PURCHASE OF THE GAS WORKS.

Evening Star, Issue 3860, 8 July 1875, Page 3

PURCHASE OF THE GAS WORKS.

At the City Council meeting last night Mr Bitcbie, as attorney for Mr Hankey, wrote offering to sell the gas works and plant to the city for L 60,000, to be- taken in Corporation debentures, bearing interest at 6 per cent., at par, delivery on September 1. In forwarding this offer Mr Hankey said;—“l may be allowed to mention that in fixing this veiy low Erioe, which is L 20.000 less than the works ave cost Mr Hankey, X desire to convince the Council that, as I have all along stated to them, I only desire to obtain what is fair and reasonable for the works as they now stand, and ignoring altogether the circumstances connected With them—as to which Mr Hankey has addressed the Council, and feels very much ahout, which is not to he wondered at when it is considered that the final result of much trouble, risk, and anxiety on Ids part with the gas works is likely to be ruin. I may further say that if a fair sum is allowed for goodwill, and for the works being in going order, as also for putting an end to all opposition in the manufacture of gas for the city, and this I make bold to say is worth LIO,OOO, it will be found that on the terms which I name, the city 1 will secure first-rate value for their money in Mr Hankey’s works.” The price named was characterised by Or Fish as 'so utterly ridioulous that the Council should not entertain it for a moment; and he declared that eo long as he was in the Council he would not give his vote for anything like it. The letter is to be considered at a special meeting on Friday,