HUTT VALLEY TRAMS,

Dominion, Volume 4, Issue 1177, 12 July 1911, Page 2

HUTT VALLEY TRAMS,

AN INTERESTED SYNDICATE. Tho Hult Valley Tramway Board met last. oveniHE, tlipru being present: Messrs. J. \V. ATliwan (chairman), 1!. Stevens, J. Piper, J. T. Hawthorne, S. V. Bur. ridge, l<3. ltishworth, and 11. E. KempUlUl'llG. Mr. .f. \V. Jl'Kwan, whoss term of office had expired, was re-elected chair* man for the ensuing term. H was staled that (he work of collccfc ing the outstanding rates was being ao. lively proceeded with. Someone raised the question of the board's iinandnl position in the event of dissolution. Tho secretary stated that the board's position, under the circumstances, was' not improving as timo went on. There was now a deficit. The chairman pointed out that the Act provided for tho striking oC a rate wherewith, if necessary, tho hoard could pottle up its accounts with its creditors. The subject was (lieu dropped. Considerable discission , took piucc with regard to tho overtures which' had been niado by a syndicate for an option of the board's pnlernriso on certain conditions, lho syndicate had nsked for a straight* out option, but the board could only grunt a delegation under lho authority of tho ratepayers of the powers vested in. it—except as to rating, which it could not delegate-under the Hntt Valley Tramways Act of I'JOS. This "authorieini order" would specify the route, gouge, rails, traffic arrangements, nnd motive power, and would )>e based upon plane and descriptions of the work. Tho main iiaints in (ho negotiations wre that tho Ircunway Board Was prepared to ask the ratepayers for authority to delegate its powers, subject to certain conditions— right of purchase, at a valuation, at th« end of H years, and an eight-mile track, lhe syndicate is' not prepared to agree to a 14 years' purchase on a valuation, though a similar arrangement covering a period of 21 years would bo acceptable. In a smaller period, Mich as 14 years, the syndicate considered that the "profits of the venture should be set against the limitation of the period.

■ Mr. Hawthorne took exception to the developments which had occurred in connection with (he cyndicats. They wanted, he said, a nine months' option without paying n penny for it. There was no syndicate, he declared. What was more, the board hnd no right to commit itself to the extent which it had done without consulting the ratepayers. He had raisod that point before. The matter had its moral as well as its legal aspect, and lie had been influenced bv the former when making his stand against the pro. posal. Mr. J. Piper desired to know whether the syndicate . was a "constructing syndicate," or only an "exploiting" syndicate. No one answered the question..

The chairman (Mr. J. W. M'Ewan), generally defended the policy of the board ir. connection with the matter, and declared that, throughout, ho had been actuated- by a sincere desire to serve the general interests of the ratepayers. It was decided that circulars should 1)C issued to Ihe ratepayers, setting, out the present position of the negotiations.