The Daily News. MONDAY, APRIL 28, 1919. THE HARBOR LOAN POLL

Taranaki Daily News, 28 April 1919, Page 4

The Daily News. MONDAY, APRIL 28, 1919. THE HARBOR LOAN POLL

Consonant with the provisions of the Act of last session empowering the New Plymouth Harbor Board to borrow £300,000 for harbor improvements, meetings have lately been held in the various country and borough centres in the various rating areas in order that tlie proposals might be explained to the ratepayers. Without exception the meetings which have so far been held have exhibited a pleasing unanimity in favor of the execution of tlie scheme prepared by Mr. Blair Mason, which is regarded as a masterpiece of forethought and skill. The chairman (Mr. Newton King) and other members of the Board who have addressed the meetings have spared no pains to place the details of the scheme, as well as the financial arrangements, clearly and fully before their audiences, and have frankly answered every question asked. The improvement scheme has met with universal approval, even by the vigorous opponents, who resisted being included in the No. 3 rating area. This opposition resulted in the cutting out of the security for the loan property valued roughly at two and a-half millions, but the total value of security that is now available amounts to nine million sterling The annual' charges in respect to the full loan total £IB,OOO, representing five and a half per cent, for interest and one-half per cent, for sinking fund, but emphasis has been laid on the fact that the loan money will only be called up as required, probably at the rate of £16.000 or £IB,OOO a year, so that it will be some years before the maximum charges will be payable. A differential system of rating is provided for on the principle of the nearer the port the larger the rate, the No. 1 area being liable for one penny in the £, two-thirds of a penny in the No. 2 area, and one-third in the No. 3 area, but on this scale of rating there would be produced £25,000, whereas interest and sinking fund when the whole of the loan is called up will only absorb £13.000, so that the maximum allowed can never be required. Moreover when a revaluation takes place in 1920, the

position will be much improved, but the members of the Board are firmly convinced that there will be no occasion to strike any rate at all. and at most a rate that would be hardly worth collecting. The reason for stressing importance of carrying the proposals in the No. 3 area ii> noc because of rats contribution?, out in order that the security oS'fived for the loan shall be so ample that the money can be obtained on the mo'r \vorable terms. Thai, is good, found finance so that the ratepayers in that and the oilier areas will be well advised to carry the

loan. If is interesting to note that when the first; loan was raised over Use whole of the, Tanuiaki Land District, the valuation was only •>ne and. a-haif million'as against the nine million to-day with two and a-half million cut off. We mention this to show the enormous strides the province has made in the past and as ,an indication of wiiat the future has in store when all the land is made productive. No one can justly dispute the fact that if our harbor is to meet requirements it must be brought up-to-date. In the past the shipping companies have sent the smaller classes of vessels to Taranaki's ocean port at Moturoa, but what is desired is to have vessels of ten to thirteen thousand tons, and definite promises have been lrikdc that big steamers will be sent if the breakwater is extended another fiOO to 800 feet and the necessary -shelter secured, Mr. Blair Mason's plans provide for this and more. They will provide a port that will be of infinite value to all the settlers in the province both as regards imports and exports, and when the railway lines from Stratford to Okahukura and from Opunake to New Plymouth are com pleted the full benefit of having a properly equipped ocean port will be manifest. In supporting the loau proposals the settlers will be creating a valuable asset for themselves, with the reasonable prospect of being put to no expense. For these and other equally cogent reasons they will do well to vote for a proposal which will certainly tend to their material welfare. Every settler on the roll should make a point of voting on Wednesday next. They have a splendid proposition within their reach which can be made to materialise by taking part in the poll and voting for the loan. Especially is this.the case with those in the No. 3 area, for on their votes will depend the fulfilment of the scheme.