THE SLUMP IN WELLINGTON

Pahiatua Herald, Volume XV, Issue 4089, 15 November 1911, Page 3

THE SLUMP IN WELLINGTON

LOCAL MEN AFFECTED. A meeting of local shareholders in the Gracefield Estate Company was held at the Rutland Hotel yesterday afternoon. Mr A. McFarlane was voted to the chair and Mr H. A. Gold, secretary to the company, was present. The Gracefield Estate consists of a block of land, of 200 odd acres, situated at the Lower Hutt, and about a mile and a-half from the railway. During the boom period in Wellington it was acquired by a syndicate. A limited liability company was afterwards formed, and a large number of the leading settlers in this district became shareholders. The price of the land was over £l6O an acre, and the shares, of which several of the settlers here held five, were £2O. The estate was acquired from the vendors, with a purchasing clause of three years, for about £34,000, it being hoped to have sold the property again during the period. However, a slump came in Wellington suburban property, and the hopes of the shareholders were not realised, and the property reverted to the vendors, the company going , into liquidation. There is now a proposal before the shareholders to form a new company, which it is stated, has an option to acquire the estate at a much reduced value. The matter was discussed yesterday in a general way. Mr Gold explained that he was in a similar position to those present, as he held a number of shares in the company. Nothing definite was decided upon. Some appeared favourable to the new proposal, whilst others did not seem inclined for any further investment just now.