MR. ADAIR’S STORE.

Poverty Bay Standard, Volume I, Issue 249, 1 October 1884, Page 2

MR. ADAIR’S STORE.

At the Harbor meeting last night the following letter was read from Mr. Adair :— “ As the whaif store is now ready to be handed over to your Board, I request that the matter be finally settled. In the event of your not making immediate airangements with the bank to advance the £-160, I am willing to accept twenty shillings, per week for a short time until matters are completed.” In reply to Mr. Joyce the Clerk stated that no arrangements had yet been made with the bank.

Mr. J( ,;ce considered they should not carry out the .equest contained in the letter, as they would be paying more for the buildings than they were worth. Mr. Graham thought the matter had been all settled, and they could not very well back out of their bargain.

The Chairman pointed out that they had decided to take the buildings over at the valuation set upon them, but they had not bound themselves to Mr. Adair. They were to take the buildings, provided the money was forthcoming from the bank, and if the bank refused to advance, the Board was not compelled to stick to the bargain. No doubt the money would be forthcoming. Mr. Townley explained that they really intended to carry the bargain out, and that they had appointed a committee to wait upon the banker to try and obtain an advance, but the bank suggested the application should be left over for a few weeks. The whole rested on the willingness of the banker. He did not think they could now question the worth of the buildings, and considered they would be peifectly justified in taking them over, as he believed they could let them at a price which would easily cover the interest on the money paid for them. All that was now to be done was for the committee to again wait on the banker.

Mr. Smith agreed with Mr. Townley’s remarks. The question as to the value of the property, and as to the advisability of taking it over had been most fully discussed ( and it had been decided to take the latter course at £460. The transaction was to be completed and he could not, as businessmen, see how they could very well back out of it. and personally he had no reason to back out of it.

Mr. Joyce said that three practical men had valued the property at £2OO less than the present valuation of £460. The Chairman was of opinion that a second application to the Bank should be made. Mr. Joyce proposed that Mi'. AJair be informed that the Bank had not as yet consented to advance the money for the purchase of the store, and that they therefore could not comply with the request contained in his letter.

Mr. Hepburn moved as an amendment that Mr. Adair’s lerter stand over until the; could make a second application to thei banker.

M»’. Brown seconded the amendment, and as there was no seconder to the proposition, bhe amendment was carried.