BIG EXHIBITION

Evening Star, Issue 18730, 4 September 1924, Page 6

BIG EXHIBITION

FIRST ANNUAL REPORT. FINANCES FAIRLY SATISFACTORY. The first annual report of the directors of the New Zealand and South Seas Exhibition Company, to be presented at the general meeting of shareholders on the 16th inst., contains the following clauses: The directors congratulate shareholders on the substantial progress made during the past year. One need only pay a visit to Logan Park and see the large buildings in course of erection there to realise that the big project for which the company was formed is well on, the way to realisation. Contracts have already been let for seven large buildings for housing the general exhibits, also the motor exhibit building, covering in all eleven acres. Plans are in course of preparation, and tenders will shortly be invited for the concert hall, art gallery, tea rooms, etc. Satisfactory progress is being made with the music, arts, sports, and amusements sections, which bid fair to be fully up to date, and to contribute largely to the success of the Exhibition. The'outlook in the important matter of exhibits is of an encouraging nature, as the actual hookings of space already made, even at this early stage, have exceeded anticipations, whilst the daily inquiries for information from intending exhibitors foreshadow a heavy booking later on both in respect of domestic and overseas exhibits.

The financial position of the company can be considered fairly satisfactory, but, to ensure complete success, it is necessary that the balance of the capital, £21,358, be subscribed at an early date. The directors trust that every shareholder will do his best to achieve tin's either by increasing his own share holding or by inducing others who are not already shareholders to subscribe for shares.

Tim Government lias given, substantial financial support, but more will bo required, and. the directors rely on the Government giving that measure of assistance which this important dominion undertaking warrants. The various items_ of expenditure demonstrate the economical administration of the company’s funds. Calls outstanding amount to £2,882 16s equal to about per cent, which cannot be considered unduly high. Every effort is being made to collect all overdue calls. The directors place on record their appreciation of the' whole-hearted assistance and help rendered them by tiro members of the various committees. It would be invidious when so many willing helpers are in evidence to refer to one committee more than another; but the directors in this instance cannot ignore the very onerous duties undertaken by the Works Committee. It is largely owing to its valuable and) expert advice that building operations are in the forward state they are to-day, and it is accordingly only just that the good work of this committee should be fittingly acknowledged in this report. The articles of association provide that the directors elected last year shall remain in office during the life of the company. The- auditors, Messrs James Brown and Company, retire, but are _ eligible and offer themselves for re-election. A copy of the statement of receipts and expenditure, and of the balance-sheet certified by the auditors of the company, are attached. The accompanying balance-sheet shows the paid-up capital to be £36,443 4s, and the calls paid in advance £1,529 12s. The assets in. cash come to £21,297 6a 9d. The preliminary expenses amount to £325 9s lOd; office expenses, salaries, rent, etc., £1,772 5s 7d; works, £15,448 18s sd.