PORT OF LONDON.

Press, Volume LXVIII, Issue 20496, 15 March 1932, Page 15

PORT OF LONDON.

ABSORPTION OF PRIVATE COMPANIES. COMPULSORY POWERS. (raoa OITB. OW* COBBJRSX'ONDBh'T.) LONDON. February 2. A Bill to provide for the transfer to tlio Port of London Authority of the undertakings of certain companies carrying on business in the Port and involving an increase of £7,000,000 in the Port's borrowing powers has been deposited for introduction into Parliament. " J llie preamble recites that it is the duty of the Port Authority to take such steps &s they consider necessary for improving the accommodation and facilities for the loading, unloading or warebousing ol goods at the Port. Tlw> preamblo further states that the proprietors of Hay's Wharf, Ltd., Pickfords, Ltd., Leach and Co., Ltd., and John Trapp and Son (Hay's Wharf), Ltd., own undertakings wlii,ch afford the facilities required, but tho Port Authorities are unable to come to an agreement with the owners for the transfer to them of their undertakings. It is therefore declared expedient that the Port Authority should be empowered to purchaso all interests in these undertakings. The Bill, therefore, proposes to grant compulsory _ powers to the Port Authority to acquire the four undertakings for such price as may bo agreed upon or. failing agreement, as shall be determined by Arbitration under the Lands Clauses A-.ts. The consideration payable on the transfer may be satisfied wholly, or in part, by- th<» issue of such an amount of Port Stock as may'be agreed. After transfer, the Hay's Wharf Company is to "take all necessary steps to change its name to a name" which shall not imply any association with Hay's Wharf, and, after six months, no company shall use any name implying any association with Hay's Wharf. The Bill also proposes to empower the Port Authority to acquire extensive areas of land, and premises on the south side of the river in Bermondsey and Soutlnvark The Port further asks for power at any time after service of notice to treat, "to enter on and take possession of the land " without previous consent, but subject to tho payment of compensation for the land with interest on the compensation awarded. Ths period within which these powers to purchase may be exercised is to cease on October Ist, 193.1 Bv part four of the Bill, which deals with finance, the borrowing powers exercisable by the Port Authority are proposed to be increased from £43,000,000 to £50,000,000, and the reserve fund from £1,000,000 to £2,000,000. The Bill also repeals liio wholj of the present authorised po.rt rates on goods, and substitutes a new schedule of maximum rates for imports and exports on foreign and coastwise goods. What is known as Hay's Wharf extends for a mile along the south b'ank of the Thames, from Tower Bridge to half-way between London Bridge and Soutlnvark Bridge, and includes all the vast storehouses on the banks. All the storehouse between Tooley Street and the river are part of Hay's Wharf property.