TIMARU HARBOR LOAN.

Temuka Leader, Issue 1040, 7 December 1882, Page 4

TIMARU HARBOR LOAN.

A meeting was held in the Oddfellows’ Hall, Geraldine, last Monday evening, for the purpose of considering the proposal of the Timaru Harbor Board to raise a loan of £IOO,OOO to complete the Harbor works. Mr A. Sherratt, M.C.C., presided, and considering that the evening was unfavorable, owing to rain falliug, there was a very large attendance, the Hall being nearly full. The Chairman, after having read the advertisement calling the meeting, explained that it had been called for tbe purpose of discussing the loan proposal. There was no resolution to be passed as a poll would have to be taken. Mr W. Coltman asked the Chairman to point out the Clause of the Act which prohibited a resolution being put. The Chairman read a letter signed by the Chairman of the Harbor Board instructing him not to receive resolutions. Mr Coltman said that was a meeting of the ratepayers of Geraldine, and he wanted to know what the Chairman of the Timaru Harbor Board had to do with dictating to them how they should conduct their meetings. He declined to do what the Chairman of the Timaru Harbor Board laid down for them ; they had the Act to go by, and they would go by the Act. There was sufficient intelligence iu the district to conduct their own meetings, aud he refused to be dictated to by people from a distance. Mr Postlethwaite wanted to know how the sense of the meeting could be ascertained if no resolution wex - e put before the meeting. Mr Moodjr, member of the Harbor Board, said there was nothing in the Act to prevent a resolution being passed but no resolution had been proposed at any meetings hitherto held for the purpose of raising loans. The plan pointed out had been adopted on the suggestion of the Boaici’s solicitors. The Chairman of the Board was not responsible for it.

Mr Coltman thought the first step to take was to propose a resolution. He would therefore propose—‘That this meeting does not approve of the raising of £IOO,OOO for the purpose of extending the Timaru Breakwater and other works.’ He liad several reasons for moving this resolution. He had read in the newspapers that one of the speakers at ? meeting held at Pleasant Point, said that opposition was expected from Geraldine. Why was opposition expected from Geraldine ? Why should Geraldine oppose the proposal if Geraldine had been fairly dealt with, and if the Board had acted fairly towards Geraldine ? It was said that it would not be necessary to levy rates to pay the interest on the loan, but he doubted that statement. He had a lew figures to lay before the meeting. He knew very well statistics were always very dry, still they were sometimes useful in showing the position of aftairs. He then read a list of figures which showed that the Board’s revenue was £4317 16s 9d while its expenditure was £4OOO leaving only £317 IGs 9d to pay the interest. He wculd like to know how m that case the interest could be paid without striking a rate. They had heard a great deal said about no rate being necessary, but he would like to know how it could be done. It was all very well for Timaru to go in for increased expenditure at the expense of outlying districts. It was said that the value of property in Timaru would be increased 50 per cent by the completion of the Harbor works, and that the value of property in outlying districts would be increased only by 5 per cent, and yet they wanted to rate the people in the outlaying districts in the same way as they would rate Timaru. He asked was this fair. As regards the accomodation they were receiving, farmers sent their grain to London via Port Chalmers cheaper by one shilling and a penny than they could send by Timaru. After paying 7s Od costal freight they could send goods by Port Chalmers at £2 17s lid a ton, but it cost them £2 19s to send through Timaru. They could not raise the harbor dues for that would drive the trade away. It was said the steam lug would, lower the insurance rates but it did not. They gave £4OOO for that tug, and all they had earned with it since was £3OO. Was this profitable 1 Was this the way a man w T ould manage his own private business ? He would remind the ratepayers that local expenditure meant local taxation, and whatever they would be fo'd that evening he would ask them not to take any notice of, and not to run blindfolded into additional taxation. As for the statement that by putting aside £IOOO annual y for 30 years the debt would lie ; extinguished, im would like (c see it 1 proved. Ha would like to know how (hat conclusion had been arrived at. At the i end of the 30 j’caas Air Moodv would find that he had made a great mistake. ( If the Board had gone in for a loan of £25,000 he would not be opposed to it, but lie certainly would not give his ■, sanction to this loan being floated, and he ] sincerely trusted they would all unite in ; prevm ting it from floating, fApplause). - Mr W. Postlethwaile. M 1111., said that as a member of the Board he would like ; 1 1 s-iy a few words. Since he first be- ( camo a member of the tJoorT ho had beju ; looking forward to the time when they 1 would be c died upon to pay rates, and i now the time had tit last coni!-. There (

held been a Committee of the Board ap- , pointed to lay before the Board the amount of its annual revenue, and it showed that £7OOO could begot from port dues. This was arrived at by raising the rate for shipping, but in the absence of three members the Board resolved not to raise the port dues, and so they fell back on the old fees again, which gave only £SOOO a year as the revenue of the Port. The sum of £2OOO, which it wa s expected would be raised from increasing the port dues, had by this been taken ofi in the absence of three members of the Board, and there was nothing left but the £SOOO as the annual revenue of the Hoard. He knew of his own knowledge that the statements mace by Mr Coltman were correct. He had told them that the Board had received £1269 2s Sd, but he did not tell them that that cost the Board £4OOO. The fact was that the expenses were greater than the receipts, aad he considered the question had not been fairly put before the public. He did not wish to appear as an obstructionist, but he did not approve of the way the proposal was put before the public. He thought if a rate would have to be struck it should be on a sliding scale, as it would not be fair to rate people living on the Rangitata the same as people in Timaru. It was manifestly unfair. The answer to this was that a rate would never be necessar}', and that would only be required as a security for the loan. He did not believe in that. He considered that the harbor had been pushed ahead too quickly—that they wanted to run before they were able to walk—and that to this was due the disastersof May 14tb. English vessels were brought 100 close in, against the wishes of the late Harbor Master—in fact he was forced to bring them in—and the disaster was the result. He would advise them not to sanction the £IOO,OOO loan, as there were persons on that Board who would spend every sixpence of it in no time. If they got it there would not be a sixpence of it left in' no tune. He would not like to be an obstructionist, because lie believed the Harbor had done good, and be would be in favor of a loan of £20,000, as he believed that would make the harbor sufficient for the requirements of the district for 100 years to come. He did not think that Hew Zealand had any right to more than four first-class harbors, | and she had them in Auckland, Wellington, Lyttelton, and Dunedin. It was sufficient that the other harbors might be fit for coastal work, and when the question had been agitated Mr Moody had said that if they made Timaru safe for the coastal service They would I ave accomplished a great work. They were now called upon to raise £IOO,OOO more, and, perhaps, before that sum was expended they would have to get more also, as he was not sure that the work now done would stand. He believed some of it would have to be restored, and in a few years they would be called upon to restore it just to gratify Timaru. Were they going to saddle themselves with heavy burdens like this ? As for the sinking fund he believed it was all a myth. He did not believe that £IOOO a year for 30 years would pay off a debt of £IOO,OOO. It was all a myth, and so had been all the sinking funds he had ever heard of, and unless something was put aside as a reserve fund to pay off the debt it would not be paid by a sinking fund. He hoped the whole of the outlying districts would vote dead against the £IOO,OOO, but if a loan of £25,000 was «skt d for he would willingly support it. He considered £25,000 sufficient for the present requirements of the Board. He would second the resolution proposed by Mr Coltman. He had never attended a meeting of ratepayers, either in Hew Zealand or in England, at which it was not permitted to piopose resolutions, and he saw no reason why they should not be proposed at the present meeting. He sincerely trusted they would all support it. (Applause.) Mr Shiers asked what class of vessels could be berthed in Timaru at present.

Mr W. Moody replied that vessels of 600 or 700 tons could be berthed there with safety.

Mr Shiers : Don’t you think that is suflicient for the requirements of the district ?

Mr Moody said he had greater faith in the district than that. He did not think that, that was sufficient, because the larger the ship the less would be the expense of loading and unloading. There were vessels lying there at present as safe as they were at eithei Lyttelton or Port Chalmers. —(lnterruptions.) Mr Coffman understood that this was a meeting of the ratepayers of Geraldine, and he knew no reason why outsiders should be allowed to dictate to them.

Mr Webb cssaynd to spook to the effect that Geraldine had not got fair play, bub was interrupted by a stranger in the garb of a sheep shearer, who wanted to express his mind on the subject. After some interruptions, the Chairman asked the meeting to give Mr Moody a hearing. He was a member of the Board, and had come to explain at lythiug (hey would like to know.

Mr Moody asked for fair play. It was all nonsense to talk of sending goods cheaper by Pore Chalmers than Timaru, as the New Zealand Shipping Company would take goods from Timaru at the same /ate as from dort Chalmers. Thev were encumbered with heavier insurance, but

the Insurance Companies had already recognised the good of the Breakwater, and were taking £ per cent off vessels that came to the wharf. As for the cr-y that it was all for Timaru, he considered that it would not do half so much good io the town as it would to the country districts. It was to the man with landed property it would prove most beneficial. The Board was laboring under a disadvantage at presence in having to keep the landing service going, but that could not be avoided, as it would have to be kept going whether it paid or not, That cost £I2OO a year to keep, but as soon as all the vessels could be loaded and unloaded at the wharf that would be done away with, and the money would be gained by the Board. A new Board would be elected shortly, and it would be for the ratepayers to say whether rates would be struck or not. They could seed men to represent them on the Board who would oppose or support rating as it was found desirable. He felt thex*e would be no necessity for a rate, that was his opinion because every ton of produce would be compelled to pay for itself. The country would gain more than the town by the establishment of a harbor-. Look at the great producing power of tbe district. He believed that it would be this year about 100,000 tons, and it would soon increase to 250,000. Supposing there was a sixpence or a shilling per ton gained on this, what would be the result ? When the Harbor was completed he believed it would be one of the cheapest in New Zealand. Mr Macdonald ; How many vessels are there in Timaru at present 1 Mr Moody : Only one at present, and she is as safe there as anywhere else. Mr Macdonald ; How do you explain your statement that you have no more interest in Timaru than anyone here ?

Mr Moody ; My land may not be as far from Timaru as this place, but E live on

growing wool. Mr Postlethwaite asked the Chairman of the Harhor Board how much would finish the work to the curve. Mr Archer said he believed about £30,000. Mr Postlethwaite had an idea that £BOOO would finish it. He would like to know what they were going to do with the balance' Mr Archer : the idea is tago further out because once the curve is turned it can’t be carried out then. The Chairman understood that the proposition was to extend the Breakwater 500 feet beyond the original place before the curre would be turned. He would like to hear some member of the Harbor Board explain the means by which they proposed to pay the interest and provide a sinking fund without levying a rate. He understood that there would be £7OOO debt on the- work by the time the present contract was finished, and this perhaps would show the truth of Mr Archer’s statement when he said that £30,000 would be required to make the breakwater to the curve. Mr Postlethwaite read the following extract from the report of the Committee of the Board : —“ln order to place the question of ways and means beyond doubt, the Committee hare gone thoroughly into the statistics, and recommend a slight increase in the rate of shipping, which would raise the present net income of £SOOO to £7OOO per annum, ” He would like to know why that resolution had been rescinded in the absence of three members.

Mr Archer said that Mr Postlethwaite knew very well the Chairman was the last man to vote on -any question. He could not tell why the resolution had been rescinded.

Mr Moody said the reason was this : The report referred to had been drawn up on the 4th of May, and on the 14th of May the disasters took place. The Board then came to the conclusion that the port had been handicapped enough by these disasters without increasing the dues, and

that was the reason the resolution was rescinded. They thought that to help the port along they would allow things to go on as they were until the loan was wanted. He thought that the Board took a very sensible view of the matter. Mr C. E. Sherratt would like to know how the laying aside of £IOOO for thirty years would extinguish the debt. Mr Moody said the statement was correct. The method adopted was to invest the money at 7 per cent. The Bluff Harbor Board had so invested their money. Mr Stumbles (of Timaru) would like to make a few remarks. The people would make a great mistake if they opposed the loan, it was not the interest of big landowners, like Mr Postlefchwaitc, to be taxed.

Mr Postlethwaite : Perhaps Mr Stumbles 'does not know that I farm my property the same as any other farmer.

Mr Stumbles would say the Levels Station, for instance. The fanner who rented a tew hundred acres and cropped it payed more import and export duty than the man who had thousands of acres producing wool. There Was great influence exercised in Christchurch and Dunedin to crush the Tirnarn Harbor ; and (lie Government had been influenced to lower the railway tariff, for grain especially, so as to destroy the Timaru. port. If the Harbor could be destroyed they would find the railway tariff would be

raised again, and they would have to pay through the nose for everything. It was the poor man paid for all, and he would ask them to look well at the subject before vetoing it. If the port was a success it would do every part of the district good. Supposing that instead of one or two ships there were 12 or 13 in, would they not consume a lot of produce and spend a lot of money, and would not

this benefit the whole district ? As regards a sliding scale of rates, there would be a sliding scale, because land in and about Timaru would be valued higher than land at Geraldine, and rated accordinglj. It a farmer could save one penny per bushel by sending his goods to Timaru in preference to sending to Dunedin or Christchurch would it not be good for the district 1 He could not realise how any man in his senses could oppose the proposal, as the amount already spent would bo almost useless if the work would not be finished. He saw that the meeting was very much against it, and he believed it was a great mistake. He next pointed out how goods could be sent in from Temuka to Timaru and thence to Christchurch cheaper than they could be sent direct from Temuka, and that there was scarcely any difference

in the freight between Timaru and Christchurch, and Ash burton and Christchurch. This was all done with the object of destroying the port of Timaru. (Applause.) The stranger who manifested a desire to speak in the beginning after having been I kept down by force during the previous part of the meeting got up and suggested to raise the money by an art union, Mr Sherratt : At what rate of interest had the last money the Board had, been invested. Mr M»ody was not sure, but thought it was over 5 per cent at any rate. Mr Mundell asked Mr Moody whether he thought a newly elected Board would manage things better than the last Board had done. Mr Moody did not think so, but that remained to be seen. Any Board would have to maintain the landing service. That was mdispensible. Mr Shiers wanted to know what accommodation the present works would afford. Mr Archer said about two sailing vessels and one or two steamers. Mr Webb : I should like to know from Mr Moody if the Board got more than £25,000, did he conscientiously believe they knew how to spend it judiciously ? (Great laughter.) Most of them, like himself, had very little mouey, and they did not like to see it squandered for the benefit of T'maru. Ha would like to hear Mr Moody’s opinion as to whether £20,000 would not bo enough, Mr Moody thought it would not. The rest of the work would be very expensive. Mr Webb wanted to know from the Chairman whether a polling booth would be given to them at Woodbury ? They were far out of the way, no doubt, but the tax-gatherer would find them out. He would ask them to he merciful (great laughter) and give them a polling place there.

Mr Coltman said he was going to ask the same question. There ware three polling places in the district, and lie wanted to know whether a poll would be taken at each. The Chairman said he would be too happy to do so if the law would allow it. He saw no objection to it. (Applause.) Mr Farrell asked Mr Moody to explain his statement to the effect that they would not be rated in Geraldine so high as in Timaru.

Mr Moody said he never said any such thing. Mr Stumbles said Mr Farrell must have misunderstood himself. He had said that the value of land was less about Geraldine than about Timaru. Consequently the valuation would be less, and the rate* would not be so high. They grew grain in the Geraldine district, and they would fiiul it to their interest to have a good port. He also referred to the influence which was at work to crush the port of Timaru.

The irrepressible stranger thought Mr Stumbles had said quite enough now. He had travelled from Dunedin and had seen all the country around and admired it very mucin If a few pic-nics could be got up the mou«y might be raised in that way. (Groat laughter.) The Chairman said that some people thought that there should De three classes of rates : One for Timaru and surroundings, another thence to Geraldine, and another for the districts beyond that boundary. Mr Kelman wanted to know why the money could not be borrowed on the present structure.

Mr Moody said that the security of the ratepayers would be hotter, and that the money could consequently bo got cheaper. Mr Kela.un advised everyone not to have anything to do with it.

Mr Postlethwaite would like so hear the Chairman of the Board explain how tlie money would be spent.

Mr Taylor asked how it was that Mr Postleth waite, who was a member of the Board, could not explain that.

Mr Archer was sorry to see Mr Postlothwaite so much in the dark. It, would be expended in extending the present structure 500 feet further out into the sea.

Mr Coltman asked whether the statement of the Committee that the income of the Board was £SOOO u year was true.

Mr Moody said it was perfectly true at the time the statement was made. The disasters might have altered matters. It was to be regretted that such efforts had been used to thwart them in their endeavor to advance the district. Mr Coltman asked the Chairman whether he would put the resolution. The Chairman said he had no objection to do so.

On the motion being put there were about 15 for it and 10 against it, and was declared carried. There were a great many present who did not vote. A vote of thanks to the Chairman terminated the meeting.