TRAMWAY BOARD.

Star (Christchurch), Issue 9521, 20 April 1909, Page 4

TRAMWAY BOARD.

YESTERDAY'S MEETIXG. The Christchurch Tramway Board met yesterday ; present— Messrs H. Pearce (chairman), A. W. Beaven, G. T. Booth; J. Richardson, D. Sykee, C. M. Gray, J. A. Flesher and S." A. Staples. The engineer wrote, stating that the culvert on. the Burwoorl lino near Kerr's dairy was dangerous, and lie recommended that its reconstruction should he put in hand, at once. It was impossible to keep the Riccarton lino near the cricket ground in good condition as long as it was waterlogged, and he recommended that it should be put in order at an. estimated cost of £25. The report was received, and the recommendation in regard to the culvert was adopted. A sub-committee was set up, with power to act, to deal with, the Riccarton line. The Finance and Accidents Committee, reporting on the extension loan proposals, stated that it had received advice from the Board's brokers to the effect, that the present was a favourable time for placing a loan on the London market, but that in view of the fact that the existing loans would take precedence over any tfew loans, they were doubtful if London, financiers would consider the matter. The circumstance referred to, was, the bank* ers considered; only a technical defect which would not affect the security in the minds of local investors, and they suggested that the Board, should wait for a favourable opportunity to offer the loan in New Zealand, if sanctioned by the ratepayers: The committee, therefore, presuming that the necess ary poll of the ratepayers would be taken, at once, recommended that definite proposals to -financiers should' be I held in abeyance, pending the sanction of the ratepayers being obtained to the proposed works. In accordance with instructions, the committee had conferred, with the Beard's solicitor, Mr T. G. Russell, with respect to the terms of a trust deed andejr which the depreciation reserve funds of the Board might be invested, and it submitted a draft for the /Board's approval. The deed provided for the appointment by the Board of three trustees, who were directed to invest the fund in securities mentioned in the Trustee Act, 1908, as well as by the purchase of the Board's own debentures, the latter to receive preference. The committee recommended that theLchairman and the two ex-chairmen of the Board, Messrs W. J Reeco and A. W. Beaven should be ap- \ pointed under the deed. The Board had previously determined that the fire and accident reserve fund should be placed in the hands of the depreciation fund trustees, but the committee was of opinion that the fund should be kept in a more liquid form, and recommended that the previous resolution should be rescinded, and that the fund should be kept in the- Board's /current? account. A summons, to recover £112 14s lOd had been issued against the BoaTd by Messrs Duncan, Cotterill and ! Stringer on behalf of Mr D. A. Eber- j let, of Wellington ; the amount being \ damages to a motor-car caused, it was j alleged, through repairs to the permanent way on the Riccarton line not being sufficiently protected while they were in progress. The committee re- i commended that the Board's solicitors should be instructed, to defend the easel The report was adopted, the resolution in regard to the fire and accident reserve fund being first rescinded. Mr T. G. Russell, the Board's solicitor, was granted twelve months' leave of absence.