CANTERBURY SALEYARDS COMPANY.

Globe, Volume XXII, Issue 2017, 11 August 1880, Page 4

CANTERBURY SALEYARDS COMPANY.

The sixth half-yearly general meeting of shareholders in the Canterbury Saleyards Company was held in the committee-room of the Canterbury Agricultural and Pastoral Association, last evening. There was a large attendance of subscribers, Sir J. Oraorott Wilson being iu the chair. The minutes of the previous half-yearly meeting were confirmed as read. The report was read as follows Tour directors beg to report the number of stock which passed through the yards from let January to 30th June, 1880, to be 167,421 sheep, 9601 head of cattle, and 2907 pigs, contraating favorably with the last report, being 34,092 sheep more, 1302 cattle less, and 1355 pigs more than the last six months of 1879, and 25,234 sheep more, 1461 cattle more, and 1071 pigs more, than the first six months of that year, showing a progressive business being done at the yards. The pound erected at the yards cost £297 2s 9d, say .£3OO, and was proclaimed and opened on the 19th January last; at first, as may have been anticipated, the receipts were not great, for up to the SUth April the net takings were only £l3 15s 9d, bnt the next two months, to the 30th June, they were .£lB 19s lOd. Taking the average of which, withont allowing for any increase of business, the pound may be estimated to bring in £IOO per annum at least, being but three years’ purchase, or 33 per cent, interest on the outlay. The accounts, duly audited, are laid upon the table. The balance to the credit of profit and loss is .£396 6s 6d, after paying the half-yearly dividend of 5 per cent, to the 31st December, 1879, and £l3O 16s 4d for pitching and subdivision of the cattle pens, out of which balance the whole cost of the pound has to be deducted, leaving £IOO 3s 9d available towards paying a dividend of 5 per cent, upon the paid-up!capital for the past half-year to 30th June, which your directors now recommend. And they propose at the end of the current year to carry to capital account £1631 11s lid expended for additions to the yards, and £297 2s 7d for the erection of the pound, making togetlu r£l9lßX4s6d paid out of profits, in addition to the dividends already declared. J. Ceacroft Wilson, Chairman. The balance-sheet showed that the expenditure for the half year had been £34112s 3d, and the receipts for the same period £B7O 8s 6d. Out of the profits for the half year a dividend of 5 per cent., amounting to £350, and the cost of pitching the yards, £l3O 16s 4d, making a total of £4BO 16s 4d, had been paid. The balance to profit and loss was therefore £397 6s 6d. The Chairman said that everything had been placed plainly before them, and he was -willing to answer any questions that might be put. Some of them might remark that there is no dividend, but they were in a flourishing state and at the end of the year he believed they would have a good dividend. Mr Qibby proposed, and Mr Hiorns -seconded, that the report be adopted, which was carried. Mr Hill concurred in the determination ef the directors in making an outlay on permanent works, and he assumed before doing so they had made themselves properly acquainted •with the proper value of buildings and such like things on the ground, and had deducted from the amount what represented their do--predation. Ho had no doubt that the buildings and land represented full value for the capital which had been in the books, and for the money that bad been taken out of profit and loss, so that it was hardly fair to the general body of shareholders that this large amount of money, £2OOO honestly earned in profit, should not be divided. He thought the proper course was what the <lirectors proposed doing, making a dividend to shareholders at the end of the year. The Chairman stated that the sum spent in improvements would bo reproductive. Mr Hiorns asked if the system of gradually pitching the whole of the yards was being earned out. It was explained that this had been done a* far as was consistent with due economy. Mr Matsou said as a board of directors they had expended money judiciously as they made it, and had improved the yards for the benefit of doing a larger business there. Mr Newton, as an auctioneer and shareholder, thanked the shareholders for the interest and zeal they had shown in the yards. What had been done was most satisfactory, and he believed in making improvements where required, but their operations should be confined strictly to the working of the yards. Mr Hill proposed a vote of thanks to the chairman and directors, who had managed the affairs of the company in a highly satisfactory manner.

Mr Hiorus remarked that the healthy state of the company was shown by tho increased value of the shares. The motion was seconded by Mr Newton, and carried by acclamation. Tho Chairman acknowledged tho compliment, and the meeting terminated.