MR ELDER'S REPORT.

Evening Star, Issue 7402, 23 December 1887, Page 2

MR ELDER'S REPORT.

A gpooial meeting of tho Otago Dock Trust wis held this afternoon at Port Ohalmors ; prpsont-Messrs B. 0. Allen (in tho chair), Dcnniston, Gourlcy, A. Thomson, anJ Dawson. i Tho following report was read from Mr Elder:— "l have the honor to report that, according to arrangement with you, I sailed from Port Chalmers on Novembor 5, 1886, and arrived in London on January 3, 1887, for tho purpose, df negotiating the sale of your debenture* issued undar powers conferred on the Trust by the Ot»go Dock Trust Act. Immediately I landed I put myself in communication with sovoral financial houses, but found tbat tbe Otago Hwbor Board had issued eiroulars to tbe principal firms in London containing damaging statements about the Trust. A copy of life circular I forwarded you at tho time. Prior to ray finding this out I had arranged with a responsible firm to take over tbe loan at par. But so soon as tbe circulars were brought under tbejr notice and mv -own I had to submit to the cancellation of all that bod been verbally agreed to, my friends remarking that, although they themselves were perfectly satisfied of the bona flfe character and worth of the undertaking, Ihe London money market wasrof so mercurial a ; nature that any enterprise whloh was 'blown upon,'truthfully or otherwise, coald not be expected tofloit at a reasonable prjoe in the open market. I wis therefore advised (6 work on other lines. After rha-jy mbnthß of most mortifying and harassing delay, I ata pleased to say tbat I wbb fortunate enough to make terms with one of the best financial ; houses |n London a firm whloh has successfully negotiated loans for docks, railways, arjd waterworks all over the world, and the agreement; in legal form, Is forwarded herewith. 1 need not enter into funher particulars. I enolose a statement showing receipts and expenditure on account of the Trujt, whloh I trust you will find t ®|ireot. I have to express my regret tljat the action of the. Otago Harbor Board, coupled with that of .some few ,Du#edln citizens, should have resulted in'such a sdrjbus loss-to tbe Colony, and trust -that under the olronrnsliinces the members of tho Trust will be satisfied-that I have done the best for them tbat Obuld be done." . ! The Trust theruvent into. Committee to dismiss the report and the agreement entered into by Mr Elderj