A STUD COMPANY.

Gisborne Times, Volume XVII, Issue 1386, 22 February 1905, Page 3

A STUD COMPANY.

(Per Press 'Association.) 1 Atiokland last night. The directors’ report to bo submitted to - the shareholders at the annual meeting , of the Wellington Park Stud Company on Monday next States that the directors rnomt that in presenting their second refort and balance sheet they olnse a loss' amounting to £4264 9s eJP, ■Hu f 0 this is added the credit balance 18s Id brought forward from the previous psricd, it would appear that a Fofal loss of £5251 VS 4d has been made durin- the Jatt twelve months. It is necessary however, to explain that a largo portion of this deficiency is the result "If over-valuation at the outset, and is not the legitimate working loss of the period. JChe report concludes that the business ''has so far been carried on at a loss, which ' is attributable to three things. Pirat, that the stock was originally taken over at an axoeesiye valuation ; secondly, the tings produced have not been up to th| Standard of the past ; and thirdly, the the concern are far toe great— 4s Id. insurance £484 4s 73, *m!lsment and wages £llBO 11s being toe principal items. The retirement of Jgr T. Morrin, the managing director, is tannounced. ;