SPORTING.

Evening Post, Volume LXIX, Issue 49, 28 February 1905, Page 7

SPORTING.

WELLINGTON PAIIK STUD COMPANY. THB PAST YKAU'S OPERATIONS. [IIY TIU.KCfKAI'II — PRESS ASSOCIATION.] AUCKLAND, 27tb February. The iiniuml meeting of shaicholdcis in the Wellington P.uk Stud Company was held to-d.ty. Tho Hon. h). Mitchelson (Chairman of Duectors) pie.sided. lv moving iho adoption til the report and balance-sheet, the CU.iinnau wiid ho very much regielted, thai tho operations of tho company since its nutiiilton had resulted in so iiimh loss. In tho directors' repoil thisy was attributed to llwoe things— excessive 'valuation, quality of &toek M)ld, Hud high cost of management and expenses. Ho nuiut peisonally take sumo responsibility legurding thu statement as to excessive valuation, lie hau hold strong opinions on that nubjocL over ainue the company was formed. In saying (his, he cluolly referred to young foals, which were taken ovor at a valuation of £4000. Tho directors wero not unanimous on tho point. When considering the values of atock taken over they must not forget that .since then very serums depreciation had occuned in blood stock values all over Hib colonies. Whether this was caused by inferiority of stock, or moro caution being exercised in purchase, he could not say, uut n veiy largo slump had taken place. The foal question was tho one he took most exception to, but, he wns assured that the valuation wus based on tho average prices realised at tho three previous sales. If that wero so, tho valuations wore somewhere near tho inaik, but, uufortunaloly for tho company, the foala taken over at £4000 reaped only £38UJ, to which loss had to be added tho cost of btingtng them into tho ring. Tho result for one- and a half years showed a net loas of £5651. It mu&t be remembered that (he yearlings sold at the three previous salea wero sired by stallions that weie thought to be of considerably mo ro value than those the company owned, and to that a poitiou of tho loss might bo attributed. Ah to iho question of management, it appeared significant that the total oxpeVihos of management bf Wellington Park ucio only £2008 for threo years prior to tho company taking it ovor. Taking into consideration that the piopcrty was exactly tho tamo under the recent management, and that no alteration had boon made except in the manager's salary, it appeared peculiar thai while the management/ only looL £2008 in the three yeUrs, the first im.iyear of the company cost £1800, and tho full year £0199. 'iho average of stallion fees tor threo years was snonn in tho prospectus to bo £550, while the company s receipt*, hum this somco had only bean £420. So many mullets had como to ,ight during tho last month that tho diieclois felt somewhat suspicious regaiding the ilgmes placed beloro them when tho company was formed. A large amount of tho loss sustained was receiving tho very careful consideration of tho directors. At flist it was thought that in tho interests of sluuohoiderg it would bo butter to wind up Iho company, but when tho season was considered, together with the fact that if a forced i>:ue was brought on shareholders would loso the greater portion of their capital, tho Board hud como to the decision to carry on tho stud until tho end of tho year, when tho prices lealised would return a cousidorab.c amount to shareholders. The director* hud iheroforo determined to carry on tho itlud, at nl] events till Uecombor. ' Tho Chairman then went on to refer to tho circumstances which hud, led lo the retirement of Iho lato managing director, Mr. T. Morrin. Certain mntteut involved wero now being con«idored by tho company's solicitor, and ho would not say more on tho subject at prcj>out. When the Into manager tetircd it was thought necessary that hits placo should bo 111 led, and with thai object they had elected Mr. John Coibcuk. Tho Hon. 8. T. Ueorge seconded, und, without discussion, the motion was agreed to. Mr. T. Darlot, retiring director, was re-olected. WANGANUI OUP PAYMENTS. WANOANUI, 27th Fobiuaiy. Tho following linal payments liaro been mado for tho Wanganui Cup: — Scotty 8.7, Pariiutu 8.5, Molodeou 7.13, Quarryman and Uo^cal 7.11, Uhoorka 7.9, Starshoot 7.8, Rupidtt 6.11, Crimson Lake, I Heroism, and Gilnockic 6.7. ! NEWMARKET HANDICAP. MGLBOtmNK, 27th February. Following are tbo final acceptances for the Nowmurkol Hitndicap, t.ix furlongs. — Gladsome 9.13, lbox 9.11, Haloyn 9.0, Mairp 8.13, Canteon 8.10, Abington (including 101b penalty) 8.9, lndependenco 8.7, Kuopah 8.7, Bullion 8.6, Uangai 8.6, Red Streak 8.4, Playaway 8.1, Step Out 7.10, Posco 7.9, Sarto 7.7, Medallist 7.b, Lord Ullin'.s Daughter 7.<1, Tho Goldon I West 7.3, Lachlun 7.0, Troy ton 6.12, Strathleen 6.7.