CITY PROPERTY,

Dominion, Volume 5, Issue 1479, 29 June 1912, Page 5

CITY PROPERTY,

AN important sale. Au important'"tale-of.-'city^proper,£y,-, with an interesting '-! denouement,' /took' placo at tho auction' rooms of." Messrs.', W. 11. Turnbull and Co.'iTlie-: properly,' wag that of tho Prouso Lunibsf.' Liu. (in liquidation)•, a block ~ of ■■-.laud.!; haying 132 ft. frontage to Taranaki ..Street,vby'.'.a,' depth of 122ft.j with' a .handsome. modern? brick building, fronting the street,■>with': other factory buildings at the'rear, :ani : : was valued for "mortgogti s 'purposa'^.at' l .£'14,500. ' When the pfopertyi 1 WM 1 -put>iib''r«ster^' : day afternoon the auctioneer*;Sir.iTurn-l bull) announced '■ that tho upset prioo was ,£!)027 'is. Gd.' (the first ■mortgage, held:', by the National Mutual 'Mfe;'Association). Mr. Tnrnbull, ■ after.; reading'ftthe; conditions of sale, stated that, lio i; would'; take bids of .£loo,' but as 'ttiero .was "no,': response, he reduced the aniount-to.'SoO,' still without inducing a bid, "After cn(leavduring to' break tho'' silence" by, -, per-;' suasire eloquence, and giving; ing, he knocked the upset price. : As soon hs tfce sale 'was,effected ;>.: ? gcnr;. tk-mau protested tagainst t nominating the amounts : 'of the •:l)ids;i.and : offered ono 0f..-ilO.>:The ■ auctioncer : *;;re-.. fused to take it, statingf; that: : .tlio'<'il'i!p ; was over. As tlie- protestor,ipereistedtftha 1 ; auctioneer appealed ' to the•; RegistrarKof; tlie Supremo Conrt(Mr.: I). G. Ai' Cooper) wilder whose.- instructionsj'tho; pro-' perty had been sold, oral that official npi neld tho auctioneer. Thegentleman.iwho' pi'otested represented' gagees, who not having - offeredfore the fall of-, the hammer;:;permitted'' (ecrording to tlie :liei!u-trnr) their, opportunity to ■','