WELLINGTON PUBLIC HALL COMPANY.

New Zealand Times, Volume XXXII, Issue 5051, 1 June 1877, Page 7

WELLINGTON PUBLIC HALL COMPANY.

[ The annual general meeting of the Welling- [ ton Public Hall Company was held on Monday, 1 May 7th. In the unavoidable absence of Dr. ' Johnston (chairman of directors), Mr. George Hunter, M.H.K., was voted to the chair. REPORT. The following report and balance-sheet were taken as 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 ground 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 ou 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 aeoouius for which have not yet been received. This expenditure will have to be charged against future income. Three of the directors retire by rotation —Dr. Johnston, Mr. Krull, and Captain Sharp—but being eligible, offer themselves for re-election." Pi:. £ a. d. To capital—3so > shares paid up ill full, 30s. 5250 0 0 Dividends unpaid }, ->9 0 3 Accounts due .. .. .. ) Profit and loss—balance 1204 7 10 £0573 S 1 Cn. £ s. d By promises erected on leasehold per last st dement 5401 i) C Furniture per last statement .. .. 070 S 0 Balance at Bank of Australasia .. 495 10 t £0573 S 1 rr.oriT am> loss account. ,C s. d. £ s. d. To general expenses—secretarv's salary 7-> 0 0 Insurance 175 2 0 Ground rent 150 U 0 Kates 00 12 0 Repairs 104 S 0 Auditor's fees 0 8 0 Hank interest 31 15 1 Advertisimr 18 0 S : Sundries and petty expenses 41 10 G Dividend on 2339 shares at 10 per cent. 433 7 0 . Balance 1294 710 ■ £2394 0 7 £ s. d. ].!y balance as per last statement .. ..772 10 11 Amount received for rental, &c, since , 31st March, IS7O 1312 4 S Ground rents 309 5 0 £2304 0 7 , April 1, IS77—By balance .. £1294 710 ' Audited and found cjrrect. < r -Auditors. I Wellington. April 26. 1577. In moving the adoption of the report, the , Ch.-Ukm.O' explained that the corner allotment facing Lambton-quay, and upon which the Royal Hotel has been built, bad been ' j let by the company at the annua! rental <■! J £351, to increase every seven years till twentyone years hence, at which time the lease : would fall in. He then went through the L various items in the balance-sheet, and in reference to the paragraph in 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, bui would be- probably paid out of the income of the 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 b • sufficient for a dividend of 10 per cent. ,

Mr. Buchanan* 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 be settled next year. The only thing the directors had decided was that it should not come out of the past year's revenue. Sir. Edchanan said if the money were to come out of one year's revenue there would be some difficulty about the dividend.

The Chairman aud Mr. Khuli, did not agree Mr. Buchanan in this, and the former pointed out that furniture (£676) had for out of current revenue. Mr. Buchanan said that formed an asset, but these repairs would not ; and he was inclined to think that the 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 had sold out their shares.

The Chairman thought a very unfair insinuation had been made, and said if Mr. Buchanan would look 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 : ast "years, and showed that nothing but the preliminary expenses, some £2BB, had been worked off, and said it was well known that tne 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 l payment of a "vidend-; but as soon as more capital had been called up a dividend was paid, and he thought that after this the shareholders would be 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 too thought the reflection unjustifiable. Mr. Buchanan denied having intended to convoy any such impression. Considerable discussion followed on technical points of management, after which the adoption of-the report was seconded by Mr. Knun. 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. 'J'he auditors, Messrs. liainie and Kebbell, were also re-elected. REMUNERATION Of DIRECTORS. Mr. Buchanan, in view of. the fact that dividends were now beingpaid, 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. .Tames seconded. Carried. VOTE OP THANKS TO THE SECRETARY. Mr. T. Urvvin moved, and Mr. Kum.h seconded, a vote of thanks to the secretary. The Chairman, in putting the motion, said he cordially agreed with it, and thought it a fair tribute to pay the 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. Tho vote was carried unanimously, A vote of thanks to the Chairman concluded the proceedings.