TRUST LANDS TRUST.

Wairarapa Age, Volume XXXI, Issue 9136, 11 July 1908, Page 5

TRUST LANDS TRUST.

MONTHLY MEETING

"The; monthly meeting of members jf t':e Masterton Trust Lands Trust was't.c-lu in the Trust office last evening There were present: —Messrs T. B. Michel! (chairman), T. Wagg, C. E. Daniell. E. G. Eton, H. C. Robinson, W. H. Jackson, R. Krahagen and 0. N. C. Pragnell. The Ti-easurer reported a debit balance at the bank of £1,139 lis 2d. A letter was received from Mr C. A. Pownall, stating that the lease of a Trust property to Mr Bulpitt could not be registered unless the Borough Council approved of a right-o*-way, and asking the Trust to obtain the consent of the Borough Council to the right-of-way. On the motion of Mr Robinson, it was decided to approach the Council in reference to the matter, and the Chairman and Mr Robinson were appointed a deputation to await on the Council in connection therewith. The Secretary of the Wellington Harbour Board wrote stating that the Bo.'.rd were prepared to reduce the sinking fund on the loan to 1J per cent. The Board were prepared to advance the money for a term of 21 years at the rate of 4J per cent., the interest to be payable half-yeaily; the money would be available in sums of not more than the amount of £3,000, or le.-s than £i,ooo, in one year._ The first amount would be or. lot SentemV :r r.ext. After considerable d'r.ujsic. it was decided to write to tue Ha-\our Board accepting the terms o.fered for the loan of £IO,OOO, subject to the condition rn „ r Liiav »■-• - ...■• -*{£ . ■ -.. * «11 ti'a;;sacuol-.o aliO'ulJ be arbi? :t io si:: months' notice Messrs Izard and \Ve3ton forwarded a deed of covenant by the Trust to the Commissioners, and enquiring the amount of debentures in connection with the £IO,OOO loan. On the motion of Mr Dariell, it was d<:c!r'eJ that the debentures be made for £IOO en.h

An ap[l:c.Atiop was r:calved from Mr H. M. Boddiiigtoi!, Secretary for the late Hospital Ball, for a rebate of the amount of re:it paid for the hirj of the Town Hell on that occasion. It was -drcided to inform Mr JBoddington that the Trust could not BSS Us way dear to recede to the request.Accounts 1 amounting id $44 7a 7d were passed for payment. Mr RoJPJnson moved " that a Stifocommitted" consisting of Messrs Eton, Krahagen ant> the mover, be authorised to arrange for concerts, at popular prices, to be held throughout the winter months, and to expend a jum not exceeding £SO in connection with the same." On the motion being put to the meeting the proposal was defeated after a division had been taken.

Mr Robinson moved "that it is desirable (1) to obtain authority to expend any of the £IO,OOO loan not already allocated in lending to tenants up to three-quarters of the value of approved buildings to be erected by them upon Trust properties; (2) obtain authority to borrow,, if necessary, further moneys for such purposes; (3) to provide for the Trust leases being made more elastic so as to suit various classes of tenants; (4) that a Bill be prepared to give effect to this resolution." After a considerable amount of discussion, on the four clauses embraced in Mr Robinson's motion it was decided to take the clauses seriatim. Clause 1 was defeated by 6 votes to 2 votes. By the consent of the numbers, Mr Robinson withdrew clauses 2 and 4 of his motion. Mr Robinson stated that as the meeting had been rather long he wished clause 3 of his motion to be held over until next meeting. A motion by Mr O. N. Pragnell "that the Trust seek statutory authority to enable the Trustees to extend the term for leasing the suburban lands of the Trust to tenants for a term not exceeding 60 years," was also held over until next meeting. The annual grants for the year were held over for discussion at the next meeting.