TOWN LANDS TRUST.

Wairarapa Daily Times, Volume VII, Issue 1909, 7 February 1885, Page 2

TOWN LANDS TRUST.

The ordinary monthly meeting of the Trustees was held last evening. Present —Messrs Hare (Chairman), Feist, Gapper, Lowes, Muir, and Perry. The minutes of the previous meeting were read and confirmed. —The Treasurer reported a credit balance of £l4 2s 2d, MONEY 10 INVEST. sijtli reference to the resolution pre yiousiy parsed iq invite .tenders for the investment of ,Groytown, and £IOO of other monies., —-The Chairman suggested that the money ba lent for a period of five years,—r-Mr Gapper thought a longer term' would be more advantageous,-—Mv Lowe? hi' quired in what position they would be if they tied up the money for a long period and then happened to require the use of it, —Mr Muir recommended leaving the question over for the. decision of the annual meeting. He moved that the matter be left in abeyanco for three months. —Mr Feist considered Mr rffllutjoji out of order unless the previous repoj/ition were rescinded, and moved that the tepi wMM yejf,"*MrMuir's resolution was rulei? to'fyo {ll order. —Mr Lowes desired to know if Mr Muir had any other reason for the delay. If the Trust suffered in interost for a period of three months they would not be justified in postponing the investment of tho money. ■ —Mr Muir said there was a difference pf opinion as to whether the money ; was required by law to be invested as a mortgage in real estate or in the purchase 'of real palate,——Mr papper thought they should' have 1 BufEoient mpraj courage to give effect to their own opinions, |f they''differed, the minority must give way tq the majgi'ity.:^-% Muir replied that the mjnp% wepe justified in doing all in their power- tp gjy.e effect to their opinions,—rMr Lpwcs thought that Mr Muir might fear that the money would be frittered away by calls from other bodies if not invested in real estate, —Mr Muir; It might be. —In answer to Mr Lowes the Chairman said their Solicitor had advised them that they had a discretionary.power as tothe investment of the money.—Mr Gapper understood that the money was deposited at interest for .a period in order to allow time tp invest it in the purchase of a freehold property if a suitable investment was presented, Lpwes if a promise were given by the representatives of the Trust to the Committee of the House to invest the proceeds of the sale of the Greytown reserve in another freehold. —The Chairman: All tho promise given was embodied in the Act,—The Secretary said Mr Bunny's opinion was that the wording of . the Act was'-very ambiguous.—r-Mr Lowes : "What was in ynur mind when you gave' that promise Mr Chairman ?"—The Chairman:"" To dp' the best I could for the Trust, eight percent intorest is better than looking after -bad tenants I"—-Mr Lowes pointed :'out that on the other hand a property-bought now for £250 might in ten years' time be worth a couple of thousand pounds.—--Mr Feist's resolution which was taken as an

amendment on Mr Muir's resolution was then carried by 4 to 2.—Mr Lowes moved a further amendment. His recollection of the affair was that it was the intention of- the Government that the money received from Greytown should be .invested in tho purchase of a 'freehold. Tho Trust might be called to account for a violation of confidence reposed in them by the House and by the public. Ho moved that tenders be invited for the use of the money for one year only.—Tho amendment' out of order!——Mr Lowes then gave notice of motion'.'! That; hfijender be accepted whentenders were received."—-Mr Feist -could not agree Mth.Mr, Lowes' ; view as they-.had obtained a. legal opinion as to their position'.' 7 '■-. PRINTED lEASES, The Chairman roported that a-draft lease had been prepared which could be printed-for the convenience, of lessees. —Mr Lowes-: Why should- wo constitute ourselves solicitors for the community and take bread out of lawyers' mouths.? —The' Chairman suggested that Mr Lowes'should peruse the draft lease. -^—. Mr Lowes said ho was looking, at '.the principlo of the thing not at the conditions. . TOWN BOUNDARIES. The Secretary reported re disputed boundaries at-Kuripuni that the Crown Grant to Trustees was an earlier one than that Mr. Walton held, and showed that their boundary was.the other side of the Kuripuni Creek.'. Mr Walton had.a subsequent, grant" giving .him & title up to. tneoreek,—The Chairman :■ Our Crown grant is dated 1858, and Mr Walton's is dated 1864.—Mr Lowes inquired if Mr Walton's land had passed through the Land Transfer Department.—The Secretary said the officer had applied to Mr Walton for his grant to be returned for rectification, Mr Lowes recommended that notice should be given to the Land Transfer office not to register any applications connected with this land until the boundary question.was settled. —-Mr Gapper supported Mr Lowes proposal which was agreed to, LAIfDS AIIENATED. Mr Muir asked for a return of all lands alienated from the Trust since its formation showing the numbers of the acres and tho prices obtained for them, —The Chairman said the Amendment iota would give this information, as they had possoßßOd no powoi,' to alienate any land Withoul Spiflfl WstatlVci eli&GthicTit, 'Tiißliife'iiiialiJi^.JuVuilcdi