THE GRAND HOTEL, LTD.

King Country Chronicle, Volume XXII, Issue 2517, 22 December 1927, Page 5

THE GRAND HOTEL, LTD.

ANNUAL MEETING. The annual meeting of the Grand Hotel (Te Kuiti), Ltd., was held on Monday last, Mr S. Craig presiding over a fair 1 number of shareholders. In speaking on the report, the chairman stated that the affairs of the company were in a, sound condition, and shareholders could look forward to tho future with optimism. During the year the directors had discussed the matter of the building scheme, and they were of the opinion that this must have the serious consideration of the Company in the near future. The present leases of the buildings had only two years to run, and it would then have to be decided whether the Company would spend money in renovating the building or undertaking a comprehensive building scheme. The speaker stated that as a tourist centre Te Kuiti was becoming of more importance every year, and he felt sure that there would be no difficulty in. obtaining) an ample revenue from the hotel portion of the building. The problem that had to be faced, however, was whether the Company would be just : fied in erecting shops. This all depended upon the prosperity of the surrounding district, bujt this .gave cause for optimism in every way, for it was apparent even to the layman that the country round Te Kuiti was improving every year, while the output of da.iry produce, wool and meat was showing an increase every year. The district had been hardly hit as a result of the slump, but other l parts had found conditions even more severe. Once the effects of the depression had passed there was nothing to fear for the future of Te Kuiti . The tourist traffic had been a great asset to tho town, and as time went on would become a much greater assets

Mr J. N. Boddie said that ho agreed that there was. a much better tone in business circles generally, and was of the opinion that there would be no difficulty in leasing the shops if the building scheme was put in hand. Mr R. Brydone also spoke in favour of the scheme being carried out. and on the motion of the latter, seeond.fecl by Mr Mackay, a recommendation Avas made to the directors that plans be prepared for a. comprehensive building scheme, particulars of which will be submitted to the next annual meeting of shareholders. Some further discussion took place on this matter, during which Mr Lavington suggested that the building should be carried out in sections, starting! from the back and working forward, thus enabling the old building to be revenue-producing as long as possible during building operations.

On the motion of the chairman the report and balance sheet was adopted. Mr T. G. Reynolds, Hamilton, was appointed auditor. The Company paid a dividend of 7 per cent on the paid up capital for the year, this being) the same as the previous year.