CORPORATION AS TRADER

Dominion, Volume 5, Issue 1466, 14 June 1912, Page 4

CORPORATION AS TRADER

PPOMISSOHY NOTES TOE INSTAIc LVfIJNS T1 o extern "dqitf 1 b\ tip Cih C>in> \ 18 ■;moh 1 bsj.. ago 'of taking ' promissory.. /-S notes-. nqninst ' t!io . payment'. of electricr»l;S(? ■insinuations granted on the deferred pay-. .•uientr'sxstem&was- tlio subject of» a .brief'v?? ifilis.cussinii' nt.jtliniCity Council last ovon-iK;; i ii:g, apropos of a . recommendation ■ by■d "that promisI .spry;-notes? l)o;;'ncc('pterl in approved east'3'-f'i{ l;im<'bniu'ctio!vi : vitU the electric light in-; : ' ; v?: Igstalliitionsibirtlw-deferred payment sys-7?a i tern ill the suburban districts. ■ ■■ * to tlio "ciplq'iof; issuing• promissory notes— .ohoDHnntioii;:. l of' 1 the mercantile thorn—nreferrinir a specified timo.i-:-.-i.": .oeing M-t .uut, isii- payment. . that, tlio. system had ".:/, ;'b;euyn:force?fima!ong; : >-' .-. Cnuneilior Shirteiiffe said that he did not-KH like the pi-emissary nolo system'.; )t ;i"ipossible:. to ijett satisfactory 1 ■'securitv. 5-3 v-iCCpiinciUoryFitzgeralds said, that in 'the /whole' 18:. months not ono bill had been -' *sl'i:<hnno;ired; • ■.feCouncillor;,Cohcn? ! Vaid ..that. they ought : Vto* have. some;!guarantee that these bills®'.would be met;,;=He,- knew, of soiho morcaih v 1 : tilehouses'"'from'./.whom-: lie-would not#' accept promissory-notes.-r ■. 0 : S -The - Mayor/ said that tho" corporations < had to tako,.-a.;smali.amount-.of risk, aiid'S}-. tho\eightecn months the systems?;". Wiad-.baetui.n'i operation; thev. had not ciimil aiiviloss.' -■ : ' -■ 'rfsj? -. Councillor Smith said that if they did .. ' rioi.'as a municipal, trader, face the small •'. : '/'risk-involved,- there were plenty of .'competing with them who would. j. ■ •- There was no further andv? ■ the .clause passed as recotomciidcd..-