CANTERBURY SALEYARDS COMPANY.

Globe, Volume XXIII, Issue 2170, 8 February 1881, Page 4

CANTERBURY SALEYARDS COMPANY.

The annual general mooting of the shareholders of the Canterbury Saloyards Company was held hat night at the Agricultural and Pastoral Association’s rooms. There was a good attendance of shareholders. Sir J. C. Wilson, chairman of the Board of Directors, occupied the chair. The report of tho directors for the past halt year was aa follows : Your directors are happy to report that upon the whole there baa been no falliug off in the amount of business done at the yards during the paat half-year. Tho stock passed through tho yards from Ist July to 3lst December, 188'), number as follows: —131,180 sheep, 12,303 head of cattle, and ISOS pigs; being 33,211 sheep less, 2703 head of cattle mare, and 1011 pigs leas than the previous six months ; but it invariably occurs that more at :ok is yarded in tho first than in the second half-year ; and them were 851 sheep more, 1400 cattle more, and 3-11 piga more than the corresponding half-year of 1873. Aa intimated in our report to the eud of Juno last, your directors propose to carry the Several amounts that have from time to time been paid out of the profits of the company for buil mg?. &0., and which now amount to .£1756 In, back to profit and loss, making, with the £438 3s Id, balance of profit and loss, <£2241 4a Id ; and yonr directors rccommsnd that a dividend of 5 per cent, upon the paid-up capital, being 10 per cent, for tho year, be declared, and that a b nua of £1 6s per chare bo paid to tho existing shareholders. Thia will leave a balance to credit of .£74 da Id. The £1756 Is already spent on buildings over the capital, and the .£291 19s, coat of pound, will make building account £2051 over the £IOOO already standing to debit of thia account, being £sl more than the increased capital, which sum will be carried to the debit of profit and loss, still leaving a small balance to be carried forward to the credit of profit and loaa new account, and which will be more clearly seen by the supplementary account attached to this report. The four hundred new shares have been offered to existing shareholders pro rata, in conformity with tho resolutions passed at the extraordinary general meeting held on the 11th February, 1373, and have been accepted, and are made payable on or before ihe 14th February inst., when tho half-yearly dividend and the bonus, if agreed to by this meeting, can be poid to the shareholders at the same time. As the whole of the capital of the company will have been expended, including the £2OOO derived from the four hundred shares now to ho issued, yonr directors recommend that the nominal capital of tho company be further increased to £14,000, by tho issue of one thousand new shares of £5 each, to avoid tho necessity for intrenching on profit and loss account for the future. The accounts, duly audited, are laid upon the table, copies of which have been sent to each shareholder. The profit on the past half-year will bo seen to be £565 3s lOd, oat of which has been paid £350, being 5 per cent, dividend for the previous halfyear, and £124 7s 34 for building new offices and other improvements at the yards during the past half-year, leaving with the £397 6s Gd brought forward from tho 30th June, a balance to the credit of profit and loss of £4BB 3s Id. The three directors who retire by rotation ore Messrs Samuel Manning, Samuel Qarforth and John Forgnssou, who are however eligible for re-election.—J. Ceacroft Wilson, Chairman. Tho accounts, us duly audited, were appended to the report, and were taken as read. The secretary read tho supplementary profit and loss statement, shewing the state of tho company after payment of dividend and bonus, and tho transfer of money expended on buildings, &c. to profit and loss. Mr Hiorns moved the adoption of the report. *Mr Hill made a few remarks on tho balancesheet, pointing out that tho expenses seemed to bo rather high us compared with tho earnings. Ho desired, in any remarks he might make, to deprecate tho idea that ho was making any advorje criticism, because the directors, who had charge of tho affairs of tho company, were gentlemen who had the beat interests of the company at heart. Mr Hill then proceeded to speak on various parts of tho balance-sheet, characterising tho item of insurance (£3l) as a most excessive and enormous item, considering the small risk which was run on the buildings. The item advertising and printing, £37 for the year, was far too large in his idea. With regard to tho supplementary profit and loss account, they wore goi g to declare a bonus of £IB2O, or £1 6s per share, whilst they proposed to transfer £1756 Is, or about £6O less. He would rather see this amount carried to the credit of the dilapidation or reserve fund, which it was very necessary to have. He should take exception to the item, and should move —“ That the bonus to be distributed bo £1 5s per share, instead of £1 6j, as proposed.” Tho amount thus saved—some £7O —could either bo carried to the profit and loss now account, or to the dilapidation fund, where it would be useful. They had received 10 per cent, dividend, which he thought was good enough interest on their money. He would also add to his motion — “ That tho amount of difference between £1 6s bonus, and £1 ss, be placed either to the credit of profit and loss for next year, or the reserve and dilapidation fund,” Mr T. Rowe seconded the amendment. Mr Henderson suggested that the best method would bo to recommend the directors to set aside a larger sum for dilapidation in future than had beeu tho cose, leaving the report as stated by the directors for this halfyear. Hon. J. T. Peacock agreed with Mr Hill’s amendment, as not involving a great deal of troubleMr Hill’s motion waa then put and carried. The report, as amended, was then agreed to. Mr George Hart moved nominal capital of the company bo increased to £14,000 by the issue of 1000 new shares at £5 each. The shares to be offered to the existing shareholders at par in proportion to tho number of shares held by them.” Mr Hurst seconded tho motion. Hon, J. T. Peacock opposed the motion, as ha thought the company did not require any more capital. They wore going on very comfortably, and ho objected to giving the directors power to call up the capital. Mr Hill said that the Hon. Mr Feacook entirely misunderstood the position. The directors would not call up this capital at once, but if they required any work to be done or any land to be purchased they could oomo to the shareholders and ask for a call. Mr Tabart urged upon tho directors the necessity of executing a permanent work in tho shape of paving the cattle yards, which last winter were in a disgraceful state. After a long and desultory discussion, Hon. J. T. Peacock moved as an amendment—“ That the capital be increased by the Lone of 200 new shares at £5 each.” Mr Beaumont seconded the amendment. The amendment was then put and lost, and tho original motion carried. Messrs S. Manning, 8. Garfortfa, and J. Ferguson were elected as directors, on tho motion of Mr Hiorns, seconded by the Hon. J. T. Peacock. Mr Hill moved a vote of thanks to the directors for the able manner in which they hod conducted the business of tho company, speaking in high terms of the zeal and efficiency of their directors. He thought the meeting ought to consider the advisability of paying their direotore. Mr Hurst seconded the motion, which was agreed to unanimously. Hon. J. T. Peacock moved—“ That tho gum of one hundred guineas per annum be set aside for payment of the directors during the year, to .be distributed pro rata amongst tho directors according to attendance.” Mr Hiorns seconded tho motion.

Mr Henderson thought that the amount proposed by the Hon. Mr Peacock was too largo, and ho would suggest that sixty guineas would ho ample. The Hon. Mr Peacock agreed to this being done, and amended his resolution accordingly.

The resolution, to toko effect for the year 1880, was then put and agreed to. Tho mooting then adjourned.