The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-06-27
THE WHARF QUESTION.
Editor New Orleans Bulletin:

E0lCOr new UTERUS Dullotu
Mr. Burke, Administrator of Improvements, in
his pamphlet, commences by sayiDg that the
only argument in favor OF leasing the wharves is
that it can be done more thoroughly and much
cheaper by contract than by the officers elected
by the people. He denies that such is the fact,
aud proceeds by figures to demonstrate it. Now,
let us take his own figures and see what success
he eau derive from them: From 1852 to LIST Of
October, 1855, the net revenue from the wharves
was 600 - say an average OF $42, 1853 per
annum. The first lease of the wharves was from
1855 to 1858, by which tbs city realized the rum
of s542351 is, an average Of $3.50, sl7 per annum.
Very nearly as much realized by the city in one
year as in the three years and nine months pre-
vious.
Major Burke goes on to say that the wharves
we're left IN horrible condition. and alleges that
the city had to expend $128,687 63 for repairs,
which ought to have been done by the lessees.
Admitting the fact, there would still be balance
Of $413, 800 in favor OF the lease.
nine months, commencing on October lst, 1858,
and was terminated in June, 1861, by agreement,
in consequence Of the blockade.
Mr.. Burke shows the net receipts to
have been for time Of lease in force. 1884 664 10
He has charged against this. ....... 248,287 81
Showing net revenue. .......... .s286, 376 SO
Now 1928. 687 So for expenditures"
included in the sum of *248,287 81, we
have already deducted from the
amount
and it should therefore be added to
the net revenue as above. .$l28, 6s7 62
Making. ............... ..........t "a 5.O64 "a
showing that to be the result Of the second Lease
| From the termination OF the second lease to
| the present time the wharves have been in the
hands of the city.
Next, Mr.. Burke puts the amount Of expendi-
| lures over receipts, from January l, 1866, to
April 4, 1870 to be $3.50, 597 A. He then gives the
receipts from April A. 1870, to December 81, 1874,
and SHOW expenditures over ceipts to be $780,
1877 81. He then gives the excess Of receipts
over expenditures, from January /, 1875, to May
/, 1875, say SIG, O92 80; but Mr.. Landry, Admin
istrator Of Commerce, makes deficit in the same
time of $3l 0t0.
| Mr.. Burke admits the equity of the wharf
debit which amounts now to about $762, 600, and
he presents a plan by which he Gays the debt
can be paid in three years and nine months, and
the wharves kept in repair. He estimates that
the wharf bonds can be bought at 81 cents on
the dollar, which every one must know cannot
be done, nor could 100000 Of them be bought
to-day at rs cents on the dollar. The msjor por-
ton Of the wharf indebtedness is in the hands
Of savings banks and private individuals, who
simply want their interest for which the revenues
Of the wharves are pledged, and it is NOT i'm.
probable that the bonds before they reach ma
turity may 90 nearly to par. But supposing the
bond. could be bought as wanted, SAY at 81 cents,
then there would be discrepancy in Major
Burke's estimate Of 1904 800.
Add to this the amount Mr.. Burke estimates
the repairs ould be, and what others know they
must be, and the difference ia the cost OF police,
ETC., and you will find that there will be def
cheney at the expiration OF three years and nine
months OF over three hundred thousand dollars.
In addition to this amount must be added the
cost Of repairs and blu lIing anew, as Mr.. Burke
only estimates that they will last four years.
Which; then, i. best for the city-to accept the
positive offer of four years and eleven months,
which extinguishes all wharf liabilities, and
leaves them in good condition, or to take the
chances Of Mr.. Burke's management, when his
term Of Office expires in less than two years2