NGAMOTU BEACH RESORT

Taranaki Daily News, 6 March 1934, Page 9

NGAMOTU BEACH RESORT

TRANSFERENCE OF PROPERTY SALE OFFER BY SEASIDE. COMPANY. BOROUGH COUNCIL’S ACCEPTANCE. A decision to accept the offer of the Ngamotu Seaside Resorts Company Ltd. to sell free of encumberance its assets at Ngamotu beach, New Plymouth, for £3OO was made by the New Plymouth Borough Council last night. The offer to sell was made by the company subject to confirmation by its shareholders or directors.

A sub-committee of the council consisting of Crs. J. Brown (chairman), F. Amoore, T. P. Anderson and S. J. Smith recently conferred with Messrs. R. J. Deare, W. Short and R. O. Ellis, representatives of the company. It was on the recommendation of the sub-com-mittee that the offer was accepted. ■ The property concerned includes the palladium and furniture therein, together with seven seaside cottages; There is a provision that the company will immediately go into liquidation and that any moneys remaining in the hands of the liquidator after liquidation has been completed will be handed over to the council.

The company’s representative informed the council sub-committee that the palladium cost £2700 and was probably worth half that amount to-day; the cottages, which were east of the palladium, were probably worth £l5O each; the assets would be handed over to the council free of encumbrances and the council would be obtaining for its £3OO property worth £2400, plus furniture in the palladium. The company had no fixed tenure from the Harbour Board, which could require the buildings to be removed at any time, the sub-committee learned. For each cottage, 37s 6d per week was received during the summer season and an average of 10s per week each during the winter.

The top floor of the palladium and the shop were let for £7O per annum, less 20 per cent., until April next. The company paid half of the telephone charge. The bathing shed portion of the palladium was not let but produced, in good seasons approximately £lOO per annum net. The company required approximately ■ £BOO to-repay to-its shareholders the whole of this contributed share capital totalling, £473 ss, plus in-, terest at 6 per cent., since 1916.' No interest had been paid in the past 17 years and each shareholder would receive his money back, plus 17 years’ interest. - On the £BOO approximately £5OO was in the hands of the company or would be available by the end of the company’s financial year about April next.' The difference of £3OO was the amount asked from the council.