THE PORT.

Taranaki Daily News, 16 April 1921, Page 8

THE PORT.

DEVELOPMENT SCHEME. FINANCIAL PROBLEMS. The question of raising a portion of the balance of the authorised loan for the development scheme was discussed at yesterday’s meeting of the New Plymouth Harbor Board. It was stated that there was an allotment of £lO,OOO of loan money due next month, but from thence on there was 1 no further prospects of getting any money. The chairman (Mr. Newton King) said he believed the chance of securing a loan in New Zealand was very remote. The proposition put forward by Mr. • J. S. Connett at the last meeting of the board, in favor of trying to secure some money from dairy companies, as a temporary measure, was again reviewed, but the members eventually decided against the suggestion. Legal opinion before the board indicated that they had power to hypothecate or mortgage their debentures for the purpose of raising such a loan as suggested. It was stated that if no further funds could be secured the board would have to shut down the loan works in June, and devote its attention to maintenance only. The chairman said he did not think there was any prospect of getting money through the Public Trustee just yet, and he remarked that the financial stringency was fairly acute. A proposal was made by Mr. C. A. Wilkinson that the board should go to the London market for loan moneys, hut the chairman did not favor this course. No definite action was taken by the board. That there is one redeeming feature in regard to the financial position was indicated in a statement by the chairman, who said that the port returns last quarter were extraordinarily good. The 4 secretary (Mr. C. S. Rennell) stated that the receipts (port revenue) during the last quarter were £lOOO higher than for the same quarter in last year, which had been a record one. The general account was £4090 in credit, and the trust account £3900 in credit. In addition there was the £ 10,000 of loan money due next month.