WHEREAS under and by virtue of the powers conferred upon it by the Bluff Harbour Endowment and Borrowing Act, 1877, the Bluff Harbour Board (hereinafter called “the Board”) borrowed the sum of fifty thousand pounds: And whereas the said sum of fifty thousand pounds is repayable on the thirty-first day of December, nineteen hundred and thirteen, and it is estimated that the sinking fund, so far as it at present can be ascertained, for repayment of the said sum of fifty thousand pounds will on the said thirty-first day of December, nineteen hundred and thirteen, amount to forty-three thousand pounds: And whereas of the said sinking fund the sum of twenty thousand four hundred pounds has been invested in the debentures of certain local bodies: And whereas the principal sums payable under such debentures are not payable until a later date than the thirty-first day of December, nineteen hundred and thirteen: And whereas the said debentures are not at present, and will not, in the opinion of the Board, on the thirty-first day of December, nineteen hundred and thirteen, be saleable except at a loss: And whereas it is desirable that the Board should be empowered to borrow money on the security of the said debentures: And whereas it is desirable that the maximum rate of interest provided under the Bluff Harbour Foreshore Reclamation and Leasing and Borrowing Act, 1902, should be raised: And whereas it is also desirable that trustees should have power to invest trust-moneys in the Board’s securities: