BOROUGH COUNCIL.

Manawatu Standard, Volume XI, Issue 1642, 23 February 1886, Page 2

BOROUGH COUNCIL.

At the special adiodrned raeatingof the Borough Council held last evening for further consideration of the loan question there were present — Ore Soelson, Hawkins, R. S. Abraham, Grace, S. Abrahams, Stewart, Wood, and Waldegravo. On the motion of Cr Hawkins Cr Snelson was voted to the chair. The minutes of the last adjourned meeting were read, and the Chairman . stated the object of the adjournment, I viz., the receipt of further information as to the resolutions required to be passed. The Chairman informed the Council that (ill the information required was now before them, and all that «ras necessary was to formally pass the resolutions required by tfiVßank. For the information of Cr Waldegrave the original; letter from the Bank was read setting forth, the various documents, statistics, :&c, required by them to be sent Home to the London branch. The Town Clerk stated that all the "documents referred to had been prepared and supplied with the. exception of two, a ? nd these would hare to be supplied by the .present Council, as the documents had been 'burnt. The- formal appointment of the bank as agents for the floating of the loan would first have to be resolved upon. . ::;-.„. Cr Hawkins , remembered r that the Bank of Australasia had first been appointed, and subsequently the; Union Bank. ■< ' ::/ The Borough Solicitor advised now that a resolution be passed . similar to that already passed and affixed to the appointment. '•'."■'.-' % The Chairman said that it was the duty of the Council to appoint two Crs to affix the Common Seal of the Borough to the document on behalf of the Corporation. Proposed by Cr S. Abraham.s seconded by Cr G. F. Hawkins— That Crs Jno. Waldegrave and G. M. Shelson be authorized to affix the Common Seal of the Borough to an agreement with the Unibn Bank of Australia now betore the ; Council Proposed by Cr S. Abrahams, seconded by Cr Jno. Waldegrave— rThat in pursuance of such agreement this Council hereby appoints the* .tjnipri Bank of Australia, limited, inicor^oraied by Ro^al Charter, to be its agent for raising and managing a loan of not exceeding £50,000 by debentures, and authorises the said bank to execute ail necessary corrections, amendments, confirmations, and securities under seal of otherwise. Be brokerage, the Chairman stated tfiat the bank had informed them that the" r,ate of charge would be the minimum, but', he was not in a position to state the exact amount." ■CrR.S. Abraham offefedj^fr suggestioja tliat instead of the nfoney being re* mitfedby demand draf t it should be sent so many days sight. A possible sav. ing might be made by so doing. However, ifc would depend on the London rate of -exchange. - The Chairman endorsed I,he suggestion which was carried. He further informed the Louncll that clause 2 of the agreement with the bank 'was not specific enough, autl no discretionary power was left to the bank to confirm any necessary alterations, &c; they would there* fore have to gass a resolution' empowering the bank in this respfeeU V'^ The Chairman stated that the minimum decided upon had been 97, birt' their ; present Mayor wished something more than hearsay to work upon, arid dasired that a resolution be passed in connection with.it. J " 3 .Cr Hawkins was present at meeting which passed \ the 1 •resolution and knew that the rate 97'was correct. Proposed by Or G. F. 1 jEfawkinSj seconded by S. Cr Abrahams— -That the]" minimum price at which the £50,0j0p loa4 snail be placed upon the market by the agents shall be £97 per £100: .^ It was decided on account of their ■n£xt or^inaryJnMtuig falh'ng on rac» dKy^M^djaafejsgin^j^Jhi^foUowjn^ Wednesday*. " The meeting ;then closed.