meeting of the shar hukiers in this Company was held seater things which do not perish the Wh this avon tral "Hotel, ers were present. Mr.
(Chairman), Capt EA, Phase (Dirsetar), Mr. Roald Macleat (Legal Advisers, Me of aver 32.000, over whi Bastlack (Anditor}, Capt, W.O. Mo canis Youn pt. Arthur, Messrs. WoW aries Clifford, Wd. Linhy Prebble, and R. portion to our increas Well, also show a marked in Ths notice convening the meeting increase of business.
hoon read, the Chairman said:.- doubtful debts; report and accounts stich debts are inenrre your hands for som lit times with your permission [will take chem ay read. T to paint cut that inthe Profit and) Loss account there oveurred a printer's error ant the Balanew for 1901 should he read 1902, sed earn nth eipateal last year from the val Sta the establishment. TP taye! nud: piestsire in saying, already words with referee tot taken by the or te the amount of spent alterations and im- doubtful dits, and the total charged to that account. December. Tu the beginning more than surprised to find od the rethark made by the Auditor in the Road balance sheet that the amount spent on promises we have now in hand, alterations and improvements should be favourable rental for a charged to profit and lows account, as the conclusion T may say th same gentleman allowed th item have aire ily noted the very marked it in the accounts. which he i for prove that have been made in the Is$ to pass without comment. With all pla is becoming better deferener to the Auditor, your Directors and more favourably known day. think this outlay, the benefits of which Before moving the doption of the re-will be felt for years to come, should not port and accounts, I will be pleased to an-be charged against the profits of a single swer riy questions any shareholders ma year, As you will have seen, they have care to ask. proportion of this outlay Mr. Eastl ok wished to make to ars account for depreciation. remarks rence to his diss 2.01 28 for 1902. The increased varn-000 aid bein, ings proved that the alterations were ti nent ACCOUNTS necessary and we consider it as an invest-stead of to profit and loss. His impre~ ment, "These alterations and improve.. sion was that this was an illegal account: the whole '10 be legal it should be stipulated for in lights and the prospectus ud Articles of Association should come in as a specific amen to he spent on a specific work; when the was completed it should come in on footing as the leasehold pro-ever wasting and diminishing 3 But to say that alterations to are, to the conveniences, or to lay should zo to an alterations account.
not correct. However, he thought.
would be well to have a legal aninion in writing on the subject. as to whether the Company was doing lawfully in in-cressing this account sear by year, It toa differ opinion: the rs held one which was. no doubt, hw ford 10 have a written legal opinion on the point, He had in his pocket, the reports of two other companies which sich charzes te profit and loss.
The Chairman ruled r ferences to other out of order, merely mentioned shen to show his position, Mr. Limby asked how much of this ATS had been spent on productive ime Braven amderstand then that th have down hero will produc profit to the company bye And therefore it is really investment said that ander thew ¢ir was carry to have to who cata the ore the matter wits per lack was any acton was he ithe speaker. but.
Jerse put it, doctors differed decal the dite ters quite the correst thin 1 lieu spent in whitewash i ud that sort: of thing, Eastlack up. the Company was to get a profit the expen he considered th i rs were perfectly ed in their At the same ¢ would like Let profi s Clitfors. while tow a serap of directors were taking.
Chairman moved the adoption of port and balance sheet. seconded and if. was carried Capi. head, and it, was carried, that $2 per share making 25° per red and passed Tons Kidson moved. Mr. Clifford and ie was carried that Mr.
the retiring dircecor. be re-pi, Young had much pleasure in pro-Mr. GD. Scott as auditor for the ded. He thought the prosperous by prope reappointed.
A shareholder seconded.
Text read from the printed page and cleaned; old type leaves the occasional error.