them the money ought to be obtained at 4 per cent. When i" Wellington recently they were advised by financial magnates lhat the present was a very favourable time for floating a loan on the London market. Sir Joseph Wardi, 100, had informed him that all the New Zealand finances had been satisfactorily arranged.

Mr. Marx said this was a motion ol supreme importance, the capping of thr whole of the work done so far. Ami every member should be identified with this move, lie would like the rate of interest, 4 per cent., added to the motion. This was agreed to.

Mr. Thomson stated lie would like to have llie financial endorsed by the Board.

Mr. King said he would not like to be lied to that. Jt might be that they would receive an urgent .Knglish 'cable thai there was a eluvnee to "snap" the money on very favourable terms if taken at once. The matter of the sinking fund was discussed. Mr. Hughes asking whether the loan would be paid off by the sinking iund in thirty years, the period suggested for the currency of the loan. . Mr. "Maxwell paid that in all probability the 30 years' sinking fund should sulliee, but it was impossible to sav. It depended noon the investment of the pinking fund bv the Kinking Fund Commissioners. Thirty years was generally looked upon as a very convenient term on which to arrange. The chairman and treasurer were requested to endeavour to lix the term at thirty years.