Wellington Opera House Company

Evening Post, Volume XLIX, Issue 107, 7 May 1895, Page 4

Wellington Opera House Company

Tho annual moot n£ of the Wellingtoi Opera House Company was held yesterday afternoon, Mr. W. H. P. Barber, Cbairmai of Directors, proaiding. In the tibeonco nl Mr. W. M'Lcau, the duties of Secretarj were discharged by Mr. K. J. Barnes. The Chairman, in moving the adoption of the report and balanoe-sheet, whioh have already been published, said:— "lt affords me very great pleasure to move the adoption of the raport and balanoe-sheet that has been submitted to yon. The result of the Company's operations dv- in<* the past year has been of a very satisfactory nature. Ihe house has been fairly well let, the rent aooount showing a balance of .£2049, against .£2060 last year, whioh -was the best year in the Company's history. You will notice that the mortgage has been reduoed during the year by £1200, and now Btands at £5800, as against £7000 last year, and £8000 the pravions year. The result of these reductions, coupled with reduoed working expenses, 'materially assists the Company, and although we have expended a conEiderable snm in renovating the house, purchase of oarpeta, new scenery, &0., we are able to reduoe the debt balances by £82G, which is a larger reduction than any previous year, and equal to over 5£ per cent, of the capital of the company. The prospects of the coming year are equally encouraging. At the date of last annual meeting we were pajing 8 per cent, on £7000. Early in the year we obtained a rcduotion of the rate by \ per cent., and I am now pleased to be able to tell yoa that negotiations are proceeding which will enable the Board to pay off the present mortgage by the issue of debentures at 5i per oent. This further reduotion of the rate, as well as on a reduced amount, will improve the position of the company to a very great extent, and thonld enable the existing debit to be worked off very rapidly. Since the end of the financial year the house has been occupied 21 nights, and is let for a further 123 nights, making a total letting for the present year of 144 nights, which number is quite up to the average." The motion was seconded by Mr. G. H. Baylis, who expressed himself satisfied with the present condition of the company, and said he hoped the company would continuo to do well. There was no discussion, and the motion was agreed to. The retiring directors, Messrs. W. C. Gasquoine, E. Seagar, H. Flockton, and J. K. Hamilton, were re-eleoted, on the motion of Mr. B. Bannister, seconded by Mr. W. Wallis. Mr. 6. H. Baylis moved the re-eleotion of Messrs. H. M. Lyon and J. K. Harty as auditors, at a remuneration of £5 Ss eaoh. This was Beaonded by Mr. W. Wallis. Mr. C. Stewart said he thought the time had come when there Bhould be a public auditor. The Chairman ruled that no nominations could be reoeived unless they had been sent in three days before the meeting. Mr. Jaa M'Lellan said that the question of auditing in private and public companies was a. matter of grave moment. He was of opinion that genorolly too little valne was plaoed upon tho auditing-, and he thought that the time had come when every company should have a. publio auditor. There was now an Accountants' Institute in Wellington, and he thought that such an organisation gave shareholders in companies a safeguard. He thought shareholders in companies ought to get members of the Institute to act as auditors. Mr. T. J. Gale said that as he was practically personally responsible for the establishment of the Accountants' Institute, hiving been Chairman of the Chamber of Commerce at the time, be thoncht he should be wanting in consistency were he to allow the question of auditor*) to pass by without some remarks. Without wishing to in any decree cast any reflection upon the auditors of the Opera House •■ orapany or any other company, ho thought it was only right that shareholders in companies should engage members of the Association to act as auditors. 'I here was a great principle involved. A good auditor was a obeck on the directors. Ho thought it would be a good thing for many companies if they were to select members of the Institute to act as auditors. Mr. M'Lellan explained that when he made the remarks a few moments ugo h>was not aware who the auditors of the Opera House Company had beon. It was detirablo that directors should have competent persons to go through their books, and shareholders, by appointing members of tho Accountants' Institute to act as auditors, would have a sufficient safeguard. After further discussion, the Chairman said he found there was nothing in the rules to prevent nominations being received at the annual meeting. _ Mr. C. Stewart said that he had no objection to Messrs. Lyon and Harty, but if they were not members of the Institute there should be a ohange in the company's auditors. An application for employment as auditor was received from Mr. V. M. Brannd. Mr. C. Stewart proposed that there should be oue auditor only, and that Mr. Henry Kember should bs~ appointed at a remuneration of 10 guineas. Mr. J. M'LellMi seconded. The Chairman ruled that although th" rules provided for the appointment of one or more auditor, the meeting must elect two, as it was stated in the advertisement that two we*e to be chosen. Mr. J. M'Lellan moved that Mr. D. T. Stuart should be one of the auditors. This was seconded by Mr. W. E. Hall. On the motion of Mr. G. H. Baylis, seconded by Mr. W. "Wallis, it was decided that each auditor should receive £5 os. A show of hands resulted as follows : — Mr. Kember, 12 ; Mr. Lyon and Mr. Stuart, 0 eaob ; Mr. Harty, 5. The Chairman gave his casting vote in favour of Mr. Lyon. Mr. S. Gilmerand four other shareholders demanded a poll, and one was taken, Messrs L. Blnndoll and J. M'Lellan acting its scrutineers. The poll resulted in the reelection o£ Messr*. Lyon and Uarty. Mr. G. H. Baylis moved that the Socro tary's salary should be increased from £25 to £50 a year. The Chairman ruled that Mr. Baylis Bhould have given three daya' notice. He (the Chairman) informed the ineoting that the question of increasing the direotors' remuneration was now undrr the consideration of the direotors. In reply to Mr. J. M'Lollan, the Chairtran said that nothing hod yet beon done regarding the reduction of the oapital. On the motion of Mr. G. H. Baylis, seoonded by Mr. "W. Wallis a vote of thanks waß passed to the directors for their past services. The meetingHben terminated.