FORBURY PARK COMPANY.

Evening Star, Issue 4239, 27 September 1876, Page 2

FORBURY PARK COMPANY.

The annual meeting of the Forbury Park Company (Limited) was held in the Empire Hotel last evening, Mr G. W. Elliot in the chair. About twenty members were present.

The fifth annual report, ae follows, was read:— beg *° Present the balance-sheet f ° r past year, showing a balance to 1088 of h245 10a Bd, out of * for w? dend IS , reeommended of 6s per share h fe Slßfc Januaiy last. In March the fee simple of land held under lease hlf Gordon was to ££ vide the purchase-money, the reserve shares held LlO perTlX” 7 WCre tdl ° tted to at The Chairman, in moving its adoption, which was agreed to, said the shareholders aware, through the newspapers, that some negotiations had been entered into between the Jockey Club and the Company for a long lease of the park, with a purchasing clause. Such was the desire of the Jockey Club, but it did not meet altogether with the approval of the Company. However, the directors at the last meeting agreed to lease the park to the Club for a year, at the end of which time they would be able to ascertain the actual value of the property. The Dunedin, Peninsula, and Ocean Reach Railway would greatly enhance the value of the property, and the Jockey Club would be able to pay a larger amount for it than they had hitherto done. The Company would require to have the park improved by the erection of a grand stand and other improvemeats. It had been apparent to everyone that the racecourse was very bleok Ho understood that the Jockey Club would improve the park for racing purposes; but the company wished to retain the property and improve it themselves. He knew that some ©f the outside public thought'' that the Jockey Club should hold the racecourse; hut it was becoming the most valuable property near Dunedin Ihe present position with regard to the Jockey Club was that the directors had agreed to lease the park for three meetings for L6GO. The Club could well pay tha? JjS* t f e y tad not yet accepted the offer! They had written a letter declining the offer and threatening to go the Taieri * Messrs G. W. Bigot, J. Meeian, and B bievwnght were unanimously elected m 2SC. The Chairman, in rcnlv to *. * said that the Dunedin Jockey Chi offiS to lease the park for twelve yLs at °* L 1« peraunuml with thi nght to purehiso during any time of the fo * The last offo of ih? conwdoredonFridaJ it ™ moved—"That the Jockey Club’s offer he accepted." He thought the company could not do any better than accept the L2l,ooo—lt pointed out that a special meeting of the