PATEA HARBOR.

Taranaki Daily News, 9 July 1919, Page 5

PATEA HARBOR.

MOKE MONEY TO BE RAISED. At Monday's meeting, the Hawera Star states that a letter was received from Wellington in regard to the proposed Patea Harbor Amendment Bill. In the solicitor's letter they enclosed draft of proposed amending Bill, and mentioned that so far 3,5 they could see the provisions of Section'lß of the Local Bodies Loans Act, 1913, gave the Board a free hand to borrow up to £B6OO, being 10 per cent, on the £86,000 loan. This should provide the Board sufficient margin over and above the estimated amount of £7OOO required by the Board to complete their works. The chairman (Mr. Christenson) said the question now was whether they should ascertain if they could arrange to raise the £B6OO, being 10 per cent, additional on their £BO,OOO loan. The Board might not want this extra money, but present indications were that £SOOO or £ fiOOO would be required to complete the work.

Mr. Corrigan suggested that the Board's revenue might assist in completing- the work. The chairman said that the revenue wiis increasing all the time, and would increase more rapidly still when conditions again became normal. Rents from reserves were also increasing, and an example of this was before them that day, wherein the Reserves Committee report having let one of their reserves for £l4O a year that previously was let for £33. '

In further reply to Mr. Corrigan, the chairman said that when he first assumed the chairmanship the Board had an overdraft of between £3OOO and £4OOO, and hp had some anxious times then to finance through; he was not desirous of having another dead horse to work off. He Would rather see them raise this extra loan and have done with the whole thing. Tt was decided ultimately to secure the additional loan.