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Evening Star, Issue 19290, 1 July 1926, Page 3

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EXIT EXHIBITION COMPANY MEETING AGREES TO LIQUIDATION RESULTS SUMMARISED The last stage of the great Exhibition was began last night, when the first of the meetings of shareholders necessary to bring about the winding up of the company’s activities was held in Burns Hall. In spite of the miserable weather conditions, about 150 people attended, and there was an air of cheerfulness about the meeting which was justified in the circumstances. There is nothing more cheerful than success, and the statements put before the shareholders divulged a most satisfactory state of affairs. The directors were appointed liquidators, and all that remains to be done is to formally confirm the appointment at another meeting, and, at a later date, to pay the dividend. Mr Speight (chairman of the Finance Committee) announced that the latter pleasing function would bo carried out after September 2. The Chairman of Directors, Mr J. Sutherland Boss, occupied the chair, and on the platform also we it the deputy chairman (Mr C. Speight), and the secretary (Mr TL. B. Spence). Other directors present were: Messrs T, Somerville, P. L. Hoisted, W. B. Hayward, A. Barnett, and H. F. Sincock. Of the remaining directors, Messrs P. Barr and C. Todd are absent from tiie dominion, and Mr 11. L Taploy, M. 8., is absent in Wellington, and apology was made for their absence. After the necessary preliminary formalities had been disposed ol the chairman addressed the meeting. A COMPREHENSIVE REVIEW Air J. Sutherland Boss said; “As the notice convening the meeting has informed yon, the directors of the New Zealand and South Seas Exhibition Company have called you together for the purpose of receiving your assent to the proposal that we go into voluntary liquidation, as the object with which this company was formed—the staging ot an International Exhibition —has been achieved. It is a pleasure to meet you with the feeling that we can give yon a satisfactory sappi't, and before putting the motion whidh stands first on the order paper 1 will ask your indulgence lor a lew minutes "while I touch on one or two facts and figures in conned ion with that groat undertaking. From all points of view the Exhibition has proved a great success, one notable pront of which was the steady and increasing interest taken by the public. The total attendances amounted to with a record on closing day of BA,n.'is, or, looked at another way, during the 142 days which we were open the average daily attendance was no loss than 22,5'H. (Applause.) “His Gracious Majesty favored us with personal messages for both opening and closing days; also wo received cables of congratulations from the Secretary of State for the Dominions, and many others, and we were privileged to entertain many distinguished visitors from overseas during the run of the Exhibition. I would like to express our deep appreciation of the kind personal interest taken by His Excellency the Governor-General, who nob only did us the honor of declaring the Exhibition open, but made a close inspection of all the courts, and paid a second visit to Dunedin, as circumstances did not permit of a complete survey in the month of November.

“The. six months before opening day was a period of great anxiety to the directors, as the original project had expanded to such an extent that tho financing of it gave ns grave concern, and wo are deeply indebted to the Government for the cordial way in which it came to onr assistance by lending ns tho requisite funds to tide ns over. (Applause.) 'The actual assistance given by the Government is as follows:—£so,QUO was a straightont grant, and a loan without, interest of £30,000 was also accorded ns. On top of that, when we were doubtful as to whether money would ho coming in fast enough to enable us to meet our commitments to contractors and others on due dates, we arranged to have tho call on another £2u,000, as and when required, hearing interest at the rate of 51- per cent, f am glad to say wo only found it necessary to ask for £lO,000, which amount was repaid within twenty days. (Applause.) Tho £30,000 loan was also repaid the day before the luxhibition closed, which left tho company in tho happy position of owing nobody n. penny except for tho ordinary current accounts.

“ I wish to take this opportunity of thanking those public-spirited citizens who came forward with guarantees, when wo were uncertain if tho Government could see its way to give ns tho necessary assistance. This gave us a feeling of solid backing if it became needful to call upon it. “ There were, of course, several matters which the general public did not know very much about, and that was more particularly the case with regard to finance. The directors were in the position of lining able to call on £20.000 locally in tho form of guarantees. (Applause.) The directors were deeply indebted'to those public-spirited citizens who came forward with these guarantees. As it waa a. New Zealand undertaking it was felt the Government .should have an opportunity of showing what it would do. “In 1924 the directors, ns a matter of policy, invited .scientific, economic, and manufacturing associations ami local bodies to hold their annual conferences in Dunedin during Exhibition year. Tlic.se bodies responded wholeheartedly, and were a very great attraction to tho city. Tho presence of official representatives from the Governments of Great Britain, Canada, Australia, Fiji, and New Zealand gave a status which could not otherwise have boon attained, and wo are indebted to the Prime Minister for his good offices in the matter._ Tho amusement devices were successful beyond all expectation, and those officially run by the Exhibition Company were patronised by 2,205,155 persons. The Band of the 93rd Argyll and Sutherland Highlanders provided a musical treat, and an attraction the value of which it is liurd to estimate accurately—(applause)—mid it is a source of great regret to us that War Office instructions prevented ns from giving those New Zealanders who did not have the opportunity of coming to Dunedin a chance of hearing them; also, that it was impossible to carry out the Canadian tour as planned. “The Art Gallery was visited by 268,853 persons, and pictures to the value of £1.1,164 wore sohl. On the whole, the expense of getting the pictures out, returning the unsold ones, and the working expenses of the gallery were mot, by the admissions and the 15 per cent.' commission on sales. I might refer in detail to the various courts and interests, but do not wish to weary you. I will, however, lake this further opportunity of expressing our grateful thanks to those committees who rendered such yeoman service, and to the wide circle of tho New Zealand public who supported us so nobly. (Applause.)' - “1 would not like this opportunity to pass without referring to tho splendid work done by onr executive officers. Few people havoiany idea of tho amount of work done by Air H. R. mu' secretary. Ho worked night and day 'to make tho vu.uurc mu success it undoubtedly

was.” (Applause.) Mr 0. P. Hainsworth, their general manager, he said, unfortunately would be leaving them in a week’s time on his return to the Old Land. “ I have no hesitation in saying that Mr Hainsworth has been a God-send to Dunedin,” said Mr Ross. “The directors, after all, were amateurs in the matter of running an exhibition, enthusiastic as they were; and it required an expert hand to guide and advise them, and the manner in which he handled the work showed that he was an expert. This will be the last opportunity .1 will have of bearing witness to Mr Hainsworth’s value as general manager of the Inhibition, and to his services as a whole,” (Applause.) “ Now, touching on the matter ot finance, the estimated statement ot affairs as at May 31, 1926, is before you. It will be obvious that with so many loose ends it is impossible that this should bo more than an estimated statement. All our estimates have been conservative, and I may say that this is no exception to the rule. It shows a prospective repayment on the LI shares of about Us lOd, and let me say the directors regard it as their duty to repay the shareholders as laigv an amount as possible, and have lad nothing to do with any of the claims suggested for alienating a portion ot the prospective return in any ditcction whatever. (Loud applause.) That is your personal affair after you receive it. In due course a full and detailed statement of the accounts will be placed before you, but in the meantime it will bo of interest to shareholders to have some ot the principal figures, and I will ask Mr Speight, chairman of the Finance ConiuntteGj to include these in his remarks. “ it now becomes necessary tor tlio company to wind up its affairs, and the procedure therein is to go into voluntary liquidation. I accordingly beg to move tlio following resolution : —‘ That the company be wound up voluntarily.’ ” FINANCIAL RESULTS Mr C. Speight, in seconding the motion, said ho would like to take the opportunity of placing before -them some of the more interesting items ot their receipts, it being remembered that these arc up to May 31, 1926. In all, 82,089 shares and donations were issued; £;_>o calls wore outstanding from two subscribers, which were more than covered liy the prospective dividend; 250 shares were lorfeited for nonpayment of calls, owing chiefly to death nr bankruptcy of the subscribers concerned. There was £52 paid on these shares, leaving an apparent loss of £l9B, but, of course; those shares would not participate in the final distribution. The chairman had already dealt with tlio matter of tlio Government subsidy, and explained abournt and the loans, so ho did not need to touch on those. The total receipts for admissions were £100.202, including £17,669 from season tickets, of whicn 1 i ,633 were issued, including weekly tickets. Ihe total admissions wore 3,200,498, of which 1 778,100 paid at the .gates, and the balance (1,422,098) wore admitted on season and other tickets. (Applause.) Space fees amounted to £61,550, commissions 1 rom selling stalls to £11,578, and rentals from concessions in Amusement Park to £13,172. Each represented the full amount duo under the respective headings, and consequently they were in the happy position of stating' that not one penny dim had been lost on these items. _ (Applause.) On everv occasion possible the directors had'kept their credit balance invested, and this had earned just about iLIjJUI) interest. (Applause.) AMUSEMENTS.

The total takings for the seven devices operated by the company were £56 27() and the number of passengers carried was 2,205,155. The details were

On the oilier .side of flic ledger the main items of expenditure were as follow : EXPENDITUIiII.

He said it had been put about the country that the Argyll and Sutherland Band had cost them about £.30.000, but ns a. matter of fact its cost would he. i under £II,OOO. _ (Applause.) The figures he had given them were the figures so far, but they would have the full balance-sheet at a. later date. It spoke volumes for the way in which the people ol Dunedin and ol the whole dominion had supported the Exhibilion. They had no idea at the start that they would reach the magnificent total of £OO.OOO for space foes or anything like £!00,000 for attendance. The’whole project had been a lingo and he would like heartily to oymgratulate the executive officers for ifie way in which they had looked alter tho interests ol the shareholders generally. (Applause.) .so <m>: desiring to speak to 1 lie i motion, it was put and carried heartily and iinaniniou.sly. DIRECTORS APPOINTED LIQUIDATORS Mr James Brown moved—“ That Messrs John Sutherland Boss, Charles Speight, Arthur Barnett, Percy Lewis Jialstcd, William P.owlands Hayward, Herbert Frederick Sincock, Thomas Somerville, and Harold Livingstone Tapley bo appointed liquidators tor the purpose of winding up tho atiairs of the company.” Jn doing so, ho said ho did not want to introduce any irrelevant matter, hut, ns a matter of nows and interest, lie would tell them that ho had just returned from Honolulu, ami ho found that the Exhibition was matter for favorable comment by many of the people there. This was all the more remarkable because Honolulu was a world of itself, and little or no reference to British matters. He looked upon the nntion as quite the right I thing. Tho gentlemen who had carried through the enterprise to such a successful issue were certainly the men to take in hand the winding up oif its 1 affairs. He understood it was their ini tention to carry their duties through ! without any remuneration whatever. Ho was full of admiration for the work of the executive officers, but the direcj tors were the men who had to take the initiative am! bear file final rcsponsi- | bility. (Applause.) i Mr G. Simpson seconded tbe motion, ' wbirb was carried unanimously. , The Chairman said lie had to thank : the shareholders for showing their continued confidence in them in electing them as the liquidators of the company. Ho could only promise .that they would, with the assistance of Mr Spence, endeavor to get every penny , in. (Applause.)

A LEGAL PROVISION Mr J. AT. .Paterson (solicitor of the company) then moved—“ That the serv ices of the directors as liquidators of tho company be without remuneration, and that they tic empowered to employ Mr Sponco and members of the stall to assist in the work of liquidation.” Ho said that provision would also ho made to effect any compromise without calling tho .shareholders together. Ho did not anticipate that it would ho necessary to call the sharehohFrs together for any small compromise, but provision was made for tho avoidance of this. Mr If. P. Xeos seconded the motion, which was carried unanimously. GUT OF ORDER Mr T. 11. Thomson asked if this were tho proper time and place to deal with the disposal of the money. Ho would like to know if the directors would take a motion on ‘the subject. Tho Chairman: The, matter is out of order I do not think tho disposal of the money should be discussed to-night. This meeting was called for a specific purpose. Air Thomson; I only ask for a show of hands. Tho Chairman: I cannot take it. (Applau so.) FIRST PAYMENT SEPTEMBER Mr Speight said he would like to make a. short statement with regard to the finances ol the company. There was at present on fixed deposit in the Hanlc of New Zealand the sum of £31,000. That deposit would fall due early in September, and the liquidators Imped to make the first payment on September 2. They hoped to return to shareholders on that date IDs per share. This would he the first payment of capital. (Applause.) The Chairman tli/hiked those, present for turning out in such numbers on such a night. As one prominent shareholder had remarked to him. it was an excellent night for liquidation! A confirmative meeting had to he held as a result of their approval of the motion he fore them. It would ho hold on Monday, July 10, at L3H ,p.m. “ We shall require twenty-five of those hero present ,” ho concluded, “ and I hope we get them.”

as follow; — Takings. Passengers. Scenic Railway ... £19,565 507,168 ... 5.545 281,3>2 Caterpillar Dodg’em ... 4,773 255,237 •... 8,347 359,103 Fun Factory ... ... 9,273 394,789 Whip Merry Mix-up ... 5,917 ... 2,850 280.470 146,986 Totals , £56,270 2,205,155

Buildings ami erections — £18,623 Art Gallery 12,644 Ollier buildings 129,452 KlecLrioal lilt mgs 10.020 Amusement Bark devices 29,820 Architects’ fees 40,483 ■ £211,052 Grounds — Drainage ijb.b4o Horticulture 4.9.0 Waterways 2,638 Baths and roads J (-ijOb / Grand Court, railway siding, Sports Ground, ,6,381 31,59 4 Furniture and fittings 6,711 Band, Argyll and Sutherland High landers . 12,556 Choir and Orchestra ... 4 895 Wages and salaries 35,548 Insurance 3 / - n Advertising li,3o3 Water, gas, and electricity ... . k.v'ob Grand total £319,656