NEGOTIATIONS ENDED

Sun (Auckland), Volume 1, Issue 5, 28 March 1927, Page 7

NEGOTIATIONS ENDED

PRICE BELOW BOROUGH OFFER

DEVONPORT OFFER DECLINED

Although negotiations have been taking place since Friday between the Devonport Ferry Co., and the Takapuna Tramways and Ferry Service Co., Ltd., in regard to an offer made by the Devonport Ferry Co., for the purchase of the ferry portion of the Takapuna service, it is now stated that the Devonport Ferry Co.’s offer has been declined and that negotiations are now at an end. It is stated that the offer made by the latter Co. for that portion of the service they proposed taking over was several thousand pounds less than the valuation placed upon it with the option obtained by the Takapuna Borough Council.

Following the judgment delivered by Mr. Justice MacGregor In the Supreme Court on Wednesday to the effect that either a new agreement between the Takapuna Borough Council and the Takapuna Tramways and Ferry Company must be drawn up in conformity with the judgment, or statutory authority to purchase the service obtained, proceedings in regard to the purchase of the tramways and ferry service by the Takapuna Borough Council reached a deadlock. At the latter end of the week, however, proposals put forward for the purchase of the service by the Devonport Ferry Company brought in sight a possible solution of the problem that now confronted the Takapuna Borough Council. Negotiations between the two companies concerned which were continued until Saturday, however, did not bring the matter to

finality, although it is understood that at a meeting of debenture holders in the Takapuna Coy., held on Friday, the company was urged to come to terms with the Devonport Coy. Further negotiations took place today. when it was announced that the offer of the Devonport Ferry Company for the ferry plant had been declined. Following the statements published that the oer made was several thousand pounds above the sum at which the Takapuna Borough Council had the property available to it under the municipalisation scheme, the Hon. E. W. Alison stated this morning that such was not the case, the offer made by his company for such of the plant which they proposed acquiring being ‘several thousand pounds less than that price placed upon it to the option obtained by the Takapuna Borough 1 Council.