Manawatu Athletic Park Company.

Manawatu Standard, Volume XLI, Issue 8140, 2 June 1906, Page 5

Manawatu Athletic Park Company.

The annual meeting of the above company was held at the offices of Messrs Mellsop, Eiiott and Co. yesterday afternoon. Present : — Messrs: W. T. Wood, M.H.E. (in the H. S. Abraham, F. H. Cooke, D: Pringle, M. Hodgins, A. Jack, C. E. Deiiipsy, M. A. Eiiott, G. W Keeling, J. McKenzie, Wm. Park, Wm. Coombs, Major Dunk and H. Mellsop. rnu« ~ J iL.i _ xL"

The report showed that during the year the JBorougb Council opened negotiations for the acquisition of the sand and gravel rights on ihe river foreshore and after various negotiations an agreement was entered into granting the borough the exclusive right to the sand and gravel on the foreshore for a term of ten years, from Ist of February last, at a royalty of fsoper annum. The directors consider that the revenue derived from the sale of sand and gravel should be placed on the reserve lund for the purpose ot reducing the mortgage on the property, instead of .being distributed as dividends. During the year negotiations were opened up by the Coursing Club for the uso of the polo ground. It is a matter for regret that these fell through, although the.v were practically approved of by a general meeting of the Golf Club, and a considerable revenue was thus lost to the company. The training track on the company's property has again come into use, being restored to working order without cost to the company. Messrs Allen Strang and F. H. Cooke retire from the directorate by rotation. Mr Strang is absent from the colony, but Mr Cooke is eligible for re election. Your directors recommend the payment of the usual dividend at the rate of 5 per cent. The balance-sheet and report was adopted, and the incoming directors were recommended to earmark the uncalled capital for the purpose of liquidating the debt on the property. Messrs William Coombs and F. H. Cooke were elected directors. Mr P. L. Sim was re-elected auditor, on the motion of Mi* Dempsy, and was voted two guineas for services rendered. A dividend at the rate of 5 per cent, on capital paid up was passed for payment.