Athletic Park Company.

Manawatu Standard, Volume LX, Issue 7544, 18 May 1903, Page 5

Athletic Park Company.

The annual meeting of the Manawatu Athletic Park Company was held on Saturday night I Ther« wjls a fair attendance of shareholders.

The Directors' report was presented, stating that though the Company was in a sound financial position, the nctt surplus'of the profit and loss account did not permit of a dividend being paid. The exceptional flood which visited the district last June did not cause any direct loss to the company, as the damage done was more than compensated for by the timber deposited on the property—but as several tenants suffered loss by the flood the directors 'have made rebates in rent amounting to £14, a sum more than sufficient to pay 4 per cent, on the paid up capital. As there is no reason to anticipate a recurrence of this loss, and as the cottage is now let at an advance of £32 per annum on tho previous rent, there is every reason to expect that regular dividends* will be paid in the future. On the 27th November last the Defence Department took over the Rifle Range by proclamation under the Public Works' Act, but settlement for the land has not been made with that degree of promptness and despatch which is /popularly associated with military matters, and the purchase money, amounting to £700, is still in the Treasury. Pending the receipt of this money, ami in order to enable the title to be cleared and a fresh mortgage arranged, the directors have obtained an advance of £700 from' the Bank of Australasia, secured on their joint and several guarantee,. and a second mortgage over the property. Tho first mortgage amounts to £1000. Mr C. E. Dempsy has carried out the duties of auditor in a thorough and efficient member, and is eligible for reappointment. The balaiice sheet showed in the profit and loss account a credit balance of £29 Is 10d, the receipts totalling £239 18s 6d (revenue £174 17s balance from previous year £65 2s 6(1.) The principal items of expenditure were—dividend £34 ISs 6d, secretary and auditor £17 17s, interest £9C Ss, general expenses £45 0s 3d. The balance-sheet and report were adopted. The action of the directors in removing the grandstand from its position on the ground was con-" firmed. The directors were authorised to sell or lease such portions of the Company's property as they thought fit. The directors were, authorised to spend £2o on the planting and i fencing of the Park.' Messrs J. Strang ami C. J. Munro were ap pointed a committee to attend to the matter. , Messrs R. S. Abraham and C. Dunk were elected directors for the ensuing year. i Mr C. lleinpscy was reelectcd auditor. The meeting then adjourned.