POVERTY BAY PARK COY.

Gisborne Times, Volume XVIII, Issue 1465, 27 May 1905, Page 3

POVERTY BAY PARK COY.

ANNUAL MEETING. t PROPOSED REALISATION OF PROPERTY. Thero wm a largo uod representative attendance of shareholders of the Park If Company a! tho aunual meoting list evening. Mr G. Matthowson presided. Tho seventeenth annual report stated : i. “The directors, in presenting their aunual \ report for tho year ending March 81st, 1905, would congratulate the shareholders on the satisfactory position of the Company. During the past yoar aj,lease has been arranged with the A. and P. Society for 21 years, at a satisfactory rental. Tho profit and loss account stands at £333 9s 3d, which, deducting balance to credit March 3lst, 1904, represents a profit of ■ £227 3a 5d for tho year’s work. Your, di- !'■*•. rectors deem it inadvisable to recommend payment of a dividend in view of necessary repairs and maintenance, which wiil probably bo effected during tho present yoar. The company’s liabilities have during tho past year been reduced by £IBO 5s 6d, and now stand at £314 Os sd. A notice of motion ha 3 been given by Mr T. f J. Dickson to deal with unallotted shares, ■- A aDd is well worthy of the shareholders' best attention ; your directors would recommond a full meeting to discuss tho / same. The retiring directors are Messrs Barry, Dickson, Hall, Matthowson and Martin, who are all eligible for re-election.” The balance sheet gave the items of receipts and expenditure, and assets and liabilities. •• Tho report and balance sheet were adopted. The retiring directors and auditors were re-elected. f - Discussion took place in regard to Mr i Dickson’s motion in reference to the unallotted shares, which he proposed should be distributed pro rata. It was pointed out that this was contrary to the articles of the Association, and Mr Dickson withdrew ; his motion. Mr Kennedy proposed that no further shares in the company be issued. This was seconded by Mr Symes, and carried. A lively discussion then took place in regard to the affairs of the company, tho meeting, being divided into two sections. One party was strongly in favor of realising on the assets of the company, several shareholders pointing out that they had held shares for 17 years and had received no dividend. They would, therefore, 'oo very glad to receive £1 10s for their £1 shares. 'There were 4000 shares in the company, and tho property would easily realise £6OOO. On the other hand, the other section contended that the company had been formed for the purpose of promoting sport id the district, and although the shareholders had received no dividend the increased value of the property would WbII repay them. Mr Symes made a strong speech in support of liquidation, pointing out. how unsatisfactory it was for shareholders tc have their funds locked up in a concern that did not return dividends, Several other members spoke to the . same effeot, and Mr Whinray gave notice of the following motion: —“iTbat an extraordinary meeting be convened for that night month to consider the advisability of realising on the Gisborne Park ■fi. Company’s property.” The Chairman thought that a most drastic step, and regretted the turn affairs had taken. Some of tho shareholders thought there was something very extraordinary about the company because they had nos been paying dividends, hut tha increased value of tba property more than compensated for that. Some of them bad been in other companies where they had lost both capital and interest. | Mr Tuohy : But not in broad acres. j _ A good deal of “ barracking ” among] ! shareholders followed, it being mentioned ' that some of the gentlemen in the room had bought at 7s fid and 10s. and had no reason to complain. Mr Hephum spoke at soma length on the policy the company were pursuing, I and ohaffingly informed those present that ho could put them all in the way of making money. “ Let everyone that joins the dompany keep a. raoehorss, ho added, " there is whips of money to be made in I most strongly object.

(L Mr 8 'Sepburn: It has been stated that *v>b other party got all the money, Now, /was t'ho original shareholders, and 1 teVSS I am'very!pleased to hear it, Mr Hepburn: I would advise each one 0 { VOU to own a racehorse. I think that Mr Dickson and Mr Tuoby were among ihe original members, but they have not stuck to the object which we set out on. Mr Tuoby : But we never, like you, ha a win. Our money, run out, and my banker tells mo that i£ I g arQ k have to put bin thumb on mo. 2s2?KE£SSJ£>SS to buy a racehorse. anecial geneUfop Chairman said that a apeeia meeting would bo bold in >’••• “m. thewaon ■>•»« returning tbanhs, »i “ i„ fn nded seeking of thelomp a |f/| • sts,;;rwi s.rc “Several accounts were passed for pay ■ ■ ment.