CITY TRAMWAYS.

Auckland Star, Volume XXII, Issue 282, 27 November 1891, Page 4

CITY TRAMWAYS.

A i/KTi'ER was read at the meeting of the City Council last night from Alessre Whitakcr and Russell as follows :-f" mortgagees of tho Aucldaud tramways base to-day caused tho properties and,concessions of the Company to be sold by auction through bhe Registrar of tho Supreme Court, under the powers contained in tlieir securities, wich tho result tlmfc tho whole wero bought in by the mortgagees,- ths Bank of New Zoalaud jßatabea Company (Limited). Wβ have nov, therefore, to ask your Council to conpent' tv this transfer, by which the Bank of jN T e\v Zoalaud Estates Company (Limited) become the owners of the tramway properties, plant and system. This in accordance with tiio suggestion made by your Council bhab tramwaya should be vested in a responsible ownor. The necessary deeds for carrying into eiTccJj the transfer of tho properties will be prepared in duo course and forwarded to your solicitor for approval.•' The Mayor said this waa ono step further on in tho tramway business. Of courso tho Council would grant the transfer, but that oould not bo dono until the deeds had been submitted to the City Solicitor for consideration. . For tho present the letter was received.