NORTH CANTERBURY SALEYARDS COMPANY.

Lyttelton Times, Volume CVI, Issue 12556, 18 July 1901, Page 3

NORTH CANTERBURY SALEYARDS COMPANY.

The eighth annual meeting of the North Canterbury Saleyards Company was held at tho Institute Hall, Rangiora, on Tuesday afternoon. There was an attendance of twelve. Mr R. W. Chapman, Chairman of Directors, presided. The balance-sheet presented showed—Capital account—nominal capital £2600, shares sold 1420, paid on same £1387 15s, shares unsold £IOBO. Liabilities—Capital brought down £1387 15s, Union Bank overdraft £204 2s lOd, sundry creditors £39 19s 9d, mortgage on property £760, interest to date £1 4s Bd, total £2383 2s 3d. Asset®—By property and plant £I9OO 14s sd, sundry debtors £8 0s 4d, balance to debit £474 7s 6d. Profit and loss account —Balance from previous year £416 7a 2d, printing and advertising £34 7s Yd, interest £49 12s 2d, wages £lO 15s, rates and taxes £4 19s 9d, sundry accounts £6 14s, total £523 10s Bd. On the credit side were yard' fees £32 8s 2d, rent £ls 15s, leaving a debit balance of £474 7s 6d.

Tho Chairman said that the company was in a worse position than at the beginning of the year, the bank overdraft having been increased by about £33. This was due to the shareholders not having supported the yards as they should have done, and so have induced the general public to give their support. The lea.se of the yards had been sold by auction for £72 per annum to tho North Canterbury Cooperative Stores Company and Mr W.' Buss for a term l of five years. Under the terms of the lease they were bound to bold sales at least once a fortnight, and to leave the yards in good repair. " The rental was more than he expected 1 , and the annual expenses for interest, taxes, etc., being about £SO, there would be a balance of £2O towards paying off the overdraft. Since April 1, the date on which the balancesheet was made up, 123 new shares had been taken up, and this would reduce the overdraft to £Bl. There were, however, existing liabilities of between £4O and £SO to meet.

After some discussion with reference to making a special effort to clear off the overdraft, the balance-sheet was adopted'. The retiring directors were re-elected; also the auditor (Air E. W. Relph). The chairman expressed a hope that the auctioneers now holding the yards would) be better supported than those who had been doing business in the past. This ended the business of the general meeting. At a meeting of the Directors held afterwards, Ah* R. W. Chapman was re-elect-ed chairman. The new. shares taken up, numbering 123, were allotted in full. Accounts amounting to about £4O were passed for payment.