TARANAKI GOVERNMENT GAZETTE.

56

1. On what may be considered primary securities, viz.: The Harbor dues, Wharfage dues, tolls and fees, &c. The lands now held by the Province upon trust for the construction of Harbor Works at New Plymouth, including the sea beach, the land that may be reclaimed from the sea, and such other lands within or near the Town of New Plymouth as are or may be made available for Harbor purposes.

2. On what may be considered collateral securities, viz.: So much of the land revenue of the Province (not exceeding one-fourth) to be deducted out of the proceeds of the sale of the Waste Lands annually as may be necessary in each year to meet the deficiency (if any) in the payment of the Interest upon the capital borrowed not covered by the funds derivable from the primary securities before mentioned.

And in the event of all the above-mentioned securities failing to provide sufficient funds wherewith to pay the Interest on the principal sum borrowed, then a tax sufficient to make up such deficiency to be levied upon the whole of the acquired lands of the Province, including Town lands within a radius of 40 miles of the said Harbor, such rate to be a proportionate rate on the intrinsic value of the land, exclusive of the improvements thereon; that the above security be held liable as security for the principal money borrowed.

6. That the before mentioned securities and rating powers be vested in a Board of Trustees, or in such a manner for the above purposes, and in accordance with the before mentioned scheme, as may be agreed upon by his Honor the Superintendent, and the other members of the Assembly for this Province, and the General Government.

7. That this Council is of opinion that the above undertaking being of Colonial importance as a Harbor of Refuge, the General Government should guarantee the money required to be borrowed for this purpose; and that his Honor the Superintendent, with the co-operation of the other members of the Assembly for this Province, should make such arrangements as they think advisable with regard to the General Government guarantee.

8. That in order to secure the efficient carrying out of a work of such paramount importance, his Honor the Superintendent be empowered, with the advice and consent of the Executive Council, to engage the services of a first-class and experienced Engineer to draw out the necessary plans and specifications, and to superintend the construction of the works, and generally to assist and advise as to the mode of completing the undertaking, &c.

9. That his Honor the Superintendent be also empowered to advertise for tenders for the construction of the above works in any part of the United Kingdom, and with the advice and consent of his Executive Council, and upon the recommendation of such Engineer, to accept or reject any tender for the whole or any part of the said work, and enter into and execute all the necessary agreements or contracts in accordance therewith.

10. That his Honor the Superintendent be requested to use his utmost endeavors to obtain from the General Assembly the necessary powers for carrying into effect the above resolutions, and to assist him in so doing, to invite the aid and co-operation of the other members of the Assembly for this Province in promoting a work of such vital importance and urgent necessity as the construction of a Harbor of Refuge off the Town of New Plymouth, by the completion of which this Province is likely to rise from its present unimportance to a flourishing, populous, and important District.

11. That in the event of his Honor the Superintendent, with the aid and support of the other members of the Assembly for this Province, failing to induce the General Government to sanction the carrying out of the above scheme for raising the necessary funds for the construction of the Harbor Works. That this Council approves of their endeavoring to obtain the requisite powers for carrying into effect the scheme as suggested by his Honor the Superintendent, or such modifications as they may consider expedient.