THE GAS WORKS.

Manawatu Herald, Volume XXXII, Issue 911, 29 October 1910, Page 3

THE GAS WORKS.

THE ,£II.OOO LOAN

INTEREST PER CENT., SINKING FUND 2 PER CENT.

At the special meeting ol the Foxton Borough Council held last night, several letters were read from the A.M.P. Society in reference to the loan of ,£II,OOO which the Counci, proposed to borrow from the Society for the purpose of purchasing the local gas works. The Society agreed to lend the money required at per cent., with a sinking fund of 2 per cent. The terms and conditions on which the money would be granted were set out and were embodied in the following resolution, which was moved by Cr Speirs and seconded by Cr Coley : “ That the Council borrow £n,000 from the Australian Mutual Provident Society for a term of 21 years, interest to be at the rate of 4'2 per cent., payable half-yearly on the 14th day of June and December in each year at the Bank of New Zealand, Sydney, free of exchange ; and that the loan shall be repaid at maturity at Sydney, free of exchange ; and there shall he a sinking fund in connection with the loan of 2 per cent, per annum. That the Council do pledge as a security for the loan and the interest and sinking fund thereon a special rate of 2 15- 1 fid in the £ on the unimproved value of the whole of the Borough of Foxton and in addition to the special rate a charge over the gas works and mains. The Council also undertakes to satisfy tne Society’s solicitor in Wellington of the validity of the loan and the security offered, and to submit to him lor approval the form of debenture ; all expenses in this connection to be borne by the Council.”

Cr Robinson asked if the special order published was in older, as the way he read it was that 5 per cent, would provide interest and sinking fund on the loan, whereas the interest was 4)Z per cent, and the sinking fund 2 per cent., making per cent, in all. The Mayor said the proposal as put before the ratepayers was quite in order, as in that provision was made for paying interest at the rate ot 5 per cent,, and the money had been obtained at per cent.

The motion was carried. The Town Clerk read the fol lowing report from the Gas Com mittee;—

“ Your Committee beg to report that they met Mr Norwood, chairman, and Mr Allen, secretary, of the Foxton Gas Works Proprietory, Ltd., on Wednesday, 12th October, in the Mayor’s room, and agreed with them that they would purchase the pipe and fittings in the yard at 70 per cent, off list price, the cast iron mains meters and fittings at actual cost ; the coal, coke, and tar, and also gas iu holder at actual net cost, and to purchase the gas made to 12th October at the rate of the gas made the previous mouth, the street lamps, insurance and rates to be adjusted to the same date. An adjournment was then made to the gas works, which were formally handed over. Your committee met again on Monday, 17th October, when various detail matters were gone into at length. Mr Stunnel, the gas manager, was also in attendance. The Town Clerk was instructed to write to the Westport Coal Co., the State Coal Department, Messrs Levin and Co., the Stockton Coal Company, and the West Coast Steamship and Trading Company, asking for lowest quotations for coal supplies iu 40 to 60 ton lots. He was also instructed to write the following carters to tender for carting coal to the works lor 12 months :—H. Coley, James Coley, O. Cook, J. Wyeth, Petersen, Fullam, C. F. Johnston, R. N. Speirs, and Wm. Nye. It was decided to cable to England for a setting of six retorts in order to have them ready for next winter. It was resolved to make use ot the empty office in the Council Chambers as show and store rooms for gas fittings, etc., and the Town Clerk was authorised to get a connecting door put in and the necessary shelving erected. It was decided to accept the offer of Mr H. S. King to take meters on consignment, and the matter of ordering mantles and chimneys required was left in the hands of the Town Clerk. The manager reported that there were two applications for gas services in, one from Mr J. Armstrong, Johnson street, and one from the Brethren’s Hall in Park street. It is suggested that the street lamps be extinguished at n p.m., and not lit on six nights before and two nights after full moon, but on dark, eioudy nights to be left to the discretion of the manager. The question ot getting a fresh supply of oxide of iron for purifiers was left to the Town Clerk. Your Committee beg to recommend that Mr Stunnel, the gas manager, be paid the same wages as he received from the Foxton Gas Works Proprietory, Ltd., viz, .£4 5s per week : that John Parker, the assistant, be paid £2 15s per week (same as previously), and that the Town Clerk's salary be increased by £+s per annum.”

The Council went into committee to discuss the report, and on resuming business a motion adopting the report was carried.