CORPORATION AND ELECTRIC SYNDICATE.

New Zealand Times, Volume XXVIII, Issue 6052, 9 November 1906, Page 9

CORPORATION AND ELECTRIC SYNDICATE.

WHAT IS BEING DONE. The negotiations between the City Council and tho Electric Light and Power Syndicate for the purchase of the latter’s plant, etc., by the Corporation have not yet been concluded. Asked yesterday whether anything new had transpired in this connection tho Mayor (Mr T. W, Hislop) replied that, tho matter waa still under consideration. He had not, since receiving the report of the two valuers appointed to put a valuation on the Syndicate’s plant, had an, opportunity of meeting the other side to seo, if anything like a reasonable purchase price could be arranged. Mr Hislop contemplated, however, with the consent of tho Council, placing tho reports presented, with, the, statement! of the balance-sheet of tho Syndicate, and tho statement of what the privileges of tho Syndicate really are, before two business men, for their advice as to what they think would be a fair figure for tho Corporation to give for the electric lighting plant. This advice would of course be treated as confidential, and only bo used by the Council in the negotiations. Tho Mayor recognised that in the event of more stringent regulations being enforced with regard to electric wires, as the outcome of the recent fatal accident, the cost of putting tho Syndicate’s wires in order so as to comply with fresh regulations would have to bo borne by the Council, should it acquire the Syndicate’s property. Ho did not think however, that that first cosh would materially matter, and it would not, ho considered, bo very expensive to maintain tho wires after that from the safety point of view.