PHCENIX WATER RACE COMPANY

Tuapeka Times, Volume III, Issue 145, 17 November 1870, Page 3

PHCENIX WATER RACE COMPANY

The annual meeting of the shareholders of the above Company was held in the Company's Office, Peel-street, Lawrence, on Monday evening last, about eight o'clock. The meeting was but thinly attended. Mr. Bastings was voted to the chair, and in opening the business, stated that .the meeting had been delayed till 7 o'clock in accord nice with the expressed wish of the two town directors, Mr. Oram Ball and Mr. Hill Jack, who purposed being present. As, however, something must have interfered with the carrying out of their intentions, the meeting would proceed with fie business before it. Me would call upon the Secretary, Mr. Hayes, to read the minutes of the last annual meeting.

The minutes were then read and confirmed.

The financial statement was then read, from which it appeared that the water sold during the year amounted to £669 18s. 6d., against which were expenses £294: Is. 6J. ; amounts marked off as bad, £95 7s. 6d. ; and dividends, £400. There is a balance in bank of £21 13s. 4cl, and £83 3s. due for water, against which there is £59 due of dividends, leaving a balance of £46 16s. 4d.

The following report for the year was then read: — Third Annual Report of the Phoenix Water .Race Company for the year ending November 5, 1870. To the Shareholders,

Gentlemen, — Ii submitting this, the Third Annual Rjport and Balance Sheet of this company, we have much pleasure to record its contimied prosperity. Though our financial statement shows a decrease in the sale of w.iter, as compared .vith last year, of over £150. Still, the proceeds of ihe year have enabled us to declare two dividends of four shillings p-3r share each. The sum due the company for water, as shown by last annual statement, aaiounted to £219 4s. (id., but as the manager reported £95 73. of that amount i [recoverable, it was therefore marked o'T as bad, leaving the actual amount due at that date £12:3 17s. 6cL, which, when compared with the amount at present due, viz., £84 35., shows that the sum then due for water has been lessened by £40 during the year. The expenses of the year (apart from salaries) have been very light, nor is there any likelihood of any repairs or extension being necessary for the corning year. The manager reports the reservoir and races in good order, with a depth of water of 26 feet 9 inches in the reservoir at this date.

llotiaoe Bastings, On behalf of the Directors. Lawrence, November, 1870,

; It was then moved hy Mr. Chal- | mers, and seconded by Mr. O'Leary. " That the report and financial statement be received and adopted." Carried.

The election of Directors was the next business.

On the motion of Mr. Harrop, seconded by Mr. Chalmers, Mr. Mansfield and Mr. Oram Ball were elected town JMrectors ; and on the motion of Mr. Goldsmith, seconded by Mr. Chalmers, Messrs. Bastings, Har op, and Dr. Stewart were elected local Directors.

Mr. Chalmers propoßod a vote of thanks to the Directors for their services (luring the past year. He said it must be satisfactory to t'lem to be re-elected, showing as it did that the sharehoMers were well satisfied with the manner iv which they had performed their duties.

A vote of thanks to the Chairman closed the proceedings.