THAMES BOROUGH

Evening Post, Volume CXIII, Issue 142, 17 June 1932, Page 9

THAMES BOROUGH

PENDING COURT ACTION

■' (By Telegraph.) (Special to "Tlie Evenlni Post,")

. AUCKLAND, This Day. The application to. have a receiver appointed,.in the Thames borough, jvhichT'has been/forced to default in in« terest'payments on £250,000, will be heard in the Supreme Court at Wellington on 27th June.

c The application was made on 'behalf pf four debenture holders, chief: of whom, Mr. Fraser, Of Melbourne, holds abdut £25,000 of debentures.

■The serious financial position of Thames was aggravated by recent defaqlt of the Thames Harbour Board on debentures'totalling £66,000.'

; Parliament last month passed legislation giving effect to an agreemont reached between the Thames Borough Council and debenture holders1, providing for the appointment of'a Commissioner to conduct the affairs of the borough for three years. The appointment may be made on the recommendation- of the debenture holders'or • a majority of them, but the Government must be satisfied that the interests of any dissenters will not be prejudiced. A Commissioner has not-yet been appointed. ■••./-:■.-■■■;.- .. ■~

A storm water ;drain will be laid at Tip Tio road, Miramar,: at an estimated cost of £84, provided a property owner agrees to contribute half the cost. ■ .