SELLING AN ENDOWMENT

Dominion, Volume 14, Issue 53, 26 November 1920, Page 7

SELLING AN ENDOWMENT

—« CITY COUNCIL DIVIDE ON PROPOSAL. The Legislation, Leaseholds, nnd Libraries Committee recommended to tlio City Council ln-sfc night that steps be now taken to promote the local Bill for the disposal of the freehold of t.ho 'Mungahuo Endowment on tho terms already agreed on, by Hie council. In support of the proposal it was pointed nut by Councillors Luckio and Forsyth that the council was merely proposing to soil a profitless endowment in order to invest the proceeds in » city endowment which would immediately return an. increased revenue of .£SOO to £800. The Labour representatives on the council strongly o_pposed the council wi.rting with any of its endowment lands, holding that it was a bad precedent to establish, and that in tho long run it would be more profitable for the council to retain its investment. Councillor 11. A. AVright opposed the recommendation on tho score that tire council was not asking a proper prieo for tho land. It proposed to sell the land at an altogether too low a figure, and lie. predicted that as soon as tho tenants obtained tho freehold they would go on the open mnrkct and resell at a greatly enhanced figure. Tlio Mayor also opposed the recommendation, holding that there must be something good in the endowment as tho tenants wero so persistent in their application U> obtain the freehold.

The recommendation was eventually carried by 10 votes to C.