CANTERBURY SALE YARDS COMPANY.

Globe, Volume XXI, Issue 1710, 13 August 1879, Page 3

CANTERBURY SALE YARDS COMPANY.

The half-yearly meeting of the shareholders of this company was held last evening at Messrs R. Wilkin and Co.’s large room, Hereford street. Mr S. Garforth occupied the chair. The Secretary, Mr Makeig, having read the advertisement convening the meeting, and the minutes of the last annual general meeting, The following report was read for the halfyear : Notwithstanding the lamentable want of feed during the past half-year, and the monetary crisis we are passing through, your directors have much pleasure iu reporting that the business done, and the stock that has passed through the yards from Ist January to 30th June, are, upon the whole, equal to the six mouths ended 31st December, 1878, the numbers being 142,187 sheep, 8140 head of cattle, and 1836° pigs, being 1031 sheep more, 52 head of cattle less, and 163 pigs less than the previous half year ; but the falling off from the cou-fj spending half year of 1878, attributable to the causes above referred to, is considerable namely, 23,942 sheep, 1278 head of cattle, and 1498 pigs—but they trust, under more favorable circumstances, the numbers will soon bo more than made np. By a special resolution, passed at an extraordinary general meeting of shareholders, held on the llttr day of February last, and confirmed at a subsequent meeting held on the 17th April, rale No. 8 in the articles of association was altered to give the company power to increase its capital to £9OOO by the issue of 400 new shares of .£5 each, and your directors had authority to offer the same to the existing shareholders at par, in proportion to the number of shares held by each, bat they have not yet thought it necessary to do so, considering the times, but they have now the power, and can issue the shares at any time when thought desirable.

Tour directors are negotiating for tic erection of a public pound at the saleyards, Addington, for the Eiccarton and Sproydon districts, which, if carried to a successful issue, will not only be a great convenience to the public, but will tend to benefit the company. A sketch plan of tho same, and estimate of the probable cost, are now laid before you.

The accounts, duly audited, are also laid upon the table, which show, in spite of tho badness of the times, an excess of revenue over the previous half year of £25 8s Bd. It will he seen that a sum of £550 Is Id has been expended during the half year in improvements and additions to the cattle yards, which, with the £787 3s lOd previously expended in improvements, makes £1337 4s_ lid now laid out, over the nominal capital, in making the yards more efficient, and there is still a dilapidation fund available at any time (with the interest which has accrued thereon) of about £350.

It has been resolved to pay a dividend ba’f« yearly instead of annually, as heretofore, and your directors recommend that an interim dividend be now declared of 5 per cent, upon the paid-up capita l , and think they are fully justified in holding out hopes of a much larger one at the end of the year, independent of what may be required in the meantime for any necessary expenditure. J, Cracroft Wilson, Chairm n.

The profit and, loss account for the half-year was as follows: —Dr. —To expenses, including salaries, labor at yards, and sundries, £179 9s 4d ; advertising and printing, £32 10s; paid Permanent Investment and Loan Association during the half-year, carried to credit of dilapidation fund, £3B 15s. —£250 14s 4d. Balance, profit on the half-year, carried down, £631 19a fid.—£Bß2 13s lOd. Paid on account of additions and improvements to the cattle pens, now written off, £550 Is Id ; balance, available for dividend, £336 £9s lOd. — £BB6 10s lid. Cr.—By yard fees, £655 Os 6d ; rent account, £202 Is 8d; interest account, £25 5s 8d ; transfer fees , 6s. —£882 13s lOd. Balance, brought down, £631 19s 6d ; balance, brought forward from 1878, £254 lls sd. £BB6 10s lid.

Mr R. Wilkin said he considered the report exceedingly satisfactory. Besides expending over £550 on improvements, they had a dividend of 10 per cent, per annum, divisable amongst the shareholders. It seemed to him a very excellent way of doing, to write off the cost of improvements as they took place, so that whoa the time came for the removal of the yards, they would not lose so largely as otherwise would be the case. The increased value of the land would of course be an item against the depreciation of buildings, but he thought this should not bo taken into account, but left to come as an item of bonus to the shareholders at the time when the removal came. He moved the adoption of the report and balance-sheet.

Mr Judge seconded the motion, which was agreed to. Mr Wilkin said that it would perhaps bo as well if some information were given to the meeting as to the proposed pound.

The Chairman said that it was felt that a pound was necessary for the district, and the Spreydon and Biccarton Road Boards had combined together to request the Selwyn County Council to allow of a pound being established fat The yards of the company, which was felt to be a good thing for the company, as their yardsman could act as pound-keeper. Mr Makeig read the correspondence on the subject, and stated that the Riccartm ard Spreydon Road Boards had undertaken not to erect a pound within four miles while the sale yards remained in their present position. It was therefore thought that the company could not do better than erect the pound. At present the matter was in this state, that the company would have to communicate again with the Biccarton Road Board. The estimate of the cost was £225, and the revenue expected to be derived would be £3OO per annum. It would of course be for tho directors to consider the question, and see whether they would be justified in erecting the pound. Mr Mcßeath said that he considered it very desirable that some guarantee should be obtained that the servant of tho company should be appointed poundkeoper. The matter then dropped, it being understood that the directors would carefully go into tho matter.

Mr Wilkin said that he desired to move a vote of thanks to the directors for their services during the past half-year. The chairman and directors had worked energetically in the cause of the company for the past halfyear, as was shown by the very satisfactory balance sheet which had been presented thit evening.

Mr G. Hart seconded the mflion, which was carried unanimously.

A vote of thanks to the chairman concluded the business of the evening.