HUTT VALLEY TEAMS

New Zealand Times, Volume XXXIII, Issue 7850, 12 July 1911, Page 1

HUTT VALLEY TEAMS

BOARD AND SYNDICATE, A meeting of the Hutt Volley Tramway Board was held at Lower Hutt last evening. Present —Messrs McLwan, Stevens, Hawthorne, Piper, Eurridge, Kishwoith/. and Kempthorne. - The chairman of tho old board, Mr Meilwan, briehy outlined tho position inwhich matteis now stood in relation to tho syndicate which x>rop-o&ed to takeover the board's rights. He read a letter the board had forwarded to the syndicate, embodying the terms under which tho option had been granted' to the syndicate, and stating that additional legislation would have to bo enacted before the concession could be legally granted. Messrs Petherick and Micheil, solicitors, on behaif of Messrs D wan in ropiy to the letter forwarded by tho Board, wrote stating that a strong syndicate had been formed, which intended to promote a company, with a capita!, of ABO,OOO, to acquire the right to • construct and run the tramway. They suggested that the clause in the board's letter relating to the board's power of, xrorchasing at the end of fourteen years be amended to allow of a profit to thn company equal to 7 per cent, on the capital expended, also that tho company be allowed twelve months in which to commence work, three years bo complete sis mlies of track and two years more for an additional two miles, also that tho board should l>ear tlie cost of the amending BUI which would be necessary, and should bear half the cost of tho authorising order. The letter concluded byassuring the board that tho syndicate meant business. Tho board decided to havo a copy of the letter and of the one forwarded to the syndicate circulated among members, and to hold a special meeting to consider the letters at 8 p.m on July 18th. THE CHAIRMANSHIP. • The election of chairman was then proceeded with. Mr McE-wan, the retiring chairman, at first declined re-election* but under pressure from members he consented to act until the new members had become conversant with affairs. He was therefore roaiqwn Mted on the unanimous vote of tho board. Tho secretary submitted a statement showing that when some .£l3O rates due had been collected the board would still have a deficit of «£l3 to lace. It was resolved to sue for all outstanding rates forthwith.