THE AUCKLAND TRAMWAYS

Press, Volume LV, Issue 10059, 10 June 1898, Page 5

THE AUCKLAND TRAMWAYS

(PRESS ASSOCIATION TBLKGRAM.)

AUCKLAND, June 9. The Streets Committee of the City Council has opened three proposals tor the application of electricity to the city tramway. Mr W. Gentry Bingham offered to pay, a rent of £400 per -annum, to provide lourure light* of 2000 candle power each in< the busiest part of Queen street, and to give the City Council 5 per cent, on the profits of the undertaking up to £5000, and 10 per cent, on any profit in excess of that sum. He proposed a lease for thirty years, with power to the Council to take over the undertaking at a valuation at the end of that period, or at any time thereafter. Mr Max Epstein offered a rent of £300 per annum, and asked for thirty years , lease. He proposed that the Council should have the right to take , over the tramway at a valuation at the end of thirty years, or at the end of every period of five years thereafter, the price as ascertained by valuation at the time of the purchase to be reduced by 10 per cent, for every five years after the original thirty years. Under this scheme the undertaking would revert to the city without payment at the end of eighty years from the commencement of lease. Mr Hunt submitted a scheme under which the City Council would guarantee debentures for three-fifths of the capital and a company would provide the other two-fifths and run the tramways. The consideration of the proposals has been deferred till Monday, and they have been referred to the * city solicitor for his opinion.