WHEREAS, by an ordinance of the Superintendent and Provincial Council of Otago, passed in the thirty-third session of the said Council, number four hundred and twenty-three, and shortly intituled “The Oamaru Harbour Board Ordinance, 1874,” a corporate body, styled “The Oamaru Harbour Board,” was constituted for the purposes in the said ordinance mentioned, and by the said ordinance it was enacted that, for the purposes therein mentioned, the Board might borrow on the security in the said Ordinance mentioned such sum or sums as the Board might require, not exceeding in the whole the sum of one hundred thousand pounds, at any rate of interest not exceeding six pounds per centum per annum, and so often as any part thereof should be repaid the Board might reborrow the same or any less amount: And whereas the Board from time to time, in exercise of such authority as aforesaid, borrowed various sums, amounting in the whole to one hundred thousand pounds, upon mortgages issued in pursuance of the said ordinance over all and singular the lands, tenements, and hereditaments, whatsoever and wheresoever situate, of the said Board, and all and singular the rents, income, and profits thereof, and also all and singular the tolls, dues, and charges payable to or receivable by the said Board, under or by virtue of the said ordinance: And whereas, in pursuance of the provisions of the said ordinance (provision having been made for a sinking fund when the aforesaid mortgages were issued), certain of the moneys so borrowed as aforesaid have been repaid and the mortgages in respect thereof cancelled, but the mortgages in respect of the unpaid balances are still outstanding: And whereas, by an Act of the General Assembly of New Zealand the Short Title of which is “The Oamaru Harbour Board Ordinance Amendment Act, 1878,” amended by “The Oamaru Harbour Board Act, 1879,” the said Board was empowered to borrow a further sum of one hundred thousand pounds, and in pursuance of such power, and in the manner prescribed by the said Act and “The Harbours Act, 1878,” the Board has borrowed such sum of one hundred thousand pounds, upon debentures secured on the lands vested in the Board under “The Oamaru Harbour Board Ordinance, 1874,” and on the lands set aside as an endowment for the Board by “The Oamaru Harbour Board Act, 1876,” and on all rents, issues, and profits, and moneys arising thereout or from the sale thereof, and on all rates, charges, tolls, and dues payable to or receivable by the said Board under “The Harbours Act, 1878,” or any other Act then or thereafter to become in force authorizing the same to be made or levied: And whereas, by “The Oamaru Harbour Board Loan Act, 1882,” power is given to the said Board to borrow additional sums to the extent of fifty thousand pounds, and the Board has borrowed such sum of fifty thousand pounds, by debentures issued in manner prescribed by “The Harbours Act, 1878,” upon the security of the general revenue of the Board, after providing for income necessary to meet previous charges thereon, and upon a rate to be levied in pursuance of “The Oamaru Harbour Board Loan Act, 1882,” all of which debentures are outstanding: And whereas the Board is desirous of having power to borrow, as hereinafter mentioned, moneys not exceeding in the whole the sum of two hundred and seventy thousand pounds: