1 do not know whether we have riy ight to refuse this request, but feling upon the advice of our law ors, we are asking you to authorize 10 accept the Counel's offer. For {his surrender they offer us '$9,630. This price is. the equivalent of the assessed "value of the surrendered property less. betterment at. Tis, 6,000 per mow on the area of 2.548 mow, being that contained within and immediately in rear oad widening, the 'Couneit will restore all the amenities of the lawn, that Is, the trees. which fail within the area that they' take for widening witt be moved back, and the lawn laid out as it Isat present. My fellow trustees and 1 fool that the offer made by the Council Isa fair one, and would recommend you to accept it., With regard to last year's proposed sale of the lawn, 1 would like to come ment that I'am' as pleased as any of 'You to see this litle open space. Sunday "morning, but on Monday morning when I'see the barile pass Book that "pleasure. is "considerably diminished, as a pyramiding over. rate is a' most unpleasant thing: dear with. "Those of you who were! fat the. meeting and 20 deftately fused: the sale, also were quite' sure that we could raise the money' if the {trustees "would have confidence in them. In fact, the money to wipe of the overdraft' could be collected in two Weeks If we went about it the proper war Tam afraid the trustees must have sone about it the wrong way, as the Fesponse to all our appeals amounted to only $2,100.. Meantime the position frankly. that you are dlssipeting Your asset, and we are. committing, 'Ourselves to pay something like $3,005 Interest during the next elgnt years, tong as You understand this, and wilt nat at some future date, when! {he reckoning has to be met, consider that you were not fully" informed the' boston, we, as" your trustees must! do. as you say, and adopt the modern' trend of spending our way fo prosperity by "accumulation tne lawn ut are by no means Nappe "The Trustees are averse to sell
when they see the dent Increasing year by 'Year, The excess of expen diture over Income for 1086 amounts $8,723.86 or a litle over £800, The Broviaton of thig- sum by' those: who Aerive pleasure from the retention of the lawn, and they: are. very. many, should "not present any serious dit: cully provided that they as individuals alize their obligation and contribute, We have also zecelved a tentative proposal In regard to the surrender of those areas now leased on three sides of the Compound and included the existing roads. The total area eased by the Council Is 2.390 mow at rental of Tls. 3404 per annum and having an unexpired term of 72 years. For the acquisition of our Interest, we understand the Council may be prepared to offer us a sum of $88,378. T need not read the full Totter which has been received from the Commissioner of Public. Works, in which ko explains how this gute Jy reached, SuMicient to say that It practically a cash equivalent of the annual interest which the Council, pays to the 'Trustees. In 12 years from now it would be doubtful Whether the city authorities, whoever they may be then, would Infeteise this rental, and indeed would sem much' wiser for us to have the Interest assured from de-Eentures than to depend upon the possibility of the Council continuing the rental indefinitely. Your truse eas, therefore, ask your authority to allow them to accept this offer it It is made by the Cotnell.
The resolution was seconded by Mr. R. Calder Marshall, and carried unanimously.
Annual Meeting "We, as your trustees, must do as you say, and adopt the modern trend spending our way to prosperity by the accumulation of defects," said Mr. W. King, amid some laughter, when hho proposed the adoption of the ustees' report and accounts at the annual meeting of subscribers which proceeded the special meeting. Mr. 5. W. 0, Davidson occupied the chat Moving the adoption of the trustees" report and accounts, Mr. King sald:—The ordinary income is the same down to the last cent, but the balance of expenditure over income is $8723.58 Sganet'a amine itin sSaGbal for THE" on the debit side there
Text read from the printed page and cleaned; old type leaves the occasional error.