WHEREAS under the provisions of the Wanganui Harbour District and Empowering Amendment Act, 1929, the Wanganui Harbour Board was authorized, subject to the provisions therein contained, to borrow, inter alia, the sum of twelve thousand pounds for raising moles, the sum of fifteen thousand pounds for Admiralty claim (“Kaione”), the sum of ten thousand pounds for engineering, promotion, flotation, and contingencies, and the sum of ten thousand pounds for plant and equipment: And whereas, in pursuance of the provisions of such Act, a poll of the ratepayers of the Wanganui Harbour District was duly taken on the sixth day of May, nineteen hundred and thirty-one, and at such poll a proposal was carried that the sum of forty thousand pounds be borrowed for the following purposes: Raising moles, twelve thousand pounds; Admiralty claim (“Kaione”), fifteen thousand pounds; plant and equipment, ten thousand pounds; proportion of engineering, promotion, flotation, and contingencies, three thousand pounds: And whereas the Wanganui Harbour Board has borrowed the full sum of twelve thousand pounds for raising moles, but only the sum of two thousand six hundred pounds on account of the three thousand pounds authorized for engineering, promotion, flotation, and contingencies, and only the sum of five thousand pounds on account of the ten thousand pounds authorized for plant and equipment: And whereas the cost of raising the moles will exceed the sum of twelve thousand pounds: And whereas the Wanganui Harbour Board is desirous of borrowing the balance of the moneys authorized by such poll as aforesaid to be raised other than the sum of fifteen thousand pounds authorized to be raised for the Admiralty claim (“Kaione”)—namely, the respective sums of four hundred pounds and five thousand pounds—and of diverting such sums from expenditure upon the respective purposes for which such sums were so authorized to be raised as aforesaid towards the expenditure upon the cost of raising moles: And whereas it is expedient that effect should be given to such proposals: