DUNEDIN EXHIBITION.

Hauraki Plains Gazette, Volume XXXVII, Issue 4996, 5 July 1926, Page 2

DUNEDIN EXHIBITION.

RETURN TO SHAREHOLDERS.

VOLUNTARY LIQUIDATION.

A meeting Of the shareholders in the New Zealand and South Seas. Exhibition was held last week for the purpose of commencing the liquidation of the company.

In the course of an address Mr JSutherland Ross (chairman of directors) sajd that the attendances h''a,s amounted to 3,200,498, with a record on the closing day oft 83,935. The average attendance for the 142 days on which the exhibition was open was 22,538. The actual assistance given by the Government was as follows : £50,000 was a straight-out grant, and a loan of £30,000 without interest war, also given. They had, moreover, arranged to have the call on another £25,000 as required, bearing interest at the rate of per cent. They had only found it necessary, he was glad to say, to ask for £lO,OOO, apd that had been repaid within 20 days. The £30,000 loan had been repaid the day before the exhibition closed. In addition, the directors had been enabled to call on £20,000 locally in the. 'form of guarantees. The art gallery had been visited by 268,853 persons, and pictures to the value of £11,164 had been sold. It had been put abroad that the Argyll and Sutherland Highlanders’ Band had cost them £30,000, but as 1 a matter of fact its cost would be round about £12,000. It was anticipated that shareholders would receive back ,14s lOd in the £. The total receipts from admissions came to £100,262, space fees amounted to £61,5'55, and commissions from selling sta.lls to £11,578. The rentals' (from the amusement park brought in £13,172. The takings from the amusements (scenic railway, etc.) conducted by the company came to £56,270, and 2,205,155 people entered the gates to these amusements. The cost of exhibition buildings, etc., was £211,062 (including architects’ fee,s £10,493), and the expenditure on the grounds, etc., was £31,594. Wages and salaries absorbed £35,578, advertising £11,353, and the bapd £12,556. It was decided tha,t the company go into voluntary liquidation.