PHCENIX WATER RACE COY.

Tuapeka Times, Volume II, Issue 93, 20 November 1869, Page 3

PHCENIX WATER RACE COY.

The annual meeting of the shareholders of this company was held in the Commercial Hotel, on the afternoon of Monday, the 15th instant. Dr. Stewart occupied the chair. The following shareholders were present — Messrs. Bastings, Chalmers, Morison, Harrop, Smith, Brown, Sheath, O'Leary, and the manager of the company, Mr. G-oldsmith. The minutes of the last annual meeting were read and confirmed. The Chairman then called upon the Secretary to read the report and balance sheet, which were as follows — To the Shareholders of the Phcenix Water Bace Company. CteNTLEMEN, — We have the honour to report that the affairs of the Company continue v in a satisfactory condition ; the demand for water continues good, but the supply at the present time is becoming very limited. Two dividends of four shillings eacli have been declared during the year, and that notwithstanding the sum of £120 having been expended on a new r-aee. By reference to last years' report you will find the amount then owing the company for water to have been £130 178., which amount you will find, on reference to the present statement, to have increased to £219 4s. 6d., but of that sum ihe manager has furnished us with ft list of accounts amounting to £95 75., which he considers bad and irrecoverable, thus reducing the amount realizable to £123. With relerenee to the suggestion made by the Directors in their report of Jasfc year of bringing in a permanent supply of water from Waipori, your Directors have found that their position towards the company wouid not warrant theni in taking any steps in a work of such magnitude. The miners of Wetherstones, having petitioned for a reduction in the price of water, your Directors met their wishes by reducing the price from 225. to 20s. per 100 inches per week. Your Directors have also, during the year (as an encouragement to prospector*), advertised -water at half-price to parties anxious to test the -Wefcheretones cement. (Signed) Alex. Sxewakt. Chairman of Directors. JJOTTJAL STATEMENT OF THE PHO3NIX WATER EACE CO., REGISTERED. 1868. Nov. 14. — To balance as per last statement to date LlB5 1 5 1869. Nov, 13.— T0 total amount of water sold - 833 5 0 LlOlB 6 5 „ By sundry expenses to date L 452 0 1 „ Two dividends of 4s. each - 400 0 0 852 0 1 ,'" L 166 6 4 FINANCIAL STATEMENT. 1869. tfov. 13.— TobalaaceatBank LB4. 9 10 „ Amount due for water at date - 219 4 6 L 303 14 4 By balance due on' dividends 137 8 0 „ Balance - - - 166 6 4 L 303 14 4 :} (Signed) Wm. Hayes, ',',,. Secretary. - We, ISfe fcudersigiied, having audited w book's of the Phcenix Water i Racfe Co., do hereby certify to the correctness of this statement. l :• Thei*epprt_ffl3djbalance sheet were .'then received, and .open for discussion. ," 'Mr. Morison -enquired if any steps ' "had been taken to recover the £95 which was mentioned in the report as j>eing bad.

The Chairman, in reply, informed him that the amount was the accumulation of bad debts for two years. Several of the were now dead, several had lefVthe district, and several had beed sued without any result. He thought the percentage on the receipts was comparatively small. On being put to the vote, the Report, Balance Sheet, and Auditors' Report were adopted unanimously. Mr. Morison enquired as to the nature of Mr. Mansfield's claim, but none of the directors were in a position to give any clear explanation of it. The cheque appeared to have been given to Mr. Mansfield by the late directors as an indemnity against any loss he might sustain from a law-suit at one time pending against the company, but which law-suit had never taken place. The cheque had been presented at the bank in Lawrence, and dishonoured. The directors had hitherto repudiated Mr. Mansfield's claim, as no value had been received ! by the company, and they agreed to i let it remain in statu quo. \ ELECTION OF DIKECTOES. The Directors for the ensuing twelve months were then elected. For Dunedin— Messrs. Oram Ball j and J. Hill Jack. For Lawrence — Messrs. Bastings, J Harrop, and Dr. Stewart. j There being no other business before the Chauythe meeting dispersed.