SALE RUMOUR DENIED

Northern Advocate, 24 October 1936, Page 7

SALE RUMOUR DENIED

AUCKLAND HARBOUR BRIDGE PROJECT ISpecial to “Northern Advocate.’”} AUCKLAND, This Day. Rumours circulated in Australia and in New Zealand to the effect that the Auckland Harbour Bridge Company, Ltd., had been trying io sell the project were strenuously denied bj' the chairman of directors, Mr C. Hams, at the fifth annual meeting of the company, held yesterday. “I can state without reservation that this board has not sold out to any other organisation, nor can it do so if it wished, as’ the Empowering Act is for the Auckland Harbour Bridge Company,. Ltd., and cannot be transferred to any authority whatever,” said Mr Hams. “I assure you that the board has not the slightest intention of selling out.” Annual Report. Present at the annual meeting, which was largely attended, was Mr M. R. Hornibrook, managing director of the M. R. Hornibrook Proprietary, Ltd., of Brisbane.

The annual report was adopted without discussion. ' Mr Hams, in moving its adoption, said it was unfortunate that the company’s plans were frustrated by persons who went to Australia and upset certain negotiations after an Australian syndicate had secured an option to finance and construct the bridge. Negotiations were then started with another large Australian trust company, which eventually took an option and sent a representative to Auckland to examine the possibilities of the scheme. As the result of his report, Mr' M. R. Hornibrook had visited Auckland.

The New Zealand Government had been most helpful in every way, and the delay occasioned was not the Government’s fault, but because of reasons already given. “I beg to stress the importance of the negotiations about to take place and the vital need for wholehearted support of your directors in their difficult undertaking,” said Mr Hamsl

“We all keenly desire a speedy termination of the complicated tasks before us. # However, we must realise that weeks; and - possibly several months, may elapse before finality is reached.”

Satisfied With Progress

Mr M. R. Hornibrook said he had only been in Auckland since last Saturday, but was satisfied with the progress made up to the present time. “A lot of water must run backwards and forwards before the bridge is built,” he added.

“Mr F. J. Hornibrook spent much time early this year in Auckland investigating the proposition, and on his return to Australia we went into his report, which was considered of such importance that I am here to make further investigations. I do not know when I will be able to furnish my report as to the probable action we might take, but I hope, however, that the shareholders will not be disappointed in my visit.”