New " Shell " Depot Sanctioned.
Page 15
If you've noticed an error in this article please click here to report it so we can fix it.
At the meeting of the Fulham Borough Council, on the 20th inst., the Lighting Committee reported haying considered an application from the .asiatic Petroleum Co., with reference to the assignment to them of the lease of the America Wharf, and for permis.sion to construct thereon five petrol storage tanks, one gas holder, and a pump house. Written objections to the proposals had been received from Messrs. Macfarlane, Lang and Co., and Messrs. .1. B. Lee and Sons. On the other hand a petition signed by 1,699 manufacturers, landlords, tradesmen, and residents in the district was presented stating that the petitioners had no objection to the proposed motor-spirit store as they had no reason to think there would be any undue risk considering the precautions whit-it had to be taken, and expressing the opinion that the establishment of the store would benefit the district by the employment of a considerable amount of labour. The lease granted to Messrs. Mayoh and Haley in respect of the land in question was for a period of fifty years from 1902 at a progressive rent. It was provided that no alterations or additions to existing buildings should be made without the Council's permission. The company's engineer informed the committee with reference to existing buildings that no structural alterations were contemplated except the removal of a few temporary sheds : certain additions would be made to facilitate the handling and the filling of the cans, and it was proposed to convert the present offices into dwelling houses but not to extend building operations further. The company would undertake to restore the land to its original condition at the termination of the lease including the removal of the concrete foundations for the tanks if so desired. The committee had been informed by the general manager that the Petroleum Co. had been offered the assignment of the existing lease upon the same terms as it is held by Messrs. Mayoh and Haley. Other points upon which the committee conferred with the company's representatives were as follow :—(1) As to whether they would he prepared to capitalize a portion of the annual rent upon a given number of years purchase, to be agreed upon ; (2) whether, in view of the necessary excavation:, for the construction of the tanks and possible future reinstatements. the company would be prepared to deposit a sum of money with the Council to cover the cost of such reinstatement at the termination of the lease; (3) whether the directors would individually and severally become responsible for the covenants in the lease. The directors are not disposed personally and individually to accept the responsibilities under the lease, which must be assigned to the company, and, beyond giving an undertaking as aforesaid to restore the land to its original condition at the expiration of the lease, they are not prepared to make a cash deposit to cover the cost of the work. Upon the suggestion that the company should capitalize a portion of -the annual rent, the following communication has been received, viz. : " We understand, in connection with the proposed lease of the America Wharf by ourselves, that it might be a matter of convenience for you if a certain portion of the ground rental be capitalized, and as we are very anxious to meet your convenience in every possible way, we beg to say that we shall be glad to arrartge that up to £U0 per annum of the rent should be .so capitalized. Of course this would be calculated on a regular actuarial basis, which, according to our calculations, would mean it cash payment at the commencement of the lease of about £4,030. in lieu of an annual payment of 000 during the currency of the lease, that is to say, up to March. 1952. The balance of the annunl rent would be paid in the usual manner in accordance with the terms of the lease." The committee had considered the financial aspects of this proposal, the security afforded, the terms and conditions upon which the loan was taken up by this Council for the acquisition of the land in question, and the effect on the annual repayments of principal and interest in respect thereof, which could result should it he decided to accept the offer and apply the amount received to the immediate reduction of the loan outstanding to that. extent. The committee recommended that no objection be offered to the assignment of the lease to the Asiatic Petroleum Co., Ltd., and to the. construction of petrol storage tanks and other works; also that the offer of the Asiatic Petroleum Co., to pay ,C-1.030 in lieu of the annual payment on account of the said rent be accepted. The recummendations were carried, and the necessary documents will now be completed.