OPERA HOUSE.

Evening Post, Volume LXXXIII, Issue 87, 12 April 1912, Page 3

OPERA HOUSE.

MEETING OF SHAREHOLDERS THE PEOPOSED NEW THEATRE. The" twenty-fourth ordinary general meeting of shareholders of the Wellington Opera House Company, Ltd., was held yesterday afternoon. Mr. W. H. P. Barber, chairman of directors, presided. In moving the adoption of the report and balance-sheet (which have already been published in The Post), the Chairman stated that the existing theatre had been kept in a fair etato of repair, and certain improvements ha*d been made in connection with the system of' elective lighting, which improvements had been approved of by the Underwriters' Association. It Was a matter for congratulation that the whole of the properties — with the exception of that purchased for the new building — were absolutely unencumbered and free from debt of any kind. , ' With regard to the erection of the new theatre, the directors, he said, had completed tho purchase of the site that had been decided on, and it was proposed to pueh on with the scheme without delay. Tho directors had anticipated that the plans of the new building would have been available for inspection by the shareholders at that meeting, but some delay had been occasioned in complying with tho city bylaws. It was expected that the plane would be available within a week of so, and it was tho intention of the directors to place them on exhibition, bo that the shareholders might have au opportunity of seeing them prior to tenders being called. The new building would be thoroughly up to date, and equal to any theatre in the Australasian colonies, and the directors had every confidence that the shareholders and public of Wellington would appreciate tho new building. The auditor (Mr. William C. Stephens) in his report certifying to the cor. rectness of the statement of accounts, drew attention to the fact that no newregister of transfer of shares had been prepared, and there were no copies of dividend warrants in tho office. The chairman explained that there were very few transfers of shares, and it was quite unusual in such cases to keep copies of dividend warrante. The directors allowed the secretary £1 a month for petty cash, which they thought very . reasonable. Tho secretary, in reply to Mr. M'Lellan, said the auditor had since his report inspected both the old and the new share registers. Mr. James M'Lellan said it was according to law that a register of transfer of , shares be kept. He also said that he had been led to believe that Eome shares had been transferred in order to comply with the article of association which provided that no shareholder coidd hold more than' lo per cent, i of the share capital of the company. In reply, tho chairman said that a shareholder could do -with his shares what he liked : he could give them away if he wished. There was one shareholder who at one time held more than one-tenth part of the fchare capital of the company. The directors were advised that the transfer had been legally carried out. The report and balance-sheet were adopted. Mr. William C. Stephens and Mr. Bucholz were elected auditors. Mr. fflockton was appointed an additional director of < the company. EXTRAORDINARY GENERAL MEETING. At an extraordinary general meeting of shareholders, the chairman moved the omission of article 40, viz. : — "No shareholder shall hold moro than one-tenth part of the capital of the company." This proposed amendment had been requested by one shareholder. The directors had no feeling in the matter. Mr. M'Lellan opposed the alteration. For many yeats it had been a one-man company, and it looked as if it was going to continue such. Mr. T. G. Macarthy said he supposed he was the "one man" who constituted the "one-man" company referred to. He desired to point out that he had in many ways assisted 'the company in the past. All that he asked was that he should ba treated in the same way as other shareholders in regard to new shares, otherwise he must decline to take up additional shares. Mr. JM'Lellau said all he desired was that the business of the company should bo done in a proper way. The motion was negatived, Mr. T. G. Mucarthy dissenting to the decision. The Chairman moved that the articles of association be altered as follows:— 2. By adding the following article to be numbered 23a, viz. .-—Any new shares issued in pursuance of any resolution to increasse the capital of tho company (whether such resolution shall be heretofore or hereafter passed) may bo issued with any special conditions, preference, or priority either as to dividends or capital, or both, or with any other special rights or advantages as the company may at any time by lesolution. determine, and any such special conditions, preference, priority, rights or advantuges may be given or applied by the same resolution to any shares which may have been, already issued in parsuance of such resolution to increase the capital, or the members who hold such last-mentioned shares may be allowed by any such resolution to surrender such shares and receive in lieu thereof an equal number of shares issued with such special conditions, preference, priority, right* or advantages, and paid up to the same amount as tho shares co surrendered and upon such terms as to accruing dividends and otherwise as the resolution may prescribe. Should the above resolution bo duly passed by the requisite majority, it will be submitted for confirmation at a subsequent general meeting, of which notice will be given in due course. If the resolution is duly passed and confirmed, it is purposed to submit a resolution that the unissued shares of the increased capital be issued as preference shares, carrying a preferential cumulativo dividend of £6 per cent, per annum, and that the same preference be given to the shares already issued as part of the increased capital. The directors were in favour of making a, new issue of shares preferential to the extent of 6 per cent. That was, proposed in order to induce the shareholders or the general public to' take up share* uu that bask. Mr. J. M'Lsllan commented adversely on some points in connection wit a the management of the aflaiia of Jhe .campjury in the pftttj

The chairman, in reply, maintained that the company had been' well managed, and the shareholders for years had been receiving a dividend of 12 per cent. It had paid tho largest dividends of any company in Wellington. iio challenged Mr. M'Lellan to mention another company with which he was connected which paid a 12 per cent, dividend. Unless the new theatre was erected there would be serious opposition to the company, and their dividends would bo greatly reduced or disappear altogether. Ho strongly advocated tho adoption of the resolution. It would, in hiij opinion, be wise to do bo. If the new building were not put up it would mean that valuable land would remain idle. The motion was carried.