GENEROUS TERMS

Gisborne Times, Volume LXIX, Issue 10811, 4 February 1929, Page 5

GENEROUS TERMS

EXTRA' LAND FOR SHOW

GROUND

MR. 11. G.'TUCKER’S OFFER.

Generous terms, to enable the Poverty Bay Agricultural and Pastoral Show Association to , purchase the property of. 34 acres adjoining the new show ground of 30 acres were submitted *to the executive on Saturday. by Messrs. Nolan and Skeet, repreHenting the • trustees of the estate of the late : W. H. Tucker. The property 'was offered for £2,235, the offer to remain open for acceptance until noon on March. 30. The present tenancy of the land was terminable upon a month’s notice. The, sale was to be a cash deal, but Mr. H. G. Tucker would advance the whole of the purchase money and take a first mortgage over the property for 20 years, interest to be at;the rate of 5 per cent., any of the principal to be- paid off at any half yearly date the interest, fell due, and so long as one mouth’s notice was! given the principal could be repaid in amounts of £IOO or multiple. A protective clause would have to be provided for Mr. H. G. Tucker that in event of the resale of the, property without his consent, the whole of the purchase money was to become payable immediately. . Mi-. R. W. Coop, president, announced that if the association bought this property Mr. H. G. Tucker had offered to make a cash donation of £loo.to the association s funds, which would bring the price of the land down to approximjately £62 par acre. '.. V Some surprise was expressed. - # by members concerning the generosity of the terms, but a note of caution was sounded by Mr. Chas. Matthews. He agreed that the price and terms of the property. were _ exceptionally reasonable, but he reminded-members that there were already two racecourses excellently appointed in the district and he did n6t think a. third ground equipped with stands and other buildings, was warranted. He called for further information as to what terms the Gisborne Racing Club were prepared to offer' for a 'ease of the Park course for 10 or 21 years as a -show ground, and.on his motion a committee comprising Messrs. R. W. Coop, J. livers and Chas. Matthews was . appointed to obtain that information for submission to" the general meeting. Information was sumbitted to members showing the area 'of show grounds in ether centres: Wanganui 471 acres, Invercargill 30 acres, Fellding 2S acres, and Stratford 39 acres. v ", 1 , The, appointments required for the new ground were discussed, and it was eventually decided that Messrs. H. C. Williams, J. Eivers And Chas. Matthews should obtain from Mr. F. H. Forge, architect, estimates for the erection of 400 covered sheep pens, covered pig pens, and also yards for fat and dairy cattle, also for the erection of a" grandstand, levelling of the ground and the installation of sanitary and water services. The, question of raising the finance for the erection of the appointments if the show was moved to the new ground this year was discussed, the organisation of a sheep drive being suggested, but it was decided to defer "this consideration until the) general meeting dec tied-./whether or not to buy the additional ground. The committee generally agreed that in event of purchase of the new - property, the question of whether this year’s show could he held on the new ground would have to be reconsidered from a financial standpoint, and, also in. view of. the ;tifnb available. ', '•; » ' . ■ It was decided to'Submit the offer, together ;With the estimates and other data, to .the general meeting this montli.