PALMERSTON NORTH PUBLIC HALL.

Manawatu Times, Volume III, Issue 92, 28 August 1878, Page 2

PALMERSTON NORTH PUBLIC HALL.

A meeting of shareholders m the above building was held on Monday evening last, for the purpose of deciding whether ifc would be advisable to finally wind-up tho Company, and endorse certain action taken , by the directors with regard to the sale of property to the Borough Council. The Secretary (Mr Keeling) read the ad* vertisement convening the meeting, and then called upon those present to elect achair-i man. ' Mr J. P. Lbary wa9 unanimously ohosen to preside, and m opening the meeting said that he presumed most of those present : were ; aware of the object for which they had beencalled together which was to endorse or reject certain proposals Which the directors had made for the sale of the Hall to the BorouglfCouncd. Before they would be called upon to express an opinion,' the Secretary would submit a statement of aocounts extending over eighteen month's, and from that information shareholders would be able to know exactly the position of the. Company. One effect the ' proposed Btep would have would be to make the shores negotiable, as at present they were not «v---marketable commodity. ■He would call upon tbe Secretary to read the statement of accounts. , „• x Mr Keeling then read the following balance-sheet : — - Statement qf Receipts and Expenditure ojr the Palmerston North Public -Hall Company (limited), made up" to ilia 26th day of August, 1878. ' BEOEIPTS. . Amnfc. reevd. on calls £ 9. £ a. d. on 112 shares ... 698 15 0 Amnt. of mortgage property „.' 600 0 0 Amnfc. received for rents ... 66 6 .0 Deposits forfeited ... 9 5 0 1274 5 -0 To balance— Bank overdraft „. 17 3 2 £1291 8 3 BXPENDITUBH. £ B.- d, £ c, <J, By Co9t of sections... 118 18 4 I Law charges ... 63 14 4 ' Coat of building... 814 18 $ Management expenses — postage, stationery, .Gazette J . -.- - notices, and commission... ...■ 59 4 4 • -Repaid Mutual In- < vosfc. Society ... 99 16 0 , Extra contraot for I HaU..'. „; ..." 86' 19 O Insurance ...... 28 .'0 0 Bank interest ... 4 4 6 -X~ I Rates - 4 7 6 1280 a a By balance — cosh m hand,.. „. 11 5 6" j ' £1291 8 3 SUMMARY. £ s. 4 ■ Ground and buUding, with m - terest on the deferred payment, and internal fittings, cost.., „. 1034 6 0 Interest on, loan, pro. notes, and overdrafts 64 j 4 6 Solicitors' charges for forming Company and obtaining the loan of £500 69 _4 4 Insurance on building ... ;.. 28 0 O Working expenses .., .\, 60 14 O £124658 10 UABIUTIB3. £ B. d. Shareholders '..V '" ' 1 698 15 6" Wellington Investment .Society 462 14 0 .Contractors ... ,„ -..." 15. 0 jft„ £117$ 9 O ■ » There are 70 shareholders, holding 718 shares.] The Secretary next read a copy of the letter forwarded to tho Borough Council . containing the terms upon which" the direo* ■ tors had offered to sell to the Corporation tt I " The whole sum to be £1500, to be paid—* [ first two years, £100; fche second two years, £200 5 next three years, £300, each of the foregoing sums to be part of the purchase money. Further, tbat if tho whole 'suia ' were paid within the first four years, a re« bate of £200 should ho made upon the pur* chaso money." After tho Chairman had read theyariona clausos of. the Joint Stook- Companies Act referring to the winding-up oi public com* panics, Mr Abrahams desired to know by whom ; tlie interest on the £462 14s < due- to the 1 Wellington Investment' Company" would have to be paid; * ** ' ' ~ The Secretary said the amount was being lessened by instalments of £6 13a 465 per month ; but of course, until the amount had been cleared off, interest would have to - be paid by the shareholders. The Bugges- - tions put forward by the directors for the sale, were, however, open to any fair amend" ment. - Mr Mackie inquired if arrangementscould not be made to cut the matter short, to hand over tho building to the Corporation* and let that body raise the money required. He thought such a course would facilitate the process of winding up. The Chairman said it might be a matter of difficulty for the Borough Council tobo*erow sufficient capital afc present upon advantageous t'erma. He >as informed by the Secretary that ifc was more than possible the Corporation would be willing to take over the £462 duo to the Investment Company* but m that case they would not be able to pay any portion of the sum until the third year, at which date they would pay £150, increasing year by year,- until the entire sums ••had', been liquidated. If shareholders elected to. accept that proposition they woulcjt receive somewhere about £1000 over audi above the claim of the Investment Com-^ ' pany. Mr Abrahams 'considered the proposal to sell the building upon such terms ab-. surd, as they would be lying out of principal and interest for anuinberof years* Ifc was true the property had not been a> very great success m tho past-, but the town was fast forging ahead, and he felt quite convinced that if the building were put; up ta tender or auction, ifc woidd realise a' much higher figure. As far as he was concerned, he would prefer to take 15s cash down, than wait for an almost indefinite period. The Secretary reminded Mr Abrahams^ that the property m being sold to the Council would' still be iv the hand of the burgesses. . Mr Abrahams replied that if fche hall werii into the hands of private individuals, th*

Borough would still require to build a ♦Council Chamber, thus creating more work. Mr Mackie believed there were shara-i---holders outside bf the borough, and he thought the meeting should study them a little. ..*v t Mr EDwAßp,JtQE^aiddie was an outsider,, still the oufcsiders'sh^uld': look after fcheru-7 selves. .7 -; X* *XX- " ■-' The Chairman. sSid s - be would ;happy to receive afresolllltibn^'jjro or con, the,windingup of tHdyCbtapariy, but before it would be put td^e'^rieefcing, it would be competent to move-!anTajpiendnient either way. Mr Rqbebt Mackie proposed, and Mr WA^ton'^ .seconded, the following resolu-tion-.—'X' ■ X " That the Palmerston North Pnblic Hall Company, Limited, be voluntarily wound np." There was no amendment, and the motion was carried unaminiously. The Chairman said that the resolution liavihg-been passed, it be came necessary, in r coiiformity with the Act to appoint liquidators to' give effect thereto, — m fact to deal. Vith the property of the Company. Several propositions were brought forward- as -to the names and- number of the liquidators, but eventually . the ing twelve gentlemen were chosen, seven to form a quorum '.-—Messrs. Jenssen, . J. P. Leary, Mackie, G. Roe, Knight, j Walton,. Grammar, and Abrahams, together with the old directors, Messrs. Waldegrave, Linton, Palmerson, and Nannestad. This ; concluded the business, and the meeting then terminated. 3p