GAS COMPANY'S RIPARIAN BIGHTS. A SUGGESTED EXCHANGE. Recently the Harbour Board wrote to the Auckland Gas Company, asking for the terms and conditions upon which it would be willing to relinquish the rights of water frontage appertaining to the property immediately to the westward of the Freeman's Bay reclamation. At the meeting of the Harbour Hoar* a reply from the Gas Company was react, stating that it was difficult to estimate in money merely the value to the Company of its riparian rights, as direct access to the harbour was of very great advantage to the industry. They proposed that in exchange for their riparian rights the Board should convey to the Company certain areas of water and reclaimed land specified on a plan. The basis on which the relative values <ot riparian rights and compensation area had been worked was £5 a foot for riparian rights, £3000 an acre for reclaimed land, and £ 1500 a.n acre for water area. The arrangement would involve sotting out the proposed esplanade 20ft. further seaward; but as the esplanade -was not in direct alignment with Fanshawe-street, this probably would not be regarded as a serious matter. The Company would reclaim the water area as soon as possible.
On the motion of the Chairman, the letter was referred , to the Board in committee. Mr. Mitchelson eaid it was quite obvious that this proposal could not be accepted, but some satisfactory arrangement might be arrived at.
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