BOROUGH COUNCIL AND GAS PURCHASE.

Taranaki Daily News, Volume XXXXIII, Issue 38, 20 February 1901, Page 2

BOROUGH COUNCIL AND GAS PURCHASE.

At the last meeting of tho Borough Council, the N.P. Gas Company submitted a long statement in reply to tho i Council's enquiry re purchase of tho Company's plant, etc., pointing out tho, increased value in their property since the works were erected, and that no satisfactory results would likely to be arrived at relative to tho proposed purchase unless the Council was prepared to oiler a price sufficient to .secure a return to tho shareholders on the (•ash conversion equal to thnt now received l.y them froo of all fa.v and, in addition, a sum for goodwill and other expenses incidental to winding up. Cr. Bellringer said the reply was not an answer to the Council's enquiries. The Company had ommitted all mention of the depreciation of the pipes; which had beou underground for the last 20 years. As to the Council offering a price, the Council could not well be buyers and sellers as well. Ho assumed tho Company would he asked to replv to the inquiries made by the Council. If the Company did not want to sell let them say so straight oat. Cr. Ward was not surprised the J Company did not quote a price, as they did not want to sell, and were content to hold on. Ho thought the Company were afraid to make an offer in case the Council accepted it. The Mayor explained that a director of the Company he was obliged to refrain from taking part in dealing with the matter, either as a director or as a member of tho Council. Cr. Lealand asked what was the position. Tho Council had obtained authority for a loan for electric light, and it seemed like going behind the burgesses to proceed with proposals for 'acquiring the gas, |

Or. Uollringer.—Tim point is that a numerous section of the ratepayers consider that tho gas should be in the hands of tho Council, and thereforo inquiries were set on foot. It in no way 'interfered with the present loan, as if the "as wero to bo acquired another loanwould be necessary, and tho ratepayers would have to consent. After some further remarks by Ore, lOlow and Ward the subject dropped.