Masterton Theatre Royal Company.
The annual meeting of the above Company was held last evening. Present: Messrs Gaselberg (chairman) and Messrs Smith, Hogg, Jago, Dalrymple, Jas. Thompson, and J. Payton, The following report for the past year was read : Your directors regret to have to report that on November 12th, 1887, it was found necessary to convene an extraordinary general meeting of the Company, in order that the financial position might be considered. The meeting unanimously resolved that the Company should be wound up, and your Chairman (vas duly authorised to take the necessary steps. The mortgagees, and the guarantor, Mr Krull, were advised of what had been done, and in consequence Mr Krull met your Directors on the 19th inst., and submitted the following proposal: "To lend the Company £SOO free of interest for live years; the mortgage to be for .£IOOO at 7 per cent, for a similar term, and the insurance to be on £800." Your Directors submit the following schedule of expenses, together with a statement of rents received during the last four years: Estimate of future annual expenditure: interest on £IOOO at 7 per cent, £7O; insurance .'on £BOO, £4O; lighting, £2O; rates, £10; repairs, £10°; salaries and working expenses, £ls; total, £IGS. Bents received: 1884-5, £IBO 17s; 1885-0, £244 lis; 1886-7, £212 Gs; 1887-8, £177 9s Gd. In explanation of the falling off of rent for 1887-8, it may be mentioned that £39 Is due for rent was lost by the bankruptcy of Mr T, H, Wrigley, and .£8 by another tenant. But for these losses the amount would have been £224 10s 6d. The foregoing will show that the lowest rent in four years was more than the present estimate of expenditure. It is, therefore, proposed to issue 120 shares of £o each, thus raising £OOO, the calls to be Is Gd per month, extending over five years and seven months, The payment to be
made from this sum will be Ist the overdraft, for which eight of the shareholders are responsible, and 2nd the LSOO lent without interest by Mr Irull. We are glad to say that a number of shareholders have promised to take shares. It is therefore to be hoped that every shareholder will endeavor to assist the proposal, Your Directors trust that there will be a full meeting of shareholders at tho annual general meeting in the Company's office on Wednesday, 28th March, at 3 p.m., and that after the statement now submitted, the required number of shares will be taken up, so that the Company will not require to surrender their property. Messrs M. Casclberg and James Muir are the retiring Directors, and are eligible for reelection.— M, Oasemerg, Chairman, ■ The balance sheet, which shewed a loss of £55 lGs lid on the past year's operations, was adopted, and the retiring directors were re-elected. The chairman, in submitting Mr Krull's offer to the meeting, said they had to decide on whether it was more sensible to hand the property over to Mr Krull or to accept his proposal. Personally he was willing to risk another fifty pounds rather than throw up the sponge. At the same time he pointed out that tho highest letting value of the property was only L2 10s per week, and on this basis they might lose WO on the year's transactions, and lutw the game trouble owr again
i which they had -had in the past, They. 'risked losing tlio LCOO they proposed ~ to raise; on tho other hand, they had ; a chanco to recovor the money already )' lost. | Mr A. W, Hogg thought it would jibe a terrible mistake not to take ' j advantage- of Mr Krull's liberal offer, j and expressed a sanguine expectation j of making tho company pay under the _ j terms upon which the property was now offered to them. Mr Payton said he estimated that under Mr Krull's offer their income would be L 125 per annum and their expenditure L 225. He was not in favor of throwing good money after bad, and reminded the meeting that Mr Krull's offer was made to protect himself, not them, Mr J, J, Smith submitted a list of names of those who wore expected to take up new shares in the company, and it was decided to adjourn the meeting till Saturday, when moro favorable weather might induce a larger number of shareholders to attend it A vote of thanks to the chair terminated the proceedings.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/WDT18880329.2.12
Bibliographic details
Ngā taipitopito pukapuka
Wairarapa Daily Times, Volume IX, Issue 2860, 29 March 1888, Page 3
Word count
Tapeke kupu
747Masterton Theatre Royal Company. Wairarapa Daily Times, Volume IX, Issue 2860, 29 March 1888, Page 3
Using this item
Te whakamahi i tēnei tūemi
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.