OTAGO DOCK TRUST

Otago Witness, Issue 2895, 8 September 1909, Page 11

OTAGO DOCK TRUST

The ordinary monthly meeting of the Otago Dock Trust, held on August 31, wae wttended by Messrs E. G. Allen (chairman), W. Barclay^ G. L. Donniston, A. Cable, G. Edgar, '£. Godfrcd, D. M'Pherson, G. B. Bullock, and W. Sutton." REPOBTS. The Finance Committee recommended that accounts amoun'tinpr to £1450 3s 6d be passed for payment. The bank .pass-books showed — Current account (er). £486 63 8d ; new dock loan account (or) £4275 2-s ; contractors deposits (cr), £28 15s; cheque outstanding new dock loan account, £3351 6s 5d. — The Chairman of the cominitt2o (Mr Barclay), in moving the adoption of the report, said that after talcing the, amounts due to the trust at the end of tbo' month and the amounts due by the trust at the same time there would be a debit balance of £890.— The report was adapted. The Docknxaster (Mr E.HKnfiwstubb) reported that since, last report six: vessels had been docked — five in the old dock and one in the Ofcago Dock. The Priestman dredge had been engaged at the entrance to Otago dock, for four days, removing about eight, loads of spoil. Owing" to insufficient depth at- low water some difficulty was experienced at the Otago Dook in removing the caisson to admit the Kurow, but the PrioStman dredge had now removed the obstruction.— Received. The Engineer for the freezing works and dock machinery (Mr D. N. Jbletoher) reported that the Otago Dock had been pumped to enable the new blocks to bo laid, and also on one occasion to keep the caisson in position, the water now being kept below low-water mark. Die sheerlegs had been in use twice during the month — once replacing the turbine on the ' Mtheno,' and again lifting the old funnel out of the Corinna and placing the new one in position. The steam pipe to the eheerlegs required attention, owing to the shifting of the ground in places, caused ; by the construction of the outlet from the j Otago Dock. .As the rabbit season was now > practically over, only small quantities were ' coming to hand for freezing and storage, but fish and poultry were ©till being placed in the chambers in the usual quantities. — Received. 1 MEBGEB MOTION'S. ! The Chairman, in accordance with previous notice, moved — " That whereas it has been shown to the satisfaction of tho Otago Dock Trust thai the holders o> 597 debentures of the Otago Dock Trust issued in respect of the £75,000 loan payable on the 30th day of June, 1925, recited in ' Tho Otago Dock Trust Merger Act, 1908," such number of 597 . representing more than 75 per cent, of the nominal value of the whole of -the debentures issued in respect of the said loan, have signified to the Otago Harbour Board their consent in writing to accept the Otxgo Harbour Board debentures in exchange under the provisions contained in the. said act, -the Otago Dock Trust, in pursuance of section 2 of the said act, hereby resolves that it desires that en Order-in-Council in terms of the said section shall be issued, and it hereby respectfully requests that such Order-m-Council shall issue, and directs that a copy of this resolution, certified by the chairman as required by the caid act, be transmitted to the Minister of Marine." Mr Cable seconded the motion. Mr Denniston : The motion is in due form, ' I suppose. , The Chairmiai: Yes i The motion was adopted unanimously Jwithoufc discussion. The Chairman : That is the first step towards- merger, and it is now for the Harbour Board", if it sees fit, to pass a similar motion.. It will also be' advisable for the board to advanoe"to the trust certain moneys, -which it is empowered to do under tho Merger Act. The money - required is for payment of aocounts, and htos nothing to do .with the contract. . ~ 1 Mr Barclay: 3i .is fofc the. 4>oard to say ' {what security it requires from the trust ■ for the advance. What security does the jfrust propose to offer? . • '; The Chairman.: Hbtfg'. weft-known thai' all securities are pledged to the bondholders. But the trust has £25,000 worth of debentures unissued, and it i*. for the board to say if it requires security xjr not. - v I do hot think so. If security is considered- n#eesB&vy for the advance, it could be provided by the issue of come of the unissued debentures, or there could be a second or a third mortgage j Mr Barclay said he did not think it was ' reasonable to ask the Harbour Board to advance £3000 without some secu/rity. ) The Chairman : We do not want all that Bum. The board is empowered, with the consent of the debenture-holders, to ad*anoe any sum up to £3000. j

Mr Bullock said he thought the proper bourse to pursue was to write to the Harbour Board and ask for assistance, and to staite that the trust was prepared to issue debentures or grant a second mortgage if necessary. Mr Barclay : The trust will have a better chainoe of favourable consideration if it does so. The Chairman : It will be necessary for the trust to ask the board to call a special meeting. A month is too long a period to elap3e, as a good many people warofc their money. I take it that the Harbour Board is just as anxious as the trust is to advance the interests of the dock:' It is not asking for any favour, as it has long been understood til at the board is willing to a6sist usMr Deuniston then moved, and Mr M'Pherson seconded, and it was resolved — " That, inasmuch as the Bock Trust has passed, the rescluticEis provided foir by the Merger Act, 1808, in favour of merger, the Harbour Board be approached with a request to advance to the trust £2000, in accordant;© , with the powers provided in said act; also that the Hairbour Board be asked to give as early a reply as possible." GENEBAI,. The Shaw, Savill, aaid Albion Company, writing from Christch>uroh. requested particulars in regard to the new dock, for forwarding to London. — The Secretary stated that Captain Kempson, of the Atbemic, while on a recent visit to the port, inspected the new dock, amd informed him that it was more commodious than the one in which his vessel was docked when in London. He (the clerk) had written giving the information asked for by the company. — It was resolved to forward supplementary particulars to those already supplied by the secretary.