WHEREAS the Wanganui Harbour and River Conservators Board (subsequently reconstituted as the Wanganui Harbour Board by the Wanganui Harbour Board Act, 1893) was empowered by the Wanganui Harbour Endowment and Borrowing Act, 1877, to borrow any sums of money not exceeding one hundred thousand pounds for harbour improvements, and for that purpose to issue debentures to the extent of one hundred thousand pounds and no more, and the powers given by the last-mentioned Act were continued and confirmed by the Harbours Act, 1878: And whereas under the aforesaid powers debentures were issued to the extent of the said sum of one hundred thousand pounds, and a sum of sixty thousand pounds was borrowed by the issue of such debentures, and divers other sums were temporarily borrowed by the hypothecation of the balance of the said debentures, which said other sums have now been repaid: And whereas the debentures for the said sum of sixty thousand pounds became payable on the first day of June, nineteen hundred and five: And whereas under and by virtue of the Wanganui Harbour Act, 1905, the Wanganui Harbour Board was granted power from time to time to borrow money and to issue debentures in the manner and subject to the conditions of the Harbours Act, 1878, upon the security of the Harbour Fund of the Wanganui Harbour Board, as defined by the last-mentioned Act, to the extent of sixty thousand pounds and no more: such moneys when raised were to be applied only for the following purposes—firstly, of paying so much of the principal moneys owing on the debentures already issued as was not provided for by the accumulated sinking fund held by the Sinking Fund Commissioners of the Wanganui Harbour Board for the payment thereof; and, secondly, of constructing or repairing harbour-works within the harbour or port of Wanganui: but no money should be borrowed under the authority of the Act now under recital which should produce to the lender a higher rate of interest than five pounds per centum per annum, and no moneys borrowed under the provisions of the Act now under recital should be expended on the construction or repair of harbour-works until the principal moneys owing on the debentures already issued had been provided for or paid in full: And whereas under the powers conferred by the last-mentioned Act debentures were issued to the extent of the said sum of sixty thousand pounds, and a sum of forty thousand pounds was temporarily borrowed by the hypothecation of such debentures: And whereas out of the last-mentioned sum of forty thousand pounds the sum of thirty thousand pounds was applied in payment of the balance owing on the original debentures of sixty thousand pounds, and the balance of ten thousand pounds is at present in the hands of the Wanganui Harbour Board for the purposes of constructing or repairing harbour-works within the harbour or port of Wanganui: And whereas, in addition to the funds held by the Sinking Fund Commissioners of the Wanganui Harbour Board, it is necessary to provide a sum of forty thousand pounds to pay off the principal moneys owing on the said debentures: And whereas it is expedient that the Wanganui Harbour Board should be empowered to borrow a sum of one hundred thousand pounds for the purpose of paying off the said sum of forty thousand pounds and for the further purposes of constructing or repairing harbour-works within the harbour or port of Wanganui: