WELLINGTON PARK STUD COMPANY.

Taranaki Daily News, Volume XLVII, Issue 7745, 22 February 1905, Page 2

WELLINGTON PARK STUD COMPANY.

(Per Press Association.) ,„, ~ AUCKLAND, Feb 21 nmtcd to the shareholders at the «ocond annual meeting of the Wei I'nglon Park Stud Company, "'n Monday next, states that the directors regret that in pontine; thensecond report and balance-sheet they they have to disclose a loss amounting to £1 ? „1 <>., «„, nnd if to (h| l is added a credit balance of £108(3 18s Id brought forward from the previous period it would appear that a total/loss of £5351 7s 3d has been made during the last twelve months It is necessary, however, to explain that a-large proportion of this de-ficiency-is the result of over-valua-tion at the outset, and is not the legitimate working loss of the period Iho report concludes that the business lias so far been carried on at a loss is attributable to three things —First, that stock was originally taken over at are excessive valuation second, the yearlings prodded have not been up to the standard of. tho past, and third, tho expenses of tho concern arc far too groat. The rent was £7BB -Is 3d, the insurance £4B-4 4s "d, and management and wages cost £llBO lis. Tho retirement of T. Morrin, the managing director, ! Is announced. '