PONSONBY HALL COMPANY.

Auckland Star, Volume VI, Issue 1590, 17 March 1875, Page 2

PONSONBY HALL COMPANY.

A meeting of shareholders ia this Company convened by circular was held at the Hall last night. Mr A Stewart who presided, explained that the directors had made themselves personally liable to the Bank for an overdraftj that the Bank was pressing for immediate payment, that there were also some outstanding liabilities snd assets. It was necessary that something should be done at once to pay the Bank ov«rdraft. He called upon Mr Morton to read the financial state-ment.--Mr Morton did this and reiterated the remarks of Mr Stewart as to the overdraft, and the necessity for its being met as the Bank was very pressing for payment. The hall is mortgaged for £600 at 8 per cent, the rents to be received would more than payj interest on this, and if the Bank overdraft were paid the Hall Company would be out of difficulty. About £160, it was understood, was really necessary. Only a few persons had as yet taken up shares, and there was a considerable number to be disposed of. He concluded by moving that the company be wound up.—Mr Upton briefly seconded the motion.—Mr Boardman pointed out that the meeting could not carry such a resolution. Due notice must be given to the shareholders of a proposition of that nature. He was also strongly opposed to the attempt to wind .up the company, which meant the sale of tha hall, and its loss as a public hall to the district. He thought that sufficient efforts had perhaps not been made to carry but the original design of the promoters of the ball, which was to enlist the sympathies of tha balk of the population, by providing entertainments, concerts, lectures, etc. ;alsoareading-roomand free publiclibrary. He had a strong desire to preserve the property in perpetuity for the inhabitants of the district, and would like to see it placed ia trust. for that purpose, in the Highway Board for the time being, or in some other way. fie suggested that a district bazaar might be got up, which he believed would realise £250 net at the least; that the unsold shares should be disposed of, if necessary, at a discount; that at the next annual meeting of ratepeyers a proposal should be made to levy only a rate of three farthings in the pound for road purposes, and make a . voluntary rate of one farthing to be specially applied to reducing the debt on the hall ; the total taxation would not "be thus increased, while the hall would benefit con" siderably. If ail these failed, the hall should be offered to the Central Board of Education

aB the public school in the district, for which ie is admirably adapted ; the Board taking over the liabilities, which. it was stated, were scarce y two-thirds the value of the property. Mr Stewart -was doubtful whether a bazaar would be succesful, and it would take time, and involve a good deal of expense.—The motion to wind up the Company was withdrawn.—Mr Stodart then proposed that a special meeting should be held on the 26th instant for the purpose of winding-up the Company. —Mr Boardman proposed and Mr Morton seconded an amendment thnt the meeting be called to devise means for liquidating the Bank overdraft. The amendment was carried.—ln was suggested that in thenext session of t''e Provincial Council steps should be taken to give ratt-payers in Hkhway Districts power to race themselves for Public Halls, really the Town Hail of each district.