OPUNAKE HARBOR.

Taranaki Daily News, 22 November 1916, Page 7

OPUNAKE HARBOR.

LATEST LOAX PROPOSAL ! TO HAISK MOXKY BY DKI3EXTU'RES. There was an attendance of about sixty electors of the Opunake llarbpi' district at the meeting held in ', the Opunake Public Hall yesterday 'convened by the Opunake' Harbor Board to explain the position reached in regard to the loan, and also to announce it very important proposition in connection therewith. Mr. James V'oi\iig was voted to the cair and theu'e were also present: Mr, T. P. Hughson (chairman) and the mom - hers of the Harbor Board, also Mr. C. A. .Wilkinson, M.P. Mr. T. P. Hughson stated that the meeting had been called with a twofold object, so that tho Board could give a brief account of its stewardship in financial matters, and submit a, scheme, which, he hoped, would have their support, after due consideration. He briefiy pointed out the advantages that the Opunake Bay possessed for tlie purpose of harbor construction, especially as to there being no sand trouble. lie de-. tailed the steps taken with regard to the loan, and showed that the limit to 5 per cent, had proved a bar to raising' the money, though at .times there were possibilities that it could be rained in Hawera or Dur.edin. He paid a trihute to Mr. C. A. Wilkinson, M.P., for his valuable assistance throughout, pointing out that though the member had obtained an amendment of the Bill so that interest up to 0% pcir cent, could be paid, an Appropriation Bill had been passed that gave the Minister of 1' inance power to veto any loan, and Mr. Allen would not agree to giving authority for more than 5'% per cent. They had obtained an offer of the money at 5 >4 per cent., phis per cent, brokerage and 2'/ 2 per cent, underwriters' charges, but the Minister was adamant, and the negotiation:, fell through. After consultation, the Board had decided to formulate a fresh proposal. In concluding, Mr liughsoii said that he had been told that lie should look after his business, but he was working because he thought that the provision of shipping facilities was tho best thing that- could happen to the district. Since lie had landed 011 the Opunake beach thirty-six years ago, lie had always taken an interest . in the bay. Mr. C. A. Wilkinson, M.P., said that the members.of the Harbor Board had lost 110 opportunity to further tlie interests of the port. They had to encounter a hardening money market, and whenever they moved the market advanced against them. But for tiu war, he considered that legislation would have been passed to enable small Harbor Boards to borrow through tho State Advances Department. This p;-!n----i lege was taken away, because it wm I expected that large Harbor Boards, I whose credit was quite good cnor.:,h to j go on the London market themselves, would probably want to borrow lln-c I sums. It was not intended to penalise I the .smaller Boards. He pointed out | that before they could borrow at per cent, a poll of the ratepayer-, ha.i to be taken, and he knew that the. ' ; Were differences of opinion He vculd i not say anything as to *n,. 'merit, «•' i 1 he scheme, but he would mi- that OpuI nake would never lie what it should be 1 until they got port facilities. He cun- | sidered they would not do wrong in re- ] electing tlie present Harbor lioarii, ami i he, as their representative, >wns -.preI pared to do what he could to I their interests. Mr. A. H. Moore said mat the carI dinal point was that the harbor would | mean a saving to tile district of £SOOO I to £fi(!o!i per annum, which ivoudi pay I the rate twice over. Moreover, there 1 would be a considerable saving in road maintenance, owing to the shorter haul- | age of the produce. He suggested thfit the poll should be taken on a o'/i jier cent, basis, though at present tlie Government would only permit them to pay

o'/i per cent. As authority lapsed two years after the poll, the provision of the extra >/ 4 per cent, might,prevent the necessity of a further 'poll; The Board proposed to place a proposal helure tlio ratepayers to borrow £sojooo at 5 1 /, per cent., witli 1 per cent, sinking fund. Only the small sum of £ 12.30, he pointed out, once previously stood between them and success, The Joan, he said, would he i'oi a irr.ii of year.i, but tlie Board v/oiiii! have, the right of paying it off in K). l.j, or Ci years, a* it had been tti.tgcstai th.A people in the district i.l Uisifj up debentures would find 30 years too long a term. Th.o advantage of ibis unique scheme, wasi'that ratepayers would money out of one pocket to put it into another. If in ten veal's money could be obtained at a cheaper rate, as some people expected there a vast accumulation then, the Bcaird could borrow and repay the debentures. He iurthei pointed out thai the Board would not require the money all at ence, :i could be spread over a term of three or three and a half years, whereas from financial institutions they would have take lhe_whole £30,000, and would lore by re-investing it until required. rt was proposed that the debent.r.; , : hould payable a:; '> per ecu;. ( £2",00) or; application,."*) ])er cent, in six" months' time, a*,d ,* per <'c-nt. in nine months, 'making^£7soo in the first year; 10 per cent, in J2 months' time, and 15 per ccnl in J# months, making £20,000 at the eaflr'of the second year; l'O per cent. ill. 24 months, 15 per cent in 27 months, 15 per cent, in months, making £'"10,000 at the end of the third year. Ten per cent, would be called up in 30 months, and the last 10 per cent, in 40 months. The engineer's, estinjjiiß was £43,COj), so there would be a surplus ui £IIOOO to provide for eontingeneie?. Interest would be paid -halfyearly r.'om date of deposit, and after the lilV.t twelve month; the debenturebolder would be free to lodge more than was called up. Tbi; was not considered desirable in the first twelve months, when interest would be paid out of ioan. He considered {hat the credit of the district was quite pood enough for In fac(, he thought it was good enough for .•Cl.CflfljOOO. There was, he said, good deal 0; money lying idle in the district. These debenture:-: offered u good investment for that money, adde'd to which tho harbor would h' sen the cost oi production. All dreaded the ray when prices would not be as r.fio.l r.s at prc'ti;, anil it was tile dvdy of all to provie.e-for that- by decrcasin'.; the cost, of production am; efVccting 'a saving, so that- the reduction in price would not he felt eo lceeuh lie urged all to be loyal to the dif{r!rt There. seemed ;"j <;:ecl*s of the high n-ices ra'im; for iv.i t • three year., and hj- eoV'.derc.l it : Mirabie iSnritt; ti'.'.u of pro. sn:'i. ' • - : '" the surplus iniprox I in-.:* juwition. [o inrrenso • valti - ut" the out;)!-.., In- .-aid that the o.i:;nit from tin' da' r _"" factories in 1012-10 was l7(l,!'S:i, as tompared with £140,760 in i:,-!."-i;';. A VrTThat about the increased co-t of preductie:: ?

Mr. Moore' the;: pvc figures to show that by raising the money as he sugpHtvd, instead of getting it from a financial ir.-titution in one i.mip, there would a ravin;: In interest of .C3IW, dr.'.-i:!-; Hip three and a half years, «.r «.:i • yc-.rV rates. The interest during the .'i>(T-::d yesr would r.ced a rate i'." 7.''-.'. i.: . [!:e < - air' 1!1.3'2d. over tl.e {own: in the' third year, W. 324. and 1 1:i.32t1; and :n the fourth year, 11.1 fid. and ini.ll.':!. la conclusion, 'Le feaid \ it bad been argued tan., thi. was an inopportune time to rai-.c money, owing to all our resources being needed to prosecute the war, but he said that if the Government wanted nil the money, they would i.avo la take the debentures as an equivalent. They must be patriotic, to the district r.> veil as to the Umpire.' " Mr. I'iist said that tney must get greater and cheaper production. That' was the fundamental principle With the exception of Piiiama. the greater portion of their district was secondclass land, and must be improved by

ploughing and top-dressing, lie wanted to make tiio most out of his land, and he could only do so by utilising tlie. port of lOpunake. He had been disappointed by tho poor way in which tlicy had utilised the endowments they had got in the. district in the shape of the Opunake Bay. To help the scheme, lie would take a debenture. Tho Mayor of Hawera. had said that motor-cars were making Ilawcra. If the railway came it would not make' Opunake; only the harbor could do that. Opunake must be tihe distributing centre of the district, Mr. Lawn asked how they were going to build a harbor without manpower V The Chairman said that a good deal of machinery would be used. Very little manual labor would be required in 'tlie .first year. He felt that it was their duty to go forward, and not look for various bogies which might disappear. Mr. Moot'e said that tlie pioneers of the district faced greater difficulties, He moVed: "That this meeting endorse the scheme outlined -by tlje Harbor Board and guarantees its eo-operation and support in floating the loan for harbor works." Mr. 1!. P. Malcolm seconded. Mr. M. J. Mcßeynohls pointed out that at present one chain round the Harbor 'Board':, reserve did not belong to tho Board, but was vested in the Crown. Mr. C. A. Wilkinson thought that this could be remedied. Mr. O. Looney moved, a; an amendment: "That this meeting of ratepayers in the Opunake Harbor rating area fully recognises the importance of providing shipping facilities in the Opunake Bay, so that cargo may be worked with safety in all weathers, and that the issuing, of debentures by the Board is a feasioje scheme to provide funds for .that purpose, but is of opinion that the preseni time is inopportune, as the task of securing victory am. a lasting peace in this great struggle for our very existence is such a vital necessity that the whole of our aavilable resources should l*: 1 utilised in that direction." He considered it was folly to divert money that was required to wii ■ the war. The harbor was not urgent, and eouldt wait until after the war. For anyone to assert that the work could be carried out at the same price as when the estimate was mnde was ridiculous. Mr. John Lawn seconded.

Mr. Moore considered that the nm?r:''ivT.t was tin- attempt of an oppc.??nt to draw a red herring across the trail. Mr. Rogers pointed out that everyone was not called oil to take up debentures. A Voice: What about the rate? Mr. Rogers: We have been relieved from a greater rate than this can ever be—tiie New Plymouth harbor rate. Mr. Marshall said that a few years apo his trouble was to get money to lend out. whereas now lie bad thousands of pounds on hand and no investment for it. Mr. R. Lambie. sonr., said it had been stated that the harbor would save the district £50(10 or £BOOO, but he did not know how this was arrived at. If it included dairy produce, be thought they would lmve some diilieulty in persuading dairy companies, who bail interests in other works at Moturoa and Patea, to erect freezing works at Opn r.ake. The Harbor Hoard could not do it unless thev raised another loan. Most of the farmers already had mortgages, but if thev were prepared to put another .CO),CM) mortgage on their farms that was their business. Personally, he thought no action should be taken til! the termination of the war, and a rcsolu tion proposed by him at a Board meeting to that 'effect li'ad been lost on the casting vote of the chairman. Though he had done as much as anyone for Opur.ake, he would not take one debenture, «s he was giving every shilling to help 'win the war. He thought tlia.t it would he a disgrace to see improvements carried out here that all reckoned "would be a benefit, though not perhaps to the extent imagined, while the "war lasted. As soon as peace was declared.we would know where we were. \lf »\ Britain smashed fiennany, \V could go on if not, we need not bother, as'we would lose everything we' had got, an;l our freedom as well. After a little further discussion the amendment was lost by 30 votes to 20, and the resolution was carried. A vote of thanks to the chair terminated the meeting.