MASTERTON TRUST LANDS TRUSTEES.

Wairarapa Age, Volume XXXI, Issue 9114, 13 June 1908, Page 5

MASTERTON TRUST LANDS TRUSTEES.

MONTHLY MEETING. The Masterton Trust Lands Trustees met last evening, when the two ! newly-elected Trustees, Messrs 0. Pragnell and H. C. Robinson, took their seats. The others present were —Messrs T. B. Michell (re-elected), T. Wagg, C. E. Danieli, W. 11. i Jackson, E. G. Eton and R. Krahagen. The retiring chairman (Mr T. B. Michell) welcomed the new members to their seat*, and said that he hoped the Trust would work together on amicable lines. The Secretary then assumed the chair and invited nominations for the office of chairman. Mr Jackson nominated Mr W u gg, who, he thought, should as an old and experienced member, take his turn in the seat, as such procedure stimulated a healthy interest in Trust work. Mr Wagg regretfully declined the honour, saying that at the same time he would always maintain the keenest interest in the Trust. Several members expressed regret ' at Mr Wagg's decision, which was, however, unaltered. Mr Danieli then nominated Mr Michell, a nomination which was seconded by Mr Krahagen. Mr Eton"nominated Mr Krahagen, and said that he believed in the chairmanship rotating. Mr Krahagen also declined the honour, and thought that Mr Michell was a'good, practical chairman, and one who would have regard to the wishes of the voters as expressed at the recent election. There were no further nominations, and Mr Michell wa3 therefore reelected unopposed. Mr Michell then took the chair and returned thanks for his re-election. He intimated that next year he would not again be a candidate for the chair, but would be pleased to give way to a younger member. The treasurer reported adr balance of £875 15s sd. A letter was received from the Secretary of the Fire Board acknowledging "the terms offered by the Trust for a lease, and asking the Trust to hold the matter over u"til after the next meeting cf the Fire Board. Messrs Izard and Weston, solicitor's, returned craft debenture for £I,OOO, Town Hall removal loan, approved by the Harbour Board Commissioners, and forwarding draft deed of covenant. The Secretary of the Masterton Technical School forwarded the School's annual bal.-mce-skeet and list of classes open, and applied for its annual grant of £IOO. The matter was held over until the estimates are discussed. Mr Robinson, when the Harbour B card's Town renewal loan was being discussed, said he thought it inadvisable for the Trust to pay away £250 a year to repay the loan off in four years, as agreed to by the Trust. He moved, in order to obtain an expression of opinion from the Trust as newly constituted, that an effort be made to extend the period of repayment. Mr Pragnell pointed out that practically only about £IOO was actually paid away by the Trust, as the profit on the hall was about £IOO annually, and the interest on the £I,OOO would in any event be £SO. The Chairman and other numbers also pointed out that the arrangements to take the loan up on the terms stated had practically been completed, and Mr Robinson then argeed to withdraw his motion. The Chairman and Secretary ware appointed Commissioners for the Trust in connection wit'i the loan, and it was agreed that the debenture be signed by the Trustees. It was decided to hold over for a time the question of renewing the ceiling of the Town Hall. The terms set down by the Harbour Board Sinking Fund Commissioners were aereed to for the taking up of the £IO,OOO lean, with the exception of the re-payment of the loan in 21 years, the Tru;taes agreeing to offer a sinking fund of 1J per cent. Mr Robinson gave notice to move at next meeting:—That it is desirable (1) to obtain authority to expend any of the £IO,OOO loan not already allocated in lending to tenants up to three-quarter the value of approved buildings to be erected by them upon Trust properties; (2) to obtain authority to borrow, if necessary, further moneys for such purposes; (3) to provide for the Trust leases being made more elastic, so as to suit various classes of tenants; (4) that a bill be prepared *o give effect to this resolution. A second notice of motion by Mr Robinson read—That a sub-com-mittee, consisting of Messrs Eton, Jacki-on, and the mover, be authorised to arrange for concerts at popular prices to be held throughout the winter months, and to expend a sum up to £SO in connection with the same. Mr Pragnell gave notice to move as follows at next meeting:—That the Trust seek statutory authority to enable the Trustees to extend J.he term for leasing the suburban lands of the Trust to tenants for a term not exceeding sixty years.