CANTERBURY SALEYARDS COMPANY.

Globe, Volume V, Issue 519, 16 February 1876, Page 2

CANTERBURY SALEYARDS COMPANY.

The second annual general meeting of this company was held last evening at Mr Charles Clark’s rooms. Sir Oraoroft Wilson, chairman of directors, occupied the chair, and there was a numerous attendance cf shareholders. The Chairman opened the proceedings by reading the advertisement convening the meeting, and also the minutes of the half* yearly meeting held in June, 1875, and of meetings held on 6th and 7th December, 1875, which were confirmed. The Chairman then read the report of the directors, ai follows!—•

“Your directors congratulate the shareholders upon the continued progress of the company. Since the half-yearly report laid before the shareholders on the 14th July last, with the audited accounts made up to the 30th June, 1875, the business of the yards has continued steadily to advance. From Ist July to 31st December, 96,046 sheep, and 6511 head of cattle passed through the yards, giving an increase, compared with the first six months of 1875, of 11,684 sheep, and 1367 cattle, and affording a weekly average of 3694 sheep, and 250 head of cattle, against 3855 sheep, and 204 head of cattle, as detailed in the last report. “By the accounts laid upon the table, duly audited, the profit on the last half year is £258 2s 6d, which, together with £266 13s 5d standing to the credit of profit and loss on the 30th June last, gives a total of £524 15s lid, which your directors recommend to be applied as follows : —A dividend in the shape of interest at 8 per cent upon all paid up capital, from the date of each payment to the 31st December, 1875, which will amount to £476 3s 3d, leaving a small balance of £4B 12s 8d still to the credit of profit and loss. In addition to this, there is a balance in the Bank and petty cash, after payment of dividends, of £l6l 8s lOd, as well as £B7 2s 7d derived from December yard fees (since paid), with £44 still outstanding on account of shares, making a balance of unexpended capital of £2BO 19s 7d,

“ The directors, thinking it advisable to establish a sinking fund to provide for the dilapidation of| the buildings and yards, have taken twenty shares in the Permanent Investment and Loan Association of Canterbury, and it will be seen by the balance sheet that payments to the amount of £34 have already been made upon this account.

“ The directors have to remind the shareholders that there is £IOOO still owing upon the freehold, and that they have had notice that this sum must be paid on or before the 27th instant. You are also aware that two hundred shares were held in reserve and your directors recommend that these shares be now sold, and that the present shareholders have the preference, pro rata, of purchasing these shares till a fixed time, when they will be open to the public at such price as may be agreed upon. “Your directors have, however, taken steps to ascertain the intention of the shareholders in this matter, and from answers already received, they can with confidence predict iljat the whole of these two hundred shares taken up by existing shareholders, so that there will be little or no difficulty in paying off this mortgage. “ The three directors who retire (ascertained by ballot) ,are Messrs Robert Wilkin, W. G. Judge, and William Henderson, who are eligible for re-election. Your directors recommend, for the better working of the company, that the number of directors be increased from seven to nine, when three will retire annually by rotation ; the three, however, under existing rules, and an auditor, can now be elected.

“ By the articles of association, the annual general meeting is fixed to be held on the first Monday in December in each year, and there is no provision for half yearly meetings; also, the number of directors is limited to seven. The directors would recommend that special resolutions be passed at this meeting to alter rules 11 and 19, authorising the increasing the number of directors from seven to nine, to alter the day for the annual general meeting from the first Monday in December to the second Tuesday in February of each year, and to fix the second Tuesday in August in each year, as the day for the half yearly meeting. This will enable the accounts to be made up and audited to the 31st December and 30th June respectively. “ J. Cracroft Wilson, Chairman.” The accounts, duly audited by Mr H. B, Alport, were then submitted and read by the Chairman. The receipts during the year, from all sources, have been £1635 16s 4d ; and the disbursements during the same period, £961 3s sd, leaving a balance in hand of petty cash, £2 15s 6d ; in the Bank of Australasia, £671 JL7s sd, or a total credit balance in favor of the Company of £674 12s lld. The balance to credit of profit and loss was shewn to be £624 15s lid. < Mr Fsrgusoh moved —“ That the report and balance sheet as read be adopted.” Mr Gebbie seconded the motion, which was agreed to. Mr Wilkin moved, in conformity with the report of the directors, a dividend at the rate of 8 per cent be declared and paid according to date ot paid up shares. By this means all shareholders would receive a dividend according to the time when they paid up their shares. Those who paid up first would of course, as was only right, receive a greater amount for so doing. Mr C. F. Barker seconded the motion. The next business was the election of. three directors in the room of Messrs Robt Wilkin, W. Henderson, and W. G. Judge. Mr Wilkin:moved the appointment of Mr Ticknor, sjpeaking very highly of the assistance rendered by him'to the directors in the working of the Company. Mr 8. Manning athe motion, which was carried. Mr Ferguson nominated Mr Wilkin, which was seconded. Mr Wilkin declined for the present to stand for re-election, as he considered that it would be very advantageous to the Company if new blood were introduced into the directory. Mr Wilkin then proposed Mr Ferguson, which was seconded and agreed to. After some discussion, Mr Wilkin consented to stand for election, and was unanimously re-elected. The three directors are therefore Messrs Ticknor, Ferguson, and Wilkin. On the motion of Mr J. Gebbie, Mr H t B. Alport was re-elected as auditor to the Company. The next business was the consideration of the special resolutions altering the date of the annual meeting, and fixing a half yearly meeting, and increasing the number of directors. Mr J. Gebbie moved—“ That rule II of the Articles of Association be altered as follows: —That the date of holding the annual general meeting of the company may be changed from the first Monday in Decomber Co the second Tuesday in February in each year; that the half yearly meeting be held on the second Tuesday in August in each year.” The motion was carried unanimously. Mr S. Manning moved—“ That the words in rule 19 of Articles of Association bs alteiod, substituting the words ‘nicV and

1 five’ for those existing, thus increasing the Board to nine.” Mr Mcßeth seconded the motion, which was agreed to. Mr S. Manning moved—“ That the Canterbury saleyarda be thrown open to the public to sell stock privately (if they wish), and to be able to take the said stock out of the yards by paying the usual yard fees to the yardman of the company.” At present there seemed to be a feeling that it was not not fair to the sellers of stock that they were debarred from selling their stock privately in the yards except by paying the commission charged upon them; If the yards were thrown oped to the public, the company would derive a great deal more profit than under the present system. Mr Wilkin suggested that it would be better if Mr Manning framed his resolution bo as to make it a recommendation to the directors that they should consider the matter with a view of carrying out the private sales of stock. Of course it was a matter for the directors to consider. [Hear, hear.] Mr Mann seconded the motion. The chairman said that this was a matter which would take some time to consider, and he would therefore ask that time might bejallowed to the directors to consider the matter thoroughly, with a view to forwarding the interests of the Company, Mr Wilkin said that there would require to be a great deal of consideration given to this matter, and shareholders might rely on the directors doing their best for the interests of the Company. [Hear, hear]. Mr Wilkin suggested that Mr Manning’s resolution should be altered as follows “ That it be a recommendation to Ihe directors, to make arrangements with owners of stock in order to allow of stock being sold privately, if necessary.” The motion, as amended, was then put and agreed to. Mr Gebbie said he desired to bring under the notice of the meeting the fact that the management of the yards was not such as it should be. He did not know whose fault it was, but certainly the management was not at all first rate. Another thing was, that there existed a necessity for a fixed time for the sale of cattle and sheep, so as to enable buyers to make their arrangements for attending sales. Some days one time was fixed for commencement, and on others another, so that no one knew when it would take place. Mr Wilkin said the directors had endeavored to obtain the services of a competent yardman, but had not succeeded. < f course it was quite open to the directors to employ half a dozen yardmen, but then that would swallow all the profits. They had to work the yards for the convenience of the public, and at the same time consider the interests of the shareholders. The sales of sheep ’of course varied sometimes, because the numbers for sale differed.

Mr Henderson suggested, that to prevent the delay of auctioneers at the sales a timeglass should be procured, and each auctioneer strictly timed by it in the sale of each lot.

Mr Wilkin said he desired to say that the thanks of the directors and the shareholders generally were due to their secretary, Mr Makeig, for his untiring energy in carrying out the duties of his office. The way in which Mr Makeig had conducted the affairs of the Company would bear comparison with any business in the city. He would move —“That a cordial vote of thanks be presented to Mr Makeig for hie services as secretary.” The motion was seconded, and carried unanimously. Mr George Hart moved—“ That the thanks of the shareholders be given to the Board of Directors for their services during the year.” This was seconded, and agreed to. Sir Oracroft Wilson briefly responded. A vote of thanks to the chairman closed the meeting,