BOARD OF COLLEGE GOVERNORS.

New Zealand Times, Volume XXXII, Issue 5054, 5 June 1877, Page 2

BOARD OF COLLEGE GOVERNORS.

A meeting of the Board of Governors of the Wellington College was held ye.-terday at noou. There were present—Messrs. Bunny (in the chair), Brandon, Travers, Buckley, Hutchison, and the Rev. James Paterson. MINUTES. The minutes of the preceding meeting were read and confirmed. THE COLLEGE RESERVE. In reference to the above subject, about, which some discussion took place at the former meeting of the Board, and a resolution arrived at, that it would be well to cut up a portion of the laud on which the College stands, hi order to increase the Board's revenue, Hr. Traveks stated that the committee appointed had visited the ground, and it was found that some valuable residence sites could be set apart for leasing, and still leave amp!'; room for the purposes of the College for considerable time to come ; there would, i;i fact, be twenty-five acres apart from the 1a5..1 covered bv the College itself. It was resolved. that steps should be tak.Ki for the preparation of a Bill, to be introduce ei during next sitting of Parliament, its obj.-ot being to enable the Board to lease that porti ui of the reserve which it is proposed to cut u;> into sections and derive a revenue from. UK. Taylor's lease. The next matter that came before the Boar;" was the application of Mr. Waring Taylor re the lease of the property occupied by him in Willis-street. At last meeting of the Board it was resolved that a letter should b:seut to Mr. Taylor, making a proposal to tlv_* effect that he should either pay the same amount as Mr. Margetts was paying, or giveup bis lease, so that it might be put rip at auction, the object being to raise funds o.t once, of which the Board stood much in need. In accordance with that resolution a letter was sent to Mr. Taylor, and at yesterday', meeting a reply from that gentleman was read. in which he stated that he was willing accept the tuims proposed by the Board, provided that an allowance was made f. r the unexpired term of the existing lease (about twoyears and a half) equivalent to the differencebetween what he is now paying per foot, a d that paid by Mr. Margetts. Some discussion ensued, members beim.r divided in their opinions as to the best course to pursue under the circumstances. The Bev. James Patersox thought Mr. Taylor's offer was a perfectly fiir offer, and one which, therefore, the Board would do wet; to accept, more especially as it would at once' improve its position financially. Mr. Buckley was of opinion that the value of the buildings was a legitimate element for

consideration in the matter. Ihe property had increased in value, they should remember. Mr. Traveks was of a .similar opinion, and expressed himself averse to making the concession asked for. The Kev. Ja.mks Pateiwon thought they mi-dit lose the chance of getting an immediate increase in their revenue by refusing Mr Taylor's offer, because he did not believe that gentleman would be fool enough to surrender his lease until the term had expired, lie moved that Mr. Taylor's offer be accepted. Mr. Brandon agreed with the last speaker, and seconded the motion. The motion was then put, and lost by tour to two, the mover and seconder alone voting for it, and it was resolved to adhere to the resolution passed by the Board at the previous meeting. The Secretary was instructed to communicate with Mr. Taylor, informing him of the decision arrived at in regard to his application.

BANK ACCOUNT. In reply to Mr. Paterson, the Secretary stated that the overdraft at the bank was £2Bl, in addition to the £SOO, making a total amount overdrawn of £7SI. It was resolved to write again to the Government respecting grants-in-aid. This concluded the business, and the Board adjourned. _^__^_