TIMARU HARBOR BOARD.

Temuka Leader, Issue 1164, 12 April 1884, Page 3

TIMARU HARBOR BOARD.

A meeting of the Titnaru Harbor Board was hold on 'Thursday last, there being present Messrs W. Moody (Chairman), E. Elworthy, J. Talbot, M. Jonas, J. H, Sutter, K. F- Gray, J. Wilson, and J. S. Gibson. The Harbor Master reported that IS vessels had arrived during the month of an aggregate of 2980 tons; with one exception all the vessels had been worked at the wharf. The Engineer reported that 2#ft of foundation blocks had been laid during the month—completing 100 ft of the last contract.

The Manager of the Landing herrice reported the gross earnings of the service as i-81 lls 10d, and the expenditure £l3O 5s Bd. The Sab-Committee appointed to consider the matter recommended that no provision should be made for a sinking fund as yet. Mr Gibson moved and Mr Gray seconded the adoption of the. report. Mr El worthy strongly urged that a sinking fund should be established. lie went upon a report by the old Harbor Board, and this document and the Chairman himself, in addressing the electors, had promised that a sinking fund should be established. The ratepayers should be kept faith with, and a sinking fund established. He moved as an amendment—“ That the sum of £125 be set aside at once and vested in trustees, as provider by the Harbors Act to provide a sinking fund for the repayment of the loan of £IOO,OOO which has been raised on the security of the rateable property of the Titnaru Harbor district, and that a proportionate sum of £SOO on the expended capital be each year invested by the trustees, but in no case the amount to be set aside on the whole of the capital sum being expended to exceed £SOO per annum, which sum shall be regarded as a fixed charge on the Board’s ordinary revenue, until with interest and com pound interest it shall have reached the sum of £100,000.”

Mr Wilson seconded the motion on the ground that a promise had been made to institute » sinking fund. After several members had spoken to the effect that it would be inadvisable to establish a sinking fund out of the lean—holding that it should be made out of surplus revenue —the amendment was put and lost, only the mover and seconder voting for it. The matter of a sinking fund is therefore shelved for the present.