THE DOCK TRUST.

Evening Star, Issue 7308, 5 September 1887, Page 3

THE DOCK TRUST.

A meeting of the Trust, held at Port Chalmers thir afternoon, was attended by Messrs B, G. Allen (chairman), A H. Ross, Gourley, A, Thomson, and Captain Watson.

The Auditor-General returned the balancesheet duly approved. The Chairman read tho following letter from Messrs Talfour, Eliott, and Co. (Limited), Melbourne, dated August 24 : Wo beg to acknowledge having duly received your lavor ol the 11th inet. with several enclosures relative to the loan of 1,75,000 which the Otago Dock Trust wish to obtain in Melbourne to enable them to construct a better dock at Port Chalmers, bat' regret that wo have met with no encouragement, and see clearly that if we try to push it on the market just now it will be a failure. Amongst others we tried two of the banks here, one of whom we knew had plenty of money awaiting investment The manager went carefully into the naners but did not think it advisable to take up the debentures or any portion of them. The other bank also would not entertain it. Whatever chance we had of obtaining the money was stopped through an extract from a Dunedin piper loMariSg in the ‘Argus’ of the morning after we rewdved your letter, as per copy endoaed. Our nreventanyone here taking up the JET of our leading brokers who was to move in the affair himself, and reMmmended ns not to force it. Taking everything inta oonsWeratlon we decided not to bring the loan publicly toward, as the chances ol our being sucMSsful were very remote, and if we failed it would probably upset your London arangemant, through i® ■wind. In London that you htid ©ndflavOrCu 10 float the loan here and failed. In any case, In the present state of the money market we could not nave expected to have obtained the money at a less rate than OK and then we do not think that we would tuna got tar.