DUNEDIN EXHIBITION

Evening Post, Volume CXII, Issue 1, 1 July 1926, Page 10

DUNEDIN EXHIBITION

FINANCIAL WASHING-UP

14s lOd IN THE £1 FOR SHARE-

HOLDERS,

(By Telegraph.—Press Association.)

DUNEDIN, 30th June,

A meeting of the shareholders in tho Now Zealand and South Seas Exhibition was held to-night for tho purposo of commencing the liquidation of the company. In the course of an address, Mr. J. Sutherland Ross (chairman of directors) said that the attendances had amounted to 3,200,498, with a record on the closing day of 83,935. The average attendance for tho 142 days on which the Exhibition was open was 22,538. The actual assistance given by tho Government was as follows:—£50,000 was a straight-out grant, and a loan of £30,----000 without interest was also given. They had, r^veovor, arranged to have the call on another £25,000 as required, bearing interest at the rate of 5J per cent. ' They had only found it necessary, he was glad to say, to ask for £10,000, and that had been repaid within twenty days. The £30,000 Iran had been repaid the day before the Exhibition closed. In addition, tho directors had been enabled to call on £20,000 locally in the form of guarantees. The Art Gallery had been visited by 268,853 persons, and pictures to the value of £11,164 had been sold. It had been put abroad that the Argyll and Sutherland Highlanders' Band had Co3t theni £30,000, but as a matter of fact its cost would be round about £12,000. It was anticipated that shareholders would receive back 14s lOd in the £1. The total receipts from Amissions came to £100,262, space fees amounted to £61,555, and commissions from selling stalls t-> £11,578. Tho rentals from the amusement park brought in £13,----172. The takings from the amusements (scenic railways, etc.), conducted by the company, came to £56,270, and 2,205,155 pooplo entered tho gates to these amusements. The cost of the Ex-, hibition buildings, etc., was £211,062 (including architects' foes £10,493), and tho expenditure on the grounds, etc., was £31,594. AVages and salaries absorbed £35,578, advertising £11,353, and the band £12,556.

It was decided that the company go into voluntary liquidation.