WELLINGTON PUBLIC HALL COMPANY.

New Zealand Times, Volume XXXII, Issue 5030, 8 May 1877, Page 3

WELLINGTON PUBLIC HALL COMPANY.

The annual general meeting of the Wellington Public Hall Company was held yesterday afternoon. In the unavoidable absence of Dr. Johnston (chairman:of directors), Mr. George Hunter, M.H.R., was voted to the chair. BEPORT. The following report and balance-sheet wore taken aa read:— .“The directors of the Wellington Public Hall Company, Limited, in accordance with the articles of association, present herewith the annual'statement of accounts. The directors have the satisfaction of informing the shareholders that the aground fronting Lamb-ton-quay has been let on favorable terms, and a handsome -building is already erected upon it. In September last a -first dividend was paid-on the capital subscribed to the 31st March, 1870. . The directors have recommended a dividend for -the year at the rate of 10 per cent, upon the capital. An expenditure of about £4OO has just now been made for roofing and painting the buildings and other improvements and repairs to the property, the accounts for which have not yet been received. This expenditure will have to be charged against future income. Three of the directors retire by rotatidm —Dr. Johnston, Mr. Krull, and Captain Sharp—but being eligible, offer themselves for re-election.”

D. EatnlE, 1 Auditors G. M. KEIiBELL, j -Auditors. ■Wellington, April 26,1877. In moving the adoption of the report, the Chairman explained that the comer allotment facing Lambton-quay, and upon which the Royal Hotel has been built, had been let by the company at the annual rental of £354, to increase every seven years till twentyone years hence, at which time the lease ■would fall in. He then went through the various items in the balance-sheet, and in reference to the paragraph m the report which treated of repairs being now prosecuted, said it had been arranged that the expense should not be charged upon the last year’s accounts, but would bo probably paid out of the income of tho current year. Last year the income had been large, but even a better state of things might be looked for next year: the ground rent would be larger, and notwithstanding the expenditure of £4OO in repairs, there would doubtless still be sufficient for a dividend of 10 per cent. Mr. Bcohanan took exception to the £4OO for repairs being paid out of one. year’s revenue. A certain amount of it should be written off each year. The Chairman remarked that that could bo settled next year. The only thing the directors had decided was that it should not come out of the past year’s revenue. Mr, Buchanan said if the money were to come out of one year’s revenue there would be some difficulty about the dividend. The Chairman and Mr. Krulu did not agree with Mr. Buchanan in this, and tho former pointed out that furniture (£676) had been paid for out of current revenue. Mr. Buchanan said that formed an asset, but these repairs would not ; and he was inclined to think that tho directors in time past had charged too much to current expenditure. The result had been that many shareholders had become disgusted at receiving nothing, and bad sold out their shares. The Chairman thought a very unfair insinuation had been made, and said if Mr. Buchanan --•Wpaid flfok into the accounts for the past years he would find his remark was not justified. The Chairman then went through the various balance-sheets for the past_ years, and showed that nothing but the preliminary expenses, some £2BB, had been worked off, and said it was well known that the directors had been forced to make themselves personally liable for large sums.of money in order to enable the company to carry on, and under such circumstances they could not be expected to recommend the payment of a dividend ; but as soon as mote capital had been called up a divi-

dend was paid, and he thought that after this the shareholders would bo certain to receive a good return on the capital they had invested. Mr. George said it appeared to him that the directors were being indirectly charged with forcing shareholders to sell, and he t-jo thought the reflection uujnstifiable. Mr. Buchanan denied having intended to convey any such impression. Considerable discussion followed on technical points of management, after which the adoption of the report was seconded by Mr. Krull. The motion was carried unanimously. The auditors' report was also adopted. ELECTION OF DIRECTORS AND AUDITORS. The retiring directors were re-elected, the Chairman, in putting the motion, speaking in high terms of the time and trouble bestowed upon the management by Dr. Johnston. The auditors, Messrs. Kainie and Kebbell, were also re-elected. REMUNERATION OF DIRECTORS. Mr. Buchanan, in view of the fact that dividends were now being paid, thought the time had arrived when the directors should be remunerated for their services; therefore he moved that that the directors be paid an honorarium of ten guineas each per annum, Mr. James seconded. Carried. VOTE OF THANKS TO THE SECRETARY. Mr. T. Ukwin moved, and Mr. Krull seconded, a vote of thanks to the secretary. The CH.unMAN/jin putting the motion, said he cordially agreed with it, and thought it a fair tribute to pay tho secretary. Matters in a concern of that kind must necessarily be very much left to the secretary, and he was sure the shareholders must recognise that much of the success was due to Mr. Hillsden's energy. The vote was carried unanimously. A vote of thanks to the Chairman concluded the proceedings.

£ 9. d. To capital—3500 shares paid up in full. 303. 6250 0 0 Dividends unpaid 0 ■ Account) due’ ... ... Profit and loss—balance .. .. 1204 7 10 £6573 8 1 Cn. £ 5. d. By premises erected on leasehold per last statement .. .. .. 0 Furniture per last statement 676 8 G Balance at Bank of Australasia .. 495 10 1 £0573 S 1 PROFIT AND LOSS ACCOUNT. £ a. d. £ d.

Togeneral expenses—secretary's salary .. • .. 75 . 0 0 'Insurance 175 2 0 -Groundrent 150 11 0 Rates 60 12 0 Repairs./ " 101 8 0 ' Auditor’s fees .. 0 6 Bank interest 34 15 1 Advertising .. .. .. 18 0 8 Sundries and potty expenses 11 10 6

■ : m Dividend on 2889 shares at 10 per cent. 433 5 9 7 0 Balance 7 10 £2394 0 7 £ s, d. Bvbalance as per last statement .. .. 772 10 11 Amount received for rental, &c., since 31st March, 187G 4 8 Ground rents 5 0 £2394 0 7 April 1, 1877—By balance £1294 7 10 Audited and found correct,