THE OAMARU BATHS COMPANY.

Oamaru Mail, Volume III, Issue 751, 6 September 1878, Page 2

THE OAMARU BATHS COMPANY.

ANNUAL MEETING OF SHAREHOLDERS. The annual meeting of the shareholders of the above company was held last evening at the Mechanics' Institute. About a dozen persons were present, and the chair was occupied by Mr. Gibbs, Chairman of ctors The minutes of the first meeting having been read and confirmed, the following report was read by Mr. W. J. Smith, in the absence of the Secretary (Mr. Hardy):— In meeting the shareholders with their first annual balance sheet, the Directors have to congratulate them upon having obtained for the people of Oamaru and the visitors thereto the best sea-water swimming bath in the Colony, but regret to have to say that in achieving this they have been compelled to expend a much larger sum than they anticipated on the Company's first formation, and there is stiU to be raised a sum «>f L 606 19s Sd. By the sale of the yet unallotted shares p-nd ths payment of arrears of calls, this sum may be reduced by L2S6 10s, leaving L 320 9s 6d to be provided for by ioan or by increasing the capital. The revenue received during the past season amounted to L 254 2s 6d, the expenses, including interest paid, L 24 2s 2J. ind ' 8 2s 6d due, amounting to 1.32 4s Sd altogether, and Ll2 14s voted to the Secretary, reduc-s the netfc revenue toLS9 8s lid, md this was dui ing a season of an unfavorable character and under novel and unfavorable circumstances generally. The Directors deem it probable that in future years there will be a large increase of revenue, and provided the balance still needed to comolete "he necessary capital he raised there is no doubt that a dividend of fair amount may Oe declared at the next annual meeting The Directors regret that the difficulty of ge-ting in the calls made it necessary to hold this meeting at a date later than originally intended.

It is your duty to elect a new Board of Directors now; and the present Board at its last meeting passed a resolution recommending to the Board now to be elected, " That under sufficient guarantees the bath be let for the ensuing season by tender or auction." This is mentioned that the meetng may express an opinion on this matter if it be deemed desirable. Is should also be mentioned that Mr. Hardy, the Secretary, has resigned his otiice, on the ground that the new Directory should have tht appointment of, a Secretary. The balance-sheet was also read, showing that the total rec»ipfs on revenue account amounted to L 254 2s. 6d., and theexpenditure to L 143 17s Id.—showing a balance of L9O ss. sd. The amount of paid-up shares was shown to be L91310a.; ! calls unpaid, L 62 10s. The Chairman, in moving the adoption of the report, dealt at some length with several matters. He said the Directors had experienced great difficulty in getting the arrears paid up, and he had endeavored to get the Seoretary to be a little more energetic in getting ia the j money, but to no avail. They were therefore reduced-to the necessity of obtaining more money from the bank. The Directors had intended that the present meeting should have been held much earlier, but owing to bad management it could it could not be done. Despite the drawbacks he had mentioned, he had every confidence in the future prosperity of the Company, and he had no doubt that, with proper management they would be able to declare a dividend next year. The motion was Beoonded by Mr. J, Bennett.

Some dissuasion upofi strata! I the balance-sheet then took place, 4ariC which the Chairman stated that the u£. tors had experienced great diffioulty J dissenting ibe various items of thejJ counts, usxd he read a letter from them b. which they stated that in their opini™ the accounts of the Company had &nt been conducted altogether aatisfastonly The report was adopted, and on tL motion of Mr. W. Aitkp-. * diridettij* 10 per cent, was defj; u ~ and earried U shareholders' cap>l_ _~jount. ' , Mr. Hardy's resignation of the retaryship was accepted. On the motion of Mr. Lipperl, seconded by Mr. Bennett, the retiring Diracto» were re-eleeted, with the exception gf Mr. James Familton, at whose desire Hr Chase was appointed in his stead. Mr. Gibbs was elected Treasurer. A vote of thanks was passed to J( r Christie, Manager of the Colonial B*uk* for the great assistance he had renders to the Company. Votes of thanks to the retiring office. bearers and the chair having been passed the meeting terminated. * At a meeting of tha Directors held afterwards, Mr. W. J. Smith was B jy pointed Secretary to the Company.