Timaru Harbour Loan.

Waimate Daily Advertiser, Volume VI, Issue 8, 21 January 1905, Page 3

Timaru Harbour Loan.

A public meeting was held in the Oddfellows’ Hall last evening to consider the proposal of the Timaru Harbour Board to raise an additional £50,000 for the completion of, the harbour works.

His Worship the Mayor (Mr J. Manchester) occupied the chair, and the chairman of the Harbour Board (Mr J. Fraser) was also on the platform. Only seven ratepayers were present, and there were five reporters. The chairman read the advertisement calling the meeting, and said he had hoped to see a larger attendance, ns the matt' r was an important one. He had personalty always been in favour of. seeing an efficient harbour at

Tirqaru, but he had not always supported the methods adopted to attain that end. He had opposed the last loan, which had been originally fixed at £50,000, but had to be increased to £lOO,OOO, as he had predicted at the time would be the ease. He bad also said then that even the £lOO,OOO would not be sufficient, and so it had proved, and now they were asked to sanction the present loan of £50,000. Soniething like £300,000 had been raised in loans, two of which bore interest at the rate of 5 per cent, and one at 4 per cent., and there was no sinking fund provided for. Another matter was the suggestion of the engineer that a new dredge be obtained, which he was afraid would mean another loan. He only hoped that the present loan would be the last one. It was necessary that the , work should be carried to completion i after having been constructed so far, and fo).' that reason he hoped ratepayers would back up the members of the Board in their endeavors to carry out the harbour works. He would be glad to answer any questions, and no doubt Mr Fraser would be able to give any information in his power, Mr Graham said he would like to know if there was going to be any finality to this continual borrowing. They had been told before that the loan previously submitted would be the last one, and he would like to know positively whether there was to be any finality to the borrowing. The ehairman replied that it was impossible to say what might occur in the future. He hoped to see the several loans consolidated and a sinking fund provided, but it was impossible to say whether any future loan would be required or not.

Mr Fraser said there had been a good deal of unforeseen difficulty to contend with, and a great amount of expense had not’been estimated for at the time the last ]oan was raised. The Boer war had broken out, a strike .among the ironworkers at Home was in progress, and there was also a difficulty with the contractors for the eastern extention. These matters had militated greatly against the acquirement of plant and machinery. However, there was now three-fourths of the work completed, and threefourths of the money spent. The plant in tho Board’s possession was worth £25,000, and they had considered whether it was advissble to realise this £25,000. and finish the extension without borrowing. However, it was thought meije prudent to retain the plant and machinery until the work was completed and submit the present proposal and raise £50,000, which would finish the work and leave something in hand for any contingency that might arise. He felt confident that there would be no reason to fear that a rate would be needed. The Board’s affairs were • being managed on very sound business lines, and the ratepayers could rest assured that no money was being wasted. South Canterbury was rated at £7OOO a year, but if goods had to be railed to and from Lyttelton it would cost the community considerably more than this. “When the present loans matured they would be consolidated and placed on the market, and the money obtained at 34 or 4 per cent. Another advantage the Board had, and one which only the Timaru Habour Board possessed, was the power to accept, trust moneys. With respect to the question asked by Mr Graham, whether there was to be any finality to their borrowing, he hoped not. They must keep pace with the times, and no one could tell whether they would be able to stop construction at a certain time. The increase in the tonnage of shipping constantly required harbour improvements, and he hoped the harbour would not be regarded as finished in his day. In reply to questions, Mr Fraser said that £25,000 would finish the present work, and that surplus receipts were set apart for various funds. A vote of thanks to speaker and chairman closed the meeting.