TEMPERANCE HOTEL COMPANY.

Globe, Volume XXII, Issue 1861, 10 February 1880, Page 3

TEMPERANCE HOTEL COMPANY.

The annual general meeting of shareholders of this company was held yesterday afternoon, in the Temperance Hall. After waiting for an hour to form a quorum, the requisite number of shareholders assembled. Mr H. Thomson occupied the chair. The directors, he said, had called a meeting to draw up a written report, but owing to a failure in getting a quorum the report was not drawn up He would now read the accounts. On the capital account there wan £1646 5s received for calls, a sum of £279 8s was outstanding, leaving £3158 7s capital to bo called up. The total receipts had been £1649 10s lid, and the disbursoments £1643 9s 6d, leaving a fcalanceto credit of£6 lssd. The accounts had been audited, and he might state that shortly after the directors were appointed in March they purchased the land. This was situate at the corner of Madras street and Bedford Row, and also a piece from Mr Bush further up. The amount of 7s per share had been colled up, leaving 13s per share to be called. The directors had abstained from calling up any more money than was necessary to pay for the laud to Mr Matson and to pay £IOO deposit duo on Mr Bush’s section, the remainder being left at interest at 8 per cent. The shareholders might now express an opinion as to whether the directors should pay off some of the capital due to Mr Bosh. All they would have to carry out the objects of the company would bo the uncalled capital, and it would be for the shareholders to say whether the directors should mortgage the land and buildings when put up and go on with the work, or whether they should, ia the present state of the colony, hold their hands for a few months longer. He would now move the adoption of the accounts as read by him. Mr H. W. Packer seconded the motion. In answer to Mr Kent, The Chairman said that the company had sued in some cases for the allotment and

otumuod judgment.. Too directors baa exercised a wise discretion in not pushing those persons who could not meet their engagements. The persons alluded to had stated their willingness to pay tho calls when able to do so. These persons had been told that they would have to pay interest. Mr Kent asked whether there had been any transfer of shares. Tho Chairman replied in the negative. Mr Kent expressed his opinion that the present was a inopportune time to make a coll. It was resolved after some further discussion, that tho accounts and balance-sheet be adopted. A certificate was read from the auditor, stating that the books of the company had been carefully and accurately kept. The Dean of Christchurch could not see how they were going to pay the interest on tho money for tho land without making a call. The Chairman explained that there was a sum not called up which might be got in. At the same time, it was necessary to have at least one call to meet necessary expenses. Mr Webber said he had understood when ho took up shares that they were going into this matter heart and soul, as temperance men, to erect a building which would be a credit to the city and a comfort to visitors. Let them keep on with their calls, and those who could not pay would have to remain over, and thosegwho could would pay up, so that the work might go on, Ho trusted there would be no stoppage in calling up tho money. Tho Chairman said that the meeting had now to elect three directors. The following then were nominated, viz,, Messrs J. T. Smith, H, B. Kirk, and J. Webber. There being no further nominations the chairman declared these three duly elected. Mr F. Wachsman was re elected auditor. Mr Clephane moved —“ That it be an instruction to the directors to continue to make the calls in accordance with the prospectus and deed of association.” Mr Webber seconded the motion, which was agreed to. A shareholder expressed a hope that the directors would show a little more activity with the business than had hitherto been the case, and let the public see that they intended to have a temperance hotel in Christchurch. [Hear, hear.] He trusted to see the building erected ere long, and doing a good business. [Hear, hear, j In reply to a question from the Dean as to whether the directors had power to mortgage, the chairman said that such a power was contained in the deed of association. In reply to another shareholder, the chairman said that the directors bad just managed to pay £I2OO for one piece of land, and £IOO deposit and interest on another. They had thought that, as times were hard, it would be better to wait a while. It would, however, come before the directors in a different form now, as things were gerting better. The meeting then edjourned.