CANTERBURY SALEYARDS COMPANY.

Globe, Volume XXIII, Issue 2294, 10 August 1881, Page 3

CANTERBURY SALEYARDS COMPANY.

The half-yearly meeting of the shareholders of the iibovs company" was held on Tuesday at the rooms of the Agricultural and Pastoral Aesociation, Hereford street. Mr W. Henderson, chairman of the board of directors, occupied the ohair, and there was a good attendance. The report of the directors for tho half year, which was taken as read, was as follows :

Since the last annual general meeting your directors have the painful duty to report the death of lb-sir late chairman, Sir J. Cracroft Wilson, 0.13., which occurred ou the 2nd of March last. In consequence of the vacancy thus caused, at a meeting of the directors held subsequently, Mr William Henderson was duly appointed chairman, and Mr Samuel Garforth vice-chairman for the current year. The stock passed through the yards from Ist January to 30th June, 1891, number as follows : —Sheep 183,063, cattle 9110, pigs 5512; showing a large increase in the number of sheep and pigs, and a decrease in cattle over the previous half year, and also showing a very considerable increase in sheep and pigs, with a slight decrease in cattle over the corresponding half year of 1880 The 400 new shares offered to existing shareholders-, and made payable on the 14th of February last, have all bean taken up, and the dividend and bonus of 25s per share, as adopted at the annual general mooting, has been paid, leaving a balance to the credit of profit and loss account of £93 3s 4d. Tour directors have resolved to reduce the item of salaries from the end of the present quarter, they having made certain arrangements which they trust will be regarded as satisfactory by the company, and have also reduced the amount ef insurance upon building from £2125 to £1650, thereby making a small saving in the annual premium. In accordance with the expressed wish of the shareholders at the annual meeting, your directors have considered it advisable to take up ten additional shares in the Permanent Loan and Investment Association, for the main purpose of increasing the delapidation fund, which, with the twenty-five shares already held by the company, the directors consider will he sufficient for the renewal of any buildings when required. The accounts, duly audited, have been distributed amongst the shareholders, and it will be Been the profits for the half-year amount to £625 6s 6d, the £93 3b 4d brought forward from the past half-year, gives a total to credit of profit and loss of £7lB 9s lOd, and after deducting honorarium paid to directors for the year 1880, leaves an available balance for distribution of £655 9s lOd. ont of which sum yo r directors recommend that a dividend of 6 per cent, be p&id for the half-year, whieh will absorb £540, leaving a balance of £lls 9s lOd to bo carried forvard to the credit of profit and loss new account. It will be seen from the balance sheet that the sum of £l3 has been expended during the past half-year upon permanent works, and a further sum will be required during the current half-year. William Hkndkbson, Chairman.

By final balance to credit of profit and loes brought down ... .£655 910 The Chairman said that Mr K Wilkin had been appointed a director in place of Sir J. 0. Wilson, 0.8., deceased. The director! had taken np ten shares in the Permanent Investment Association, which would provide a sufficient fund to meet any dilapidations in the yards. He was of opinion that they ought to make the pig pens separate entirely from the other pens,'and this would save a good deal of damage. He now begged to move the adoption of the report and balancesheet. —Mr Hiorns seconded the motion.— Mr J. H. Hill said he desired to ask the chairman what plan the directors proposed for the improvement of the yards. The shareholders had laid down the rule that theimprovements should be paid for out of capital, and not out of profits. At present all the capital had been called up, and if the improvements which were to be done were to cost, as he expected, some £2OO, the directors should make some suggestion as to how the money was to be raised. He would suggest also that certain alterations should be made in tbe balance* sheet, so as to show more clearly the sources from which the amounts wore derived. He also would like to see a 5 per cent, dividend declared rather than a 6 per cent, dividend, considering the perishable character of their property. With a view of testing the feeling of the meeting he would move —" That the dividend be 5 per cent, this year." This be thought would allow of the 1 per cent, being carried either to profit and loss new account or to the dilapidation fund. The motion for reducing the dividend was put and lost by a lari»e majority. The Chairman said that before next winter set in they would require a large amount of money to do improvements in the yards. He thought, however, that the calling np of 5s per share would cover all this. The motion for adoption of the report and balance-sheet was put and agreed to.—Mr Hiorns* moved—" That the 1000 new shares be allotted to the present shareholders, and that 5s be called up on the proposed new shares." Mr Mcßeath seconded the motion, which was agreed to.—Mr S. G-arforth said that he desired to call the attention of the shareholders to the unsatisfactory state of the fence on the property of the Park and Domain Board, opposite the yards. Beveral letters had been written, but no satisfactory action had been taken.—Mr Hill said he thought that it could easily be arranged by the cha'fcnan Beeing the chairman of the Domain Board.—Tne Chairman said the whole difficulty arose from the fence having been cut at the wrong time of year.—Mr Mann said that the fence was a disgrace to any Board, and ho trusted that some step* would be taken to remedy the evil now complained of. The sheep, as well an the pigs, went through the Park.—A petition was read from the wives of certain stout frequenters of the yards asking that the passages from the pavilion to the fat oattle yards be , "idenod. The meeting then adjourned.

Db. £ B. d. To Salaries—Secretary, yardsman, classifier of stock, and gatekeeper _ 175 0 0 ,, Remuneration to Directors to 30th June, 1881 31 10 0 „ Labor at yards 11 5 8 ,, Kepairj ... 10 18 5 19 10 7 ,, Interest on overdraft 0 16 8 „ Property lax—Moiety chargeable to half year 19 7 6 „ Paid towards dilapidation fond 54 7 6 ,, Insurance 5 9 6 ,, Expenses—Coal tar, stamps, and petty expenses ... ... 20 4 10 .£348 10 S „ Balance, profit on half year carried down ... ... 625 6 6 .£973 17 3 £ s. d. To Paid remuneration to Directors for 1880 63 0 0 ,, Balance ... ... ... ... 655 9 10 £718 9 10 Ce. £ a a. By Yard fees 729 4 10 „ Bent account 220 0 0 „ Pound fees 17 9 4 ,, Transfer fees 7 3 0 £973 17 2 By profit on half year brought down £ 8. d. 625 6 6 ,, Brought forward from supplementary profit and loss account 93 3 4 £718 9 10