MASTERTON TRUST LANDS TRUST.

Wairarapa Age, Volume XXXII, Issue 10240, 17 May 1911, Page 5

MASTERTON TRUST LANDS TRUST.

annual meeting of voters. The annual meeting or voters of the Mas teuton Trust Lands Trust was held in the Town Hall last evening. About forty persons were present, and tihe chair was occupied by Mr Thomas W&gg, chairman of the Trust Lands Trustees. The secretary read the notice calling the meeting, and the minutes of the last annual meeting, which were adopted. THE ANNUAL REPORT.

The annual report and Balancesheet were read.

In moving the adoption of the report, the chairman said Tr"r+ had been under a heavy expense during the year. They had, however, an exceptionally good year in rega*to rents. The new building wouki, they believed, yield a good return. They did not intend building until they got satisfactory tenants. They could) not, therefore, be termed speculative. The usual grants had been made to the schools during the year. He was personally of opinion that they might reasonably spend a little more upon the ismaller school. In seconding the motion for th 1 adoption of the report, the Very Rev.. Dean 'McKenna. complimented the Trustees upon the way in which the interests of the Trust had .been conserved in past years. The value of the Trust nad steadily increased, until to-day it was worth between £40,000 and £50,000. The work done during the past year had been satisfactory. Dean McKenna stated that it could not be expected that the whole of the lands of the TV II Ft would be remunerative. He felt sure, however, that as the town processed the greater portion of the hnds would be reproductive. He complimented the Trustees upon the satisfactory exchange recently made.. He was pleasedi to see that the bai-lee-sheet showed that the building operations had been successful, and he had no doubt the.future operations would be equally remheurative. •Dean McKenna thought that any person who desired to change the\ policy of Trust would not be acting in the best of the town. He referred to the good work done for the Technical Sehcol and cM: . schools, i Mr Robinson ,saidi he did not wish to oppose tlie resolution, although hj? i disagreed with the statements tained in the report concerning the "Star" Block. Mr C. E. Daniell ppoke at seme length upon, the general work of the Trust. He noticed it had been snid that the Trustees had not devoted a sufficient portion of their revenue to educational purposes. He pointed out that during the past sevei rffrr a sum of £3OOO had been expended on the various schools. The present generation was also enjoying the benefits of the Town Hall, which had oast £SOOO over and above the land. This money, during the past seven years, had yielded about two. per' cent. The Trustees had. been asked through the Press to give a lead, and to state what they intended doing j with their revenues. Personally, he would state that he had previously advocated the establishment of an j agricultural school on a ( small scale. Mr Daniell proceeded to refer to the value of agricultural education. Mr Robinson rose to a point of order. He asked if Mr Daniell's speech was relevant, or whether it was a "stonewall."

. Mr Darnell said he was surprised to hear such an objection raised. Proceeding, he istated) tkat he had his eye upon a section of 150 acres of land belonging to the School Commissioners, which lie thought was admirably adapted for an agricultural farm. They could not expect, however, that this land should be handed over by. the Government and a school ' subsidised. The Trustees hoped,.in the course of time, to have a sufficient revenue with which to provide their own school. The lands had been originally let at small rentals. . The Trustees were now, however, securing a ifair yield from their estate, and were endeavouring to increase it. The object was to provide the revenue with /which to establish a farm school. . Mr Daniell referred to the financial operations of the Trust, land stated' thiat a sinking fund wias being provided and a sum .set aside every year to pay off the debit on the Town Ilall. He could) very nearly esrtimlate what the position would be wthen the building operations were completed, but he was not going to act as a prophet. The motion for the adoption of the report was then put- and carried.

MR ROBINSON'S MOTION. Mr Robinson then proceeded .to introduce his motion in regard to the policy of the Trust. Mr J. Prentice rase to a point of order. He asked if the .resolution of Mr Robinson had been before the Trust. The chairman replied that isfc had not. Mir Prentice protested that it was not right for the voters to discuss questions which, had not been before the Trusit. He thought it out of order entirely. The' chairman' said he -would accept the motion if it was seconded. Mr Robinson then moved., "Th'at seeing the unimproved value of the Trust is over £40,000, and that it is only returning 1$ per cent, on this amount, this is an indication that a re-organisation of policy is required." Mr J. Caselberg -seconded the motion pro f©rma. Mr Robinson stated that he did not coine befroe the meeting to attack what Lad been done in the past. He .merely wished to show how they might avoid mistakes of the past. He did not intend making/an electioneering speech. (Laughter.) Hie primary blame for the mistakes of

the past rested with the electors thomselve-s. Mr Robinson s-aid that during rtcent jears lir lamell had been the paramount Trustee, and) he looked to him to answer for tie mistakes. he (the speaker) was going to all'jgo liad been made in the past. Mr Ilobinson contended that df the glands of the Trust had been leased on attractive terms, they would have been yielding at least 3 per cent. The Trustees would then have no reason to fear losses from fires, bad tenants, rates, or anything of that sort. If a satisfactory form of ground rental had been provided, the balance-sheet of the Trust would have been in a more satisfactory position. The speaker alleged that the leases of the Trust had not been at- | tractive, because they provided for I the land being re-offered at the ex- | piry of the lease. At his (Mr Robi inson's) suggestion, the Trustees were now offering leaseholds which j were as good as freeholds. The loss sustained through the Trustees | not having made their leases attractive hadi been enormous. If the j right policy had been adopted in the past, Hall Street would have been filled with shops which would .have brought in large revenues in rental. When tire failure of the leases was discovered, the Trustees determined upon mortgaging its estate and building for speculative purport The interest on mortgages bad to V * paid, and private individuals Wou~ ! tell them .that buildings were not a too profitable proposition. As a Trustee he objected. He claimed that the net profit from the building was now only £BB 5s per year, and th r "s on an asset of over £BOOO. AMiough they had got good tenants, he urged that the risk was too great. Tihe speaker- agreed that as a speculation the (buildings to be erected on the exchanged sites might be profitable. He objected, however, to th© principle under which the negotiations were 'being carried out. Be thought that if the land was let on a ground rental they would have pursued a safer course.

Mr 0. Pragnell, in speaking to th? resolution, said that Mr Robinson's assertion • that only £'9l had boon expended, during the past year on public purposes was. untrue. Mr Pragnell qiio-ted figures in support of his contention. He claimed that the whole of the Trustees had done their very best t" increase the revenues of the Trust. He urged that the Age Block was a splendid investment. Mr Pragnell thought it remarkable thai it had remained f Mr Robinson to oisoover that tho Trustees had been pursuing a wrong policy for years. He did not agree with Mr Robinson that the who'o of ithe land® would Ixay-e been leased had the Glasgow lease been in operation in the past. People preferred the freehold to the leasehold. Mr Pragnell isaid he was prepared to support the Trustees, and he gave them credit for having done their best in .the interests of the town. Mir Daniell stated that Be had been personally named by Mr Robinson. He (Said the resolution was practically one of no-confidence in the past Trustees, and he was prepared to accept the decision of the public on the question. He pro-, tested that Mrßobinson was wrong in asserting that the Trustees had not a satisfactory form of lease. Their lease had, in many respects, been similar to the Glasgow lease. Mr Dariell maintained that the policy of the Trustees ki regard to bulidi'iig had a good one. Tli2 chairman said he was surprised that Mr Robinson had not been aware that the leases for years had been practically, Glasgow leases. Mr Rtobinson having replied, -the motion was put and lost ,on the voices. Mr Robinson, proceededi to put his second resolution, but as tbe audience began to leave, he withdrew it, and submitted his third resolution tli&t the Trustees should offer to lease the Town Hall to the Borough Council at a rental of £l5O. The motion was seconded by, Mr Helbmton, but was lost on a show of hands. ' . \ Mr Robinson: lam satisfied. I have asked for tllie verdict »f the public, andi I have got it!