The Nelson Evening Mail. TUESDAY, NOVEMBER 1, 1870. LAST NIGHT'S MEETING.

Nelson Evening Mail, Volume V, Issue 257, 1 November 1870, Page 2

The Nelson Evening Mail. TUESDAY, NOVEMBER 1, 1870. LAST NIGHT'S MEETING.

A well attended meeting of the ratepayers, convened by the chairman of the Board of Works, was held at the Provincial Hall last night. Mr. Percy, having taken the chair, read the advertisement calling the meeting, and the requisition f.'om the ratepayers on which the advertisement was based, and said that the Board wished to take no steps in the question of gas supply, but simply called the meeting in order that an expression of opinion might be obtained from the ratepayers. Mr. Nathan said the last meeting on this subject was supposed to have been one of ratepayers but it was not so, and fberefore he had taken an active part in getting up the present meeting. There was no doubt the town would be benefitted by gas, whether supplied by a compauy or by the Government, but in the latter case it would be supplied at half the price if the Government would only go into the matter fairly, [Mr. Nathan then went into statistics bearing upon the amount of gas to be derived from a ton of coal, and the price of coke, on neither of which subjects did he appear to be very well informed, as he accepted the corrections suggested by various individuals, and which differed materially from his own calculations, without hesitation.] He stated that he was not in the habit of lending money to the Government, and therefore there was no Government measure in him, but he believed that they would supply the gas at a cheaper rate than the proposed company. He proposed a resolution, but afterwards adopted the following, suggested by Mr. Elliott. " That in order that the City of Nelson may be supplied economically and satisfactorily with gas, this meeting is opinion that it is desirable the Provincial Government should undertake the work, acting in trust for a future municipality, to which as soon as legally constituted, the enf c works should he transferred." Mr. Thompson seconded the resolution. Mr. LiGnTBAND, after referring to the rambling statement of Mr. Nathan, read extracts from the Wellington Gas Company Act, showing that their profits were limited to 20 per cent., and stated that the company which had proposed to supply Nelson with gas would have been perfectly willing to have had a clause inserted in their Act limiting their dividends to 15 per cent. As, however, the company had met with such opposition, he would like to see one established in which the Board of Works had a large interest. He would therefore propose by way of amendment. 1 , That tho ratepayers in public meeting assembled, having for its object the best means of supplying the town with gas, believe that it can be best carried out by the Board of Works, on their behalf, applying for (on the express understanding that they will be allotted) one-fourth of the number of shares that may be agreed upon by any company formed for the above purpose, and that the Chairman of the Board of Works for the time being shall be an ex qfficio member of tiie Directory entitled to a seat by virtue of his office, and in the event of the city at any time being governed by a corporation, then the chief officer of that body to have a seat on the board of Directory. 2. Further, the ratepayers are of opinion that any Company in process of formation should have a clause in the prospectus to the effect that

the application for shares shall be open to the publicfor 14 clear days before allotment, and no more than 50 shall be allotted to any one person until all shares applied for at and below that number are allotted ; and the Chairman of the Board of Works and Mr. be appointed to confer with any company in process of formation to see that the above resolutions are carried out. Mr. Luckie would second the amendment as he thought the matter would be more satisfactorily carried out by a Company than by Government, besides which h'- did not believe that the Council would si'fiction the borrowing of money for a scheme which private enterprise was prepared to take up. It might be argued that the Board had no power to hold real property, but these shares would not come under that classification but be looked upon as chattels. The sinking fund now lying iv the bank at a small rate of interest might be applied to the purchase of shares, which would be a most profitable investment preparatory to the paying off of debentures on the sewers, and the shares would always be an available asset on which money might be advanced in the eveut of more borrowing being necessary. He was afraid that if the Government persisted in proceeding with the scheme there would be a long delay, and that the whole thing would fall through after all. He believed that the interest might be restricted to 15 per cent, which was really not, more than equivalent to 7J per cent, in England. Mr. Blanche objected to the monopoly that would be created here, as had been the case in Melbourne, to the cosi of consumers. Mr. Barnes denied that there had been any monopoly in Melbourne. He feared that if it were left to the Government we should not have gas here for mauy years. Mr. Elliott said the whole matter lay in a nutshell. If the Government, acting for a future Municipality, took the matter up, the mouey could be obtained at 8 per cent*, whereas if a Company undertook it they would require 20 per cent. It had been said that the Government would carry on the works more economically than a Company, but such a statement was not in accordance with the experience Nelson people had had of private companies. It was evident that a monopoly had been desired as all the shares were taken up before the prospectus was issued. Mr. H. D. Jackson denied that a monopoly was ever sought for. It was suggested by one of the directors but negatived by four to one. Nor was it intended that the profits should ever exceed 15 per cent. He denied that a single share had ever been allotted, and stated that the prospectus got printed by accident but was never issued. He was of opinion that the Assembly would never pass the Bill. Mr. Robertson said that the fact of the Company making such a fight about the matter showed that it was a good thing, and hence the greater reason why the Government;, acting for the public, should take it up. Mr. Burn thought that if the investment were considered so good that the Board of Works ought to take up onefourth of it, it only showed that they ought to have the whole. The money, he was convinced, could easily be obtained. Mr. Levestam was of opinion that if the Government went into the matter, the whole capital might be paid off in 10 years and the gasworks become the property of the town, whereas if it were undertaken by a Company the ratepayers might pay them 15 per cent, on their outlay for 21 years, and at the end of that time be as badly off as ever. The amendment and resolution were then put from the chair, 13 hands being held up for the former, and 72 for the latter, which was declared to be carried. Ou the motion of Mr. Webb it was resolved That his Honor the Superintendent he requested to take the necessary steps to give effect to the foregoing resolution." A vote of thanks to the Chairman was proposed by Mr. Elliott and carried by acclamation, aud the meeting separated.