TIMARU HARBOR BOARD.

Temuka Leader, Issue 1069, 10 February 1883, Page 3

TIMARU HARBOR BOARD.

the Harbor Board meeting lait Thursday, A letter was read from Mr Guthrie, stating that he was representing Glasgow shipowners, mid asking for information rewarding the safety of the Harbor. It agreed to give all the information at the disposal of the Board. In »he conversation which followed it was sta'ed that large Home vnsse's had declined to come to Timaru, and that tl>e iuanrurice companies would not take risks on Tease a coining to Timaru. Tendeia for the £IOO,OOO loan were opened, and that of the Bank of NewZealand acep'ed, on the following terms, which were the moat favorable of any :-

' (1) The r»te of commission, including all expenses for floating the loan of £IOO,OOO and placing net proceeds to credit of the B jard in Timaru will be | per cent. 1 (2) The rate of commission for payment of interest on the Board's debentures in London will be £ per cent, an 1 drafts for the remittance «t sii'-h interest from the colony to London will be issued at pir.

'(3) The rates af interest to b* al'owed on fixed deposits for 3, 6 and 12 months will be thob»st current rates, meantime 4 5 and 6 per cent per annum. ' (4) No interest will be allowed on current account balances.

• (5) The rata of interest to be chargfuTo.i advances required by the Board before fl >ating the loan, which nvty be at the rate of £2500 per month, will be 7 per cent per anunm.

' (6) The term of notice to be given on either side, when agreement is wished to be terminated, will be 12 months/ The Railway Department advised the payment of £194 17« 6d to the Board's crehfc, being +he receipts from the wharf for the month ended January 6th. In bis report the Harbor Master explained at considerable length certain complaints that were made against him by the masters of the Margaret Galbraith and Ganymede. He stated that he had interfered with these vessels for the good of the port, and for their own safety. His action was approved by the Roard.

Mr Miodv moved—' That this Board con. veys to MrFu ; bert Archer its appreciation of hia services na Chairman since the formation of the Board, and place on record this testimony of hia unvarying cotirte?}' ntid jiint and careful attention to th* dutiew of Chairman.' Several members havinsf spoken in complimentary terms of Mr Archer, the resduHcn was carried unanimously. Mr Evans draw attention to the extremely satisfactory minnTthe Secretary had performed his dutie«, and by the unanimous vote of the B>.ird h*s Hilary was increased from £275 to £3OO ayear, The meeting thin «djmirn»d.