NAPIER RECREATION GROUND COMPANY.

Daily Telegraph (Napier), Issue 3782, 29 August 1883, Page 4

NAPIER RECREATION GROUND COMPANY.

The first annual meeting of shareholders iv the above was held at the Masonic Hotel last evening. Pre. _Nt: Messrs Close (in the chair), Britfain, Gilberd, Griffin, Faulknor, James Irvine, Fulton, Jacobs, La ing, Liddle, 11. Monteith (lion, sec), Peddie, _Pri.i... MuVuj-, Stock, 11. Williams, and Dr, Hitching.*. ANNUAL REPORT. The report of the directors on the operations for the year was read by the honorary secretary as follows :— Iv accordance ivith the Avish expressed at the meeting of those desirous of promoting a Recreation Ground Company, the provisional directors then appointed entered into negotiations Avith the Napier Borough Council for the acquisition of that section of land knoAvn as the Toivn Hall Reserve, which resulted in a lease being obtained upon the following terms, for a period oi twenty-one years : -First year's rental £.>, upon condition of £500 being expended on improvements during the year; following five years, £00 pee year ; next five years, £90 per year; next five years, £t2O per year; and last live years, £150 per year. That being tho only block of land within the borough at all suitable for the required purpose, the company may be . congratulated upon having secured such a valuable property on those terms. It being necessary to prepare the ground for profitable use as early as possible, the provisional directors also entered into a contract for filling iv and levelling it, which has been done in a satisfactory manner at a moderate cost. Prospectuses were issued Aiith the result that about 700 shares ivere at once applied for, some of which, however, from different causes, have lapsed, and the directors have endeavored to dispose of the balance of tho shares from time to time as opportunity offered. A number arc still undisposed of, and it will remain for the next directorate to decide whether they should bo withdrawn from sale or not. At the general meeting of shareholders in 1882, the first annual directors and secretary and treasurer were appointed.^ The Company's ground having been filled in and levelled it, was necessary to fence it in, so that it might be sown down Avith grass and utilised according to the promotors' original intentions. A contract was accordingly entered into and a substantial close fence erected, the ground being sown down with grass simultaneously. A grand stand was also found to bo much required for the accommodation of the public-, and as an additional scource of revenue to tho company, and your directors, taking advantage of the cheapness of timber, had a substantial and useful building erected by contract at a very moderate cost; but it will probably be found necessary and profitable to increase it in size as soon as the company ivill find it convenient to provide the requisite funds, as its capacity has alivays been taxed to its utmost limits upon occasions of popular sports, it has been erected Avith a view to future extension, and can easily be altered without inquiring its present utility or appearance. Owing to the unusual dryness of last spring, and the ground being of new formation, and having unavoidably been sown down late iv the season, the grass was not surficiontly advanced to admit of the ground being turned to profitable account last .summer, but during the autumn it was in fair order, and Avas let for cricket and other games, and from the satisfaction expressed _by those Avho used it a large number of applications for similar purposes may bo expected during the coming season. During tho winter the ground has been let to the Napier Football Club (the company reserving certain rights) at a satisfactory rental, and with the increasing popularity of that sport a more remunerative season may be expected next winter. Judging from its present appearance tho ground will be in first-class condition for tho coining cricket season, aud tho company ivill derive considerable income from this source, as there arc already several applications from leading- cricket clubs for permission to j.ractice. Tho expenditure of a few pounds after the football season is over will make it second to no cricket ground in this district. One day's sports have qeen held by authority of the directors and for the company's benefit, with tho result that a substantial amount was placed to the company's credit in addition to plant provided out of the proceeds. A portion of the proceeds was also devoted to planting the ground with trees in a. manner which will greatly add to its attractiveness and to the comfort of the spectators at the numerous sports which may be anticipated during the ensuing season, and it will remain "ivith the directors to decide whether certain public holidays should not be utilised for sports held for tho company's benefit, the proceeds of which could bo devoted to further ornamentation and improvement of tho ground, or as the directors should deem advisable. Your directors beg to make the following recommendations :—-1. That a small sum be devoted to giving a light top dressing to the cricket pitch and filling in irregularities in the ground immediately upon the cessation of football, and during the first Aveek in September. 2. That the balance of unsold shares bo offered for sale. 3. That the future annual meetings of shareholders tako place during the mouth of August, and that the accounts bo made up to July 31st in each year. The accounts to July 31st, 1883, and balance-sheet duly audited, are laid before tho meeting. Tho names of the retiring directors are Messrs Large, Close, and AVuIl. FINANCE. The balance-sheet showed that besides £722, the capital of the company, there had been expended £115 15s Sd. The profit and loss account showed a debit balance of £113 19s lOd. The Secretary said the meeting ivould sec that the company was £115 to the bad, but there were unsold shares, which, when disposed of, would leave tho deficit £107. In reply to a question by Mr Close tbe lion. sec. said credit had been taken for unpaid calls. On tho motion of Mr Gilberd the report and balance-sheet were adopted. ELECTION OF OFFICE HEARERS. The following ivere appointed the board of directors for the ensuing year ; —Messrs Close, Faulknor, Gilberd, 11. Monteith, Pram, Stock, H. AVilliams, and Liddle. Mr J. B. Fielder was appointed auditor at a remuneration of £1 Is. A vote of thanks to the retiring directors and the lion, secretary was carried, and it was resolved that it be an instruction to tho directors that as soon as the financial position of the company warranted the appointment of a paid secretary such appointment should be made.