PORT REVENUES OI 
Payment for the services of divers and divers’ gear 
requisitioned by shipowners and others for the purpose of 
inspecting the under water portions of ships’ hulls. 
Charges for lighterage and towage. 
Rates paid for the use of dock lines of railway. 
Charges for testing ships’ chronometers, etc. 
LOANS 
As a considerable portion of the receipts of a port 
authority has to be devoted to the payment of interest 
charges on capital outlay, it may be appropriate in this 
connection to allude to the subject of loans. 
For the purpose of creating and providing accommoda- 
tion at ports, whether in the form of quays, basins or docks, 
it is generally necessary for the authority in question to 
obtain funds in the form of a loan or series of loans. A port 
authority is at liberty to borrow money on the market to 
the extent of its statutory borrowing powers, as laid down 
in the particular Act of Parliament under which the works 
are carried out. Choosing as favourable an opportunity 
as presents itself within the period available, the authority 
issues stock or bonds, which are taken up by the public, 
generally through underwriters and brokers, at stated 
rates of interest. For smaller undertakings, an advance or 
overdraft may be obtained from the bank, or bills may be 
issued redeemable at short notice. 
Having obtained its capital in this way, the authority 
must take steps to meet its obligations as they arise in 
regard to the interest payable on the stock or bonds, and 
at the same time must provide a Sinking Fund to pay off 
bonds and other commitments as they mature! These 
are financial matters which must be dealt with by the 
accountancy branch of the service. 
1 A Sinking Fund is the accumulation of amounts set apart 
annually for the purpose of paying off a loan at the end of a period 
of years. In addition toa sinking fund, a reserve fund is frequently 
maintained to meet contingencies which may arise.