WAIRARAPA PASTORAL ASSOCIATION.

Wairarapa Daily Times, Volume 2, Issue 208, 10 July 1879, Page 2

WAIRARAPA PASTORAL ASSOCIATION.

The general annual meeting of the Wairarapa and East Criast Pastoral and Agricultural Society was held at the Marquis of Normanby Hotel, Carterton, on the Bth ?%. , C.Pharazyn (President), E .H. Beetham, W. Buchanan, •Burton Boys, J. Holmes, H. McMaster, G. H. Lister-Kaye, P, F. Tancred, T. Telford, L. Nix, A. Armstrong, and T. •Bennett. The minutes of the last annual and committee meetings were read and confirmed. The accounts and repoitwere then read, ThePresidentsaid the report and ba-lance-sheet showed a favorable result, being a balance of £B4B to the credit of the Society, and the question to consider was the present actual condition of the society. The liabilities that must be immediately met were—

£720 19 0 Showing a Credit balance £lO9 8 0 He regretted the apathy shown by the meagre attendance of members, and if the debentures were not taken up either by members or as ut profitable investment of small capitalists, the same would have to be put up for sale, when they might be bought by a company who would carry on tlie Society to their own private-advan-tage instead of the Society. If the arrears due to the Society were not paid upon application the Society would be obliged to sue for the same to force the public to face the position. That the Society were under an obligation to the Bank of New Zealand for the consideration shown to the Society in not taking extreme measures with regard to the overdraft, and the meeting unanimously agreed that should this Society not be continued it would be damaging to the Wairarapa as an agricultural and pastoral district, There was no doubt the present position was really in consequence of the present very peculiar and unstable state of the money market and the low prices ranging for all produce. The following resolution was then moved by C. Pharazyn and seconded by W. C. Buchanan :—" That immediate steps be taken to obtain payment of the amounts due to the Society, resort being had to legal process if other means failed,"

That the debentures applied for be paid up at once. That every effort be made to dispose of the remaining 28 debentures at £lO each. That if the above proposals fail to raise the amount required to pay off all liabilities of the Society, .thp following resolution be proposed at an adjourned meeting of the Society to be held at the Marquis of Normanby Hotel, Carterton, on Tuesday, the sth August, viz,:-" That in order to meet existing liabilities, the property of the Society be sold, subject to the mortgage and claims of debentureholders, and that any deficiency which may exist after such sale, will be levied by a pro rata contribution from members underßule3." The election of officers and the other business was postponed until the next meeting, when a larger attendance was most urgently requested from the members of the Society.

treasurer's report. To the President and members of the Wairarapa and East Coast Pastoral and Agricultural Society. Carterton, Bth July, 1879. Gentlemen—l have the honor to submit to your consideration and approval a statement of the assets and liabilities of the above Society, and of receipts and expenditure for the year ending 30th June. From the latter it will be seen that the amount subscribed is as follows:—Voluntary subscriptions to yards and sheds, £421145; annual subscriptions from members—lo hon. members, at £5 os, £52 10s; 70 members, at £1 Is, £73 9s—£l2s 19a. At a meeting, of the General Committee held on the 12th day of March, 1879, it being found desirable to carry on further improvements than the funds in band would permit of, it was decided te issue CO debentures at £lO each, and up to the present time 32 of such del entures have been accepted, aiuUcf that number 15 have been paid up.

The Shov Grounds, consisting of 10 acres 2 perches, have been purchased for the sum of £GOG 7s Cd. This laud is now valued at £ISOO, not taking into consideration the improvements which have been placed on it, at a cost to the Society of £839 3s sd. I may mention that this expenditure was carried on most economically under the management of _a sub-committee, to the members of which the thanks of the Socieiy are due for the time and trouble bestowed by them on the work, which had to be carried out in a verv limited space of time. The proceeds of the show held on the 20th of Nov last, were only £ll6 14s Gd; this fact was mainly attributable to the inclement State of the weather, which no doubt prevented large numbers being present. The working expenses of the Society have been say £270, including survey,

I would take this opportunity of urging upon the Society the desirability of at once taking up amongst themselves the remaining 28 debentures, and if possible, even a greater uurabcr, ill order not only to clear off the present Bank overdraft, but to be in a position to more completely finish the yards and sheds. I have &c-, W. Booth jun, Treasurer

£ s. d, Interest 23 0 0 Outstanding accounts 112 16 8 Bank overdraft 329 0 8 Prizes 156 1 0 £G17 18 4 Against which there were dueArrears 121 9 0 Debentures 170 0 0 Subscriptions 125 10 0 Debentures for sale, o 280 0 0 Balance due Masterton Park Trustees ... 30 0 0