CITY COUNCIL.

Evening Star, Issue 3738, 15 February 1875, Page 2

CITY COUNCIL.

A special meeting of the Council was held this afternoon to consider a letter froai Mr Ritchie, Mr Hankey’s attorney. All the Councillors, except Messrs Reeves and Beck were present. ’ The reply of Mr Ritchie was to the effect that at present he had no auth uifcy to sell the Gasworks. Up to Christmas last he had power to sell for L 90,000, with valuation for movables, and to accept payment in debentures, but lad no authority to extend the time in which to purchase. He would telegraph to his principal the purport of the resolution of the City Council, and ask for authority to sell. He suggested as “the most likely way to simplify negotiations and brin" about the fairest settlement ” that the Council should offer to purchase by arbitration, payment to be taken by debentures. . Cr. Fish, in moving that the Council deem it “ inexpedient to purchase the present Gasworks by arbitration,’" but “will adhere to the resolutions passed herein at the last meeting,” said if the works were purchased the citizens would he terribly slated.” He- explained as a probable reason for L90,G00 being asked for their purchase, that there were two mortgages on the works—one for L3G.000, and the other for 1/23,009, besides a debt of about LG,OOj : while doubtless Mr Hankoy had put between L 19,000 and L 12,000 of bis own money into the concern. Cr. Isaac wanted to move as an amendment that the Council abandon all idea of purchasing the works by arbitration ” ; but it beinv ruled out of order he withdrew it. The resolutions were seconded by Cr. Carroll, and strongly supported by Cr?. Isaac, Gibson, G»ant, Mercer, Walter, and Barron, and carried nem. con.