THE EXCHANGE OF SITES.

Wairarapa Age, Volume XXX, Issue 8502, 3 August 1907, Page 5

THE EXCHANGE OF SITES.

GOVERNMENT'S OFFER REFUSED BY THE TRUST. A special meeting of the Masterton Trust Lands Trustees was held last evening, when there were present :—Messrs T. B. Michell (chairman), Thos. Wagg, D. Caselberg, E. G. Eton, J. Hessey, W. H. Jackson, E. McEwen and R. Krahagen. Mr A. W. Hogg, M.H.R., forwarded the following letter from the Minister of Justice (Hon. Jas. McGowan) with a request that it should be submitted to a meeting of the Trustees: —"Referring to the proposed exchange of sites between the Masterton Trust Lands Trustees and the Government, I have the honor to state that the Government will consent to the exchange on the Trustees paying the sum of £I,OOO. This, as you are aware, is a substantial concession on the part of the Government." Another letter was received from Mr Hogg as follows: —"With regard to the amount required in connection with the exchange of sites, I have no doubt that any reasonable proposal in reference to payment will have favourable consideration. The Hon. J. McGowan has promised that if the Government agree to accept instalments he will not object to such a proposal. I will be glad when the matter is settled so that I can press for the erection of the new Courthouse." Mr Hessey moved that the offer of the Government should not be accepted. He stated that the Trust's property in Hall Street was valued at a lower price than what it was worth. In about ten years' time it would double in value. The erection of a Courthouse on that property would not enhance the value of the Trust's property on the opposite side of the street. He would much prefer to see the £I,OOO asked for by the Government expended in erecting a building on the Trust site in Hall Street, which the Trustees could let. Th 3 Trust would be doing an injury to the town by giving the Government a site double the size of the one they would receive in exchange. Mr McEwen, in seconding the motion, said he was of the same opinion as Mr Hessey. He did not consider that the Government were making any concession'whatever. In his opinion if their offer were accepted the Government would get the best of the deal. Mr Jackson said he would not like to see any resolution carried that would stop negotiations in the matter. Apart from the bargain side of thD question, it the exchange was not made, a police station would be erected on the section in Queen Street, and the matter of having the police station away from the centre of the town was worthy of consideration. While there was only a probability of letting the section in Hall Street there was a certainty of letting the Queen Street site. "I consider that the Trustees would be doing wrong in shutting down negotiations byvwhich they could obtain the site in Queen Street," said Mr Jackson. . Mr Eton said he was of opinion that the Trust would make a grave error if they refused the Government's offer. He proposed to movj as an -amendment that the offer be accepted provided the Government extend payment over a period of five years at a fixed payment of £2OO~ per year. The Queen Street site could be let at a rental of at least £5 per foot, thus giving the Trust an income of £2lO a year. At present the Queen Street site was an "eyesore" to the town, and if a polica station were erected there it would depreciate the value of the adjacent properties. The Government had already granted the Trust a concession—he contended that it was a concession—and it was absurd to say that the corner section in Hall Street would become one of the most valuable sections in the town. He considered that it was not as valuable now as it was ten years ago, owing to Pine Street having become the principal thoroughfare to the Railway Station. Mr Caselberg said that if the Trust could obtain the site in Queen Street by payment of £I,OOO on easy terms, it would be good business for them to make the exchange. If the Queen Street site were let at an annual rental of £5 per foot the Trust would be making a clear profit of £l5O a year. He certainly thought they should accept the Government's offer if reasonable terms could be obtained. "The site in Queen Street offers more business advantage to the Trust than the Hall Street site," said Mr Krahagen. "We could make a quicker profit out of the Queen Street section." Mr Michell said he would certainly oppose accepting the Government's offer. He considered that £SOO was quite enough to pay for the exchange. Mr Wagg said he would also oppose accepting the offer. Mr Jackson said he was in favour of accepting the offer of the Government, but it should be pointed out that the Trustees had expected a more liberal concession. He thought they should accept the offer on the condition that they should be allowed to extend the payment over twenty yearp, because the payment of a larger sum than £SO in any one year would prejudice educational interests in the town. Mr Hessey said the proposition was absurd. To make the exchange would be sacrificing future for , present interests, as the Hall Street section in time to come would be as valuable as the one in Queen Street. Mr Jackson said if the payments were extended over a period of twenty years the Trust in reality would not be paying £I,OOO for the exchange. They could let the Queen Street section at. say, £4 a foot, and they would still be making a clear profit of over £IOO a year. Mr Eton said his idea was to | extend the payment over five years. I By letting the Queen Street site at £5 a foot they would obtain £2lO a year, and he thought they should pay this to the Government and liquidate the debt. However, he did not care how long a period the payment was

extended over. Mr Eton then moved the following amendment: —"That the offer of the Government be accepted, provided payment of the I £I,OOO be extended over a period of twenty years, in annual payments of £50." Mr Jackson seconded the amendment. " Mr Hessey said that he thought if the Trustees put that proposition to the voters it would be lost. The amendment was then pjt to the meeting and lost on the casting vote of the Chairman. The voting was as follows: —For the amendment, Messrs Eton, Jackson Caselberg and Krahagen; against, Messrs Michell, Wagg, Hessey and McEwen. The motion, "That the Government 's offer be refused," was carried, also on the casting vote of the Chairman. Mr Jackson gave notice to move at the next meeting of the Trust "That the motion passed at this meeting be rescinded."