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The first annual general meeting of shareholders was held at Mr 0. dark’s auction rooms, at 2 pan., on Saturday; Mr W. Montgomery in the chair. The Hon. Secretary (Mr G. A. Beade), read the report of the Directors as follows : “ Tour Directors have the pleasure of presenting to the shareholders the following report and balance-sheet “ In accordance with the resolution passed at the meeting of shareholders, held on the 17th Aug., 1872, your Directors agreed to purchase the site offered by Dr Turnbull—which has been done—for the sum of £854, including an additional area of rather less than an eighth of an acre beyond the original quantity offered, which your Directors thought it indispensable to acqu-’re. “ At the first meeting of Directors, on' the 20th August, 1872, Mr Armson was appointed architect, and instructed to prepare plans for Club buddings, at a total cost of not exceeding £3OOO. “On the 24th September, 1872, sketch plans of a suitable building, which the architect estimated could be erected for about £3OOO, were approved by your Directors; but, a title to the site not having yet been obtained, further action for the present was postponed. “ After considerable delay, the question of title to the site was definitely settled on October 9, and the architect was then instructed to proceed with the preparation of working plans and specification at once. “ At a meeting of Directors, on November 12, it was decided to urge on the architect that there should be no further loss of time in advertising for tenders, and to request him to furnish working plans, &0., not later than the 19th of that month.

“ The architect reported that, owing to ill health he had been unable to furnish the plans by the required time, but’ trusted to be able to call for by the latter end of November.

“On the 31st December, the plans not being then ready, your Directors decided upon giving the architect notice, that unless they were furnished by the 18th January his engagement was to be considered as terminated.

“ Owing to the continued ill health of the architect, the plans were not furnished by that date; but, considering the circumstances of the case, it was thought advisable to make fresh arrangements with the architect, who undertook to have plans, &c., completed by the . Ist March.

“ On the 6th March, the plans not being forthcoming, jour Directors found it necessary to appoint another architect, and on the 11th of the same month entered into arrangements with Mr Strouts to prepare plans and specifications forthwith. “ On May 20, the tender of D. Beese for £3368 was accepted, the building to be completed by 20th March. “Annexed will be found balance-sheet and abstract of receipts and expenditure up to 31st July last, from which it will be seen that calls hare been paid to the amount of £1241, leaving a balance of £759 of the subscribed capital still to be received. Of this amount £IBO has, however, been paid since that date.

“ It is estimated that the building, land, and general expenses will amount to £4BOO, and the cost of the necessary furniture to £I4OO more, making a total of £6200. “In addition to the 400 shares already allotted, it is expected that before the completion of the building at least 50 fresh shares will be applied for (a considerable number of applications being already in band) leaving £IOOO to bo raised by loan. “ Of this £3OOO has already been contracted for, with an undertaking to advance a further sura of £IOOO, if required, upon the same security, viz., the land, and the Club buildings erected theren. “The shareholders will bo requested to authorise the obtaining a further loan of £IOOO, if necessary. “ As regards furniture, an order was sent to England by last mail, for such articles as it was considered desirable to import.

“ Thirty-one meetings of directors have been held, besides numerous meetings of subcommittees.

“ In retiring from office, your directors would express their regret at the delay which has occurred but feel assured that on per-

u«a\ of the present report the shareholders will perceive that it has been caused by circumstances entirely beyond your directors’ control.”

On the motion of Mr John o,livier,0 ,l ivier, seconded by Mr Henry Thomson, the report and balance sheet were adopted. On the motion of Mr Ollivier, a vote of thanks was unanimously passed to the joint secretaries (Messrs P.oado and Graham) for services in the interests of the company. The next business was the election of directors for the ensuing year. On the motion of Mr R. D. Thomas, seconded by Mr Maskell, the retiring directors were unan-mously re-elected. On the motion of Mr Eeade, a vote of thanks was passed to the auditors—Messrs J. D. Macpherson and D. Cjaig. On the motion of Mr Oowlisbaw, a vote of thanks was passed to the directors, Messrs D. Craig and J. D. Macpherson were re-elected auditors. The proceedings then terminated.

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Bibliographic details

CANTERBURY CLUB COMPANY., Lyttelton Times, Volume XL, Issue 3920, 18 August 1873

Word Count

CANTERBURY CLUB COMPANY. Lyttelton Times, Volume XL, Issue 3920, 18 August 1873

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