WELLINGTON ATHLETIC PARK COMPANY.

Evening Post, Volume L, Issue 38, 13 August 1895, Page 4

WELLINGTON ATHLETIC PARK COMPANY.

The first annual meeting of the Wellington Athletic Park Company was held in the Exohange Buildings last evening, Mr. J. P. Maxwell, Chairman, presiding. The report and balance-sheet, which have already been published, were taken as read. The Chairman, in moving their adoption, said that a very moderate amount of success had attended the efforts to raise the capital required. Before the company was formed there was a good deal of enthusiasm in reference to a park, but when it came to pntting their hands into their pockets many people were fonnd to be far from enthusiastic A great deal had been done with the money collected, but a great deal more required to be done. It was proposed to make another canvass for Bhares, and it was to be hoped that the present shareholders would support the directors in raising more capital. With one ground the various athletio bodies in Wellington oonid not be accommodated, and it was therefore highly desirable that the capital Bhould be increased. The company had not been started with the objeot of making money, bnt there was not the slightest donbt that if a sufficient number of gronnds were formed the investment wonld prove a very remunerative one. Mr. 0. H. Izard, in seconding the motion, said that the directors had hoped to have been able to raise sufficient money to make gronnda for both football and orioket, but enough Bhares had not been taken-np. Ihe objeot had been to induce athletes only to become shareholders, as it had not been considered desirable to allow the company to be run by speculators. He was confident that if more capital were obtained tho company wonld be in a position to pay from 6 to 7 per oent. every year, and offer great inducements to teams from other distriots in the colony, and also from the other colonies, to use the park. ' Mr. Denton Duncan thought the time had arrived when the nnmber of shares Bhould be limited, so as to prevent the property . drifting into the hands of a few large share holders. The Chairman Baid he did not think there was any fear of such a thing. Replying to Mr. W. F. Christie, the Chairman said that the annual rental of the ground waß .£163. Mr. J. P. Firth said that if every member of an athletic body were to take np a share, there wonld Boon be sufficient capital, and the feat of the company being dominated by a few shareholders would be removed. He regretted to say that np to the present many athleteß had not taken np shares. Mr. G. F. C. Campbell thought that there shonld be no limit to the nnmber of shares whioh a person might take np. The Chairman explained that the goodwill of two small sections whioh were not required by the company had been Bold, bnt it was not proposed to dispose of any more of the land. The Secretary (Mr. A. T. Bate) had agreed to take up shares in lieu of salary np to date. On the motion of Mr. J. A. Thomson, seconded by Mr. W. F. Christie, Messrs. H. D. 'Bell and 3. P. Firth were re-elected directors. Mr. L. G. Mackay moved the election of Mr. A. S. Bias as Auditor. The motion was seconded by Mr. J. A. Thomson and agreed to. The Auditor's remuneration waslixed at .£5 Ss Mr. W. F. Christie asked when the bicycle traok wonld be fit for nse. The Chairman said that it was possible the track might be fit towards the end of the summer, , Mr. J.N. Grant suggested that more grass seed shonld be sown. The Chairman said that as soon as the weather was warmer more seed would be put in. On the motion of Mr. J. R. Gibbons, seconded by Mr. W. F. Christie, a vote of thanks was passed to the direotors (Messrs. J. P. Maxwell, H. D. Bell, J. P. Firth, C. H. Izard, C. A. Knapp, and W. M. Mnir) for their gratuitous services.