HARBOR MATTERS.

Taranaki Daily News, 22 April 1921, Page 4

HARBOR MATTERS.

In taking advantage of the meeting of ratepayers on Wednesday to explain the financial aspect of the New Plymouth Harbor Board, the chairman (Mr. Newton King) gave a full and frank exposition of the board’s position, as well as the progress of the port. Like all other public bodies in the« Dominion, the Harbor Board has been affected by the unexpected turn of events on the money market. When, two years ago, the board had to decide the important question of its policy with regard to the raising of the £300,000 loan for extension and improvement works, there was no indication of coming financial stress. On the contrary, the outlook seemed to favor the advent of cheaper instead of dearer money. Accordingly it was thought prudent to raise the authorised amount by degrees, so as to avoid the payment of interest on unused capital. Unfortunately, the unexpected happened, with the result that there is now only £lO,000 in sight, and if further financial assistance is not obtained the works will have to close down, a calamity should be averted by every mea'ns that can be utilised. Possibly it may become necessary for authority to be obtained from the ratepayers who sanctioned the loan to increase the rate of interest, and in view of the great importance of the harbor to the whole of Taranaki, as well as of the great benefits accruing through the increasing number of ocean-going ships calling at the port with imports and for exports, there should be no hesitation in giving assent to such a proposal. Already the trade has outgrown the facilities at the port, and unless the accommodation fpr vessels is made sufficient to prevent delaying them, it is unreasonable to expect these large steamers to make regular calls here, for delay means considerable expense, and shipping companies are out for profitable business and the avoidance of all unnecessary expense.