The eighth annual general meeting of the shareholders in this company was held on Thursday evening (22nd) in the company's Board-room, Bubbling Well Road. Mr. B. A. Clarke (Chairman) presided, and there were present, Messrs. R. W. Shaw, J. D. Thorburn (Directors), Mustard, Perrott, W. H. Beatty, J. B. Cameron, Palamountain, F. Gove, F. J. Maitland, Pirie, Ah Shing, and H. Symons (Secretary), representing in all 466 shares.
The notice convening the meeting having been read by the Secretary, The Chairman said—Before proceeding to the business of the meeting I would like to say one or two words with regard to the loss we sustained in June of our late Manager, Mr. Mayne. As you know he died early in June, and I would like to record a minute of sympathy with his family in the loss the company sustained Soya his death. Those who agree with up one hand. (Those present' did 205 me will kindly signify the same by holding;
The report for the past year has been in your hands for some days, and I do not know that there is very much for me to say with regard to it. The volume of business done has been larger than the previous year, though, unfortunately, from ciroumstances over which we had no control, the result is not so satisfactory as we had hoped, but there have been various causes to prevent that, the principal one of which has been the price of fodder, which we hoped would not go up any farther than it did in 1895, but the price in 1896 was consider ably in excess of what we had to pay in 1895. In October we increased the cost of livery by Ti. 1, hoping that that would meet it, but it has hardly done so. The 100 unallotted shares were sold during the past year, and the premium received on them has been placed to the credit of the Reserve Fund. Of the money in the bank we a portion of our mortgage tha we have have placed Tis, 5,000 on deposit to pay off
that, we hope, will meet the views of the shareholders. Stock has been taken over at a very low cost. I think that it would have borne a considerably larger sum without in any way taking it at its actual value, but we have taken over both the carriages and the ponies at a figure which is far below their value to us, and at what they could be sold. Our property I do not think-has depreciated during the past year, and is worth considerably more than what it stands at in our books. The total area that we have is something like 21 mow, odd. Since the beginning of the year. we have made an agreement with Dr. Keylock, veterinary surgeon, who, I think, has already proved himself to be a very able vet., and one, I think, who will be. of great assistance to those who have ponies and cattle, and.I think his being at the Horse Bazaar will also greatly assist the company. If any shareholder has anything to say with regard to the accounts, or any remarks to make, I-shall be very happy to answer them to the best of my ability.
Mr. Palamountain enquired as to the manner in which the unallotted shares were disposed of, and expressed some surprise that the present shareholders were not- given an opportunity of purchasing them.
The Chairman said they were sold through a broker in April: last to. Messrs. Gove, Liddell, and Eastlack, some for Tls. 66 ex div. and some at Tls. 70 cum div.
Mr. Palamountain said he thought they were sold very cheaply, and he would like to have bad an opportunity of buying some. Ifthe Directors wanted the money they could have borrowed it at '7 per cent from the bank, for it would earn 8 per cent.
Mr. F. Gove said he thought at the time the Directors sold the shares it, was funny
Text read from the printed page and cleaned; old type leaves the occasional error.