Your (.oaiujiito; have not lost sight of the fact thai

the ordinary revenue of the Board is quite inadequate to meet the ordiuary departmental expenditure, and; the iriferest'on' borrowed money, proposed to<be ex-" pended in deepening and -improving the harbour. That the harbour must be deepened, and wharfage and dock accommodation provided, is a necessity con fessed by all. That this must be done by means of borrowed money will not be disputed, and it follows as a mutter of course that the interest and sinking fund of the authorised loan must be provided for. Your Committee canuot look forward to deriving any revenue from the Board's endowment _ for some considerable time, as, in their opinion, to lease, any portion of that endowment before it is reclaimed would be an act of egregious folly. Recognising,therefore,the absolute necessity of,the Board being placed in a satisfactory position financi ally, they would strongly recommend the Board that in drawing up its report for: the Provincial Council, this matter should be frankly and fully dealt with, so that that body may recognise the obligation of passinjr suoh resolutions or measures as will ensure immediate revenue necessary to the existence and success of the Board.
