CHAMBER OF COMMERCE.

Globe, Volume XXIII, Issue 2255, 24 June 1881, Page 4

CHAMBER OF COMMERCE.

The adjourned meeting of the members of the above was held at 5 p.m. yesterday. Present—Messrs A. 0. Wilson (president), J. J. Fletoher, W. B. Mitchell, B. Ohrystall, W. D. Meares, A. Cuff, D. Craig, J. Inglis, W. B. MoDougal, J. S. Jameson, T. Pavitt, B Walton, H. Blaok, Aiken, B. Oarriok, B. D. Thomas, G. G. Stead. The President said : —lt will be in the rocolleotion of members that at a meeting of the Chamber held on the 27th May, on the motion of Mr Inglis, seconded by Mr Pavitt, it was resolved—" That the question of the erection of a suitable building for the Chamber should stand adjourned for a month, and that meanwhile the report of the committee on the subject should be circulated among the members." Accordingly the report has been printed and forwarded to members, who have thus had the opportunity for giving full consideration to the subject. [ Bead. Also rules. ] The site appertaining to the Chamber is known to all of us, and is situate in this same street, distant about a stone's throw from the spot where we are assembled. It measures 54ft by 132 ft, and possesses a double frontage on Cashel street and Bedford row. The original coat was £SOO, and the present value is somewhat over double that amount. In the opinion of the committee the site is sufficiently central for all the required purposes. The position will daily increase in value, and it will be far wiser to build on the land that we possess rather than to purchase a frontage at a greatly increased cost in a more favored locality. Hitherto during the last twenty-one years the Chamber has been content to hide itself in somewhat oheap and humble lodgings; having now attained a full and mature age the time is ripe for providing our members with a building more commensurate with the annual payments demanded of them, and with the increased number of subscribers. The more attractive our rooms can be made and the more comfort offered, the larger the number of supporters we may hope to obtain. I am informed that in Dunedin a tender has been accepted for a building for the Chamber of Commeroe to cost £3360, and the purchase price of the land was £2500. Should you decide upon the neoeauity of erecting a building for our use a similar sum would probably cover the whole of our section of land. The interest of money has now reached a level lower than ever previously current in this quarter, consequently from this point of view the time is a favourable one tor erecting a building adapted to our requirements. To sum up. Your committee consider the site to be a favourable one, the time propitious for building, the rate of interest current moderate, the security of the land and the building when erected, coupled with the guarantee of the members securing the trustees from loss, ample to procure the requisite funds. The present income of the Chamber is about £320 per annum, of which £152 is paid away in rent and salaries. In the event of the Chamber occupying a building of their own, nearly the whole of this sum would be available towards the payment of interest, as it would bo quite possible to obtain the services of a thoroughly qualified secretary with a small business of his own on the condition of our providing him with sufficient office accommodation. Thus nearly half the interest on an outlay of say £SOOO would be at once available. The portions of the building not required for our own use could bo let to oover balance of the interest on the original cost, and should further provide something towards the establishment of an annually increasing sinking fund.

The President read a letter of apology for non-attendance from Mr Cunningham, owing to indisposition.

Mr Walton proposed—" That this Chamber is of opinion that the time has now arrived for the erection of a permanont building on the section fronting on Cashel street and Bedford row." Ho thought the time had come when the mercantile community of Ohristchuroh should be housed properly. [Hear.] Mr Aiken seconded the motion.

Mi D. Craig pointed oat that there were a number of the members of the Chamber who could not, from their official appointments, sign a guarantee to obtain the requisite amount of money. The President said that it was not compulsory on the members of the Chamber as a whole. There would bo a margin given to the trustees which would enable them to carry out tho building. Mr Walton said he wished to point out that it was necessary for the trustees to have a largo and ample margin, as they could not get a guarantee for the several guarantee. The President thought there could not be the slightest trouble about the matter, as the guarantee wou'd never be callod upon. The motion, as proposed by Mr Walton, was then put and carried with one dissentient. Mr Walton moved —" That the trustees of the Chamber, in whom the land is vested, be instructed to borrow a sum not exceeding £SOOO for the eroction of the building on the section as stated above." Mr McDougal said that, as the Dunodin Chamber were satisfied with £3OOO, he thought that it would be quite good enough for the Christohurch Chamber. The President pointed out that the Dunedin Chamber had paid over £2500 beyond this for the land. Mr J. 8. Jameson seconded the motion.

Mr Cuff thought that it would be well if the Chamber borrowed, say £4OOO, on the property which would enable them to do the work without calling on the members to enter into a joint and several guarantee. The President pointed out that they had to build on two frontages.

Mr Walton thought that the time had come when the Canterbury Chamber of Commerce should take a higher position as regarded their lodgement than had been the iii-io. He could not see why there should be :ba slightest fear of any risk. Mr Stead said that he was not in the least frightened to put his name to a joint and several guarantee, but he wanted to know when this liability would cease. The President said that the trustees were Messrs J. Inglis, J. Anderson, and P. Cunningham, who would, he felt sure, be the people to be trusted not to expend the money without care.

Mr Inglis said it was not the trustees, but the committee of the Chamber who were responsible. The resolution was then put and carried. Mr G-. G. Stead moved " That a joint and several guarantee be drawn up by the solicitors of the trustees."

Mr Chrystall seconded the motion. Some discussion ensued, and ultimately

Mr Stead desired to alter his resolution so as to read that the committee bo instructed to meet the trustees and arrange a form of guarantee, to bo signed by members. In this form the resolution was approved and agreed to, and the meeting adjourned.