AUCKLAND COFFEE FALACE COMPANY (LIMITED).

New Zealand Herald, Volume XIX, Issue 6289, 13 January 1882, Page 6

AUCKLAND COFFEE FALACE COMPANY (LIMITED).

A meeting of shareholders of the Auckland Coffee Palace Company (Limited) was held yesterday afternoon in the Insurance Buildings, Mr. Joseph Newman in the chair. The CiiAißUAtf read a circular which had been forwarded to all the shareholders, calling the meeting. It was necessary to comply with the requirements of the law, that the meeting should be held. The directors would furnish an interim report, which the secretary would read. The minutes of the last meeting were read and confirmed.

The interim report, which was then read, is as follows :—

Yon lire called together on this occasion in complitnce with tbearticles of association requiring the first meeting to be within eix months of the formation of the company. Your director* htve to report that about £10,000. The architect-! of Auckland, considering the tc;ms too exacting, declined to send in any designs. The directors then seriously considered what course to take, when Mr. Steveusuu, their assessor, eime forward and offered to prepare a set of pUus embodying what, he considered, ought to be attempted ou such a splendid sito Tho directors entrusted the work to him. impressing on him to keep tha coat, if possible, within a. sum of £12,000. After were produced, which, for completeness of arrangement and beauty of design, are all that can be desirud. readers were invited lor these, and tho directors are sorry to report that they so far exceed in amount the sum they contemplated, that they determined at onco to lay the matter before the sharo'iolders. During the period they were being tendered for, Mr. Stevenson died, aud they have thus been deprived of the services of a gentleman of consiJenblo ability in his profession at a most critical period of the undertaking. The d rectors have since appointed Messrs. R. Keals and Son, who have undertaken to take up the plans of ilr. Stevenson and carry them out. The prolonged absence of the Uev S W. liaker from New Zealand rendered his seat on the Board accor ling to the articles of association vacant. Tho directors then exorcised their powers by electing Mr. Henry llrotc as a director to supply the vacancy. The directors who retire at this meeting, after a ballot tak=u, aro Mr Joseph Newman and Mr Henry Brett, and, being eligible, offer themselves for re-election. Mr. John Way-mouth also retires as auditor, and is eligible for re-election.—Joskpu Newman', Chairman.

The Chairman, in moving the adoption of the report, said he might just state the steps that had led up to the position they were now in. As was stated in the minutes jtst read, the directors had authority to acquire cither one or more pieces of ground for a site for the building. Perhaps it would be well that the statement of accounts which had been prepared should be read. The Secretary then read the following statement of accounts :—

Recehts.—Sliaro acco'int: Deposit on 7806 shares at Is, £39063 ; allotment of 6313 shares at 23, ceil 6s ; oall on 4331 shares at 2s oa, £541 7a Gd: total, £1022 19i (id. Loans ai ount: Amount borrowed at call, £500; a 'vanced against shares, £76 2s 6d: due on mortgage. £500 ; Bank of New ZeaUnd. £573 Is IOd : total, £1940 4s 4d. Kent accouut: Amount received for rents. £39 10s Sd. Grand total. £3611 14s 6d.

Excekdituke.—Preliminary exoenses: Forming company, £74 sa; leasehold property, £3142 5s 3d ; stationary aocou >t. £10 3s : building account—architect's fees, £50; interest account, £46 6s-3d ; rent account, £-253 las; pettr cash. £5: total, £3tfll 14s «<i.—J.\o. Milne, Secretary. Auckland, January 9, 1532.

This statement was audited and found correct by J. Wajmouth, accountant.

The Chairman said, as stated iu the minutes, tho directors were authorised to acquire one, two, or three allotments at the lower end of Queen-street. The directors secured the three allotments. The site chosen was the very best one that could have been, aud would not if they had to part with it eutail any loss to the shareholders. The property would share in the advanced value that was given to property, and they were not likely ever to regret tho step they had taken with regard to the purchase of the leases, whether the Coffee Palace went forward or not. They could not prevent the delay which had taken place iu getting the plans ready. In the first place the architects of Auckland did not see fit to compete for the premium, thinking it too low. They thus lost six weeks. After the six weeks had expired, Mr. Stevenson, who was a thoroughly qualified man, was instructed to draw plans, as already reported. He (the speaker) had been informed by competent authorities that there had been a rise in wages aud material which would increase the expenditure very much. Mr. Stevenson's death had entailed further delay. Mr. Keals had been appointed to carry out the plans as far as the shareholders would allow. The directors thought it proper to bring the matter before the shareholders, and seek instructions from them. The directors were pretty certain they would not get better plans. They had several proposals to make to tho shareholders. The progress of the district was shown by an

addition to the wealthy ami working classes, who looked for suitable accommodation to meet their requirements. It was one of the hardships of the new arrivals landing on the shores of New Zealand, at least in Auckland, the diilioulty of getting suitable accommodation. He did not want to depreciate the boarding-houses, the managers of which did the best they could for the money, but it was a matter of regret that persons arriving in Auckland and others could not find a suitable place to take their families at a reasonable cost. New arrivals thus got sick of the colony before they had fairly started in it, and began to look back and long for the Old Country, where they had left a comfortable home. There wore also many commercial travellers, and they were to be considered. Those present also knew that there was an increased number of visitors to these shores for health's sake, or for change. These seek suitable accommodation, and when they came to Auckland they were nearly always dissatisfied. It was not too much to say the accommodation was uot adequate to the requirements of the day. Many people came to Auckland for pleasure, and would willingly stop one or two months if they could get suitable accommodation. Although there was a considerable share of philanthropy in the movement they must waive that, and look at it in a business light. The directors were fully satisfied,if the building could be carried out, that the undertaking would be a success, and reward the shareholders a fair return for the outlay of their money. A great deal would depend on the management, and they would secure the best possible management uuder the circumstances. Proposals hadbeenmade to reduce the size of tha building. Two proposals had been made which would reduce the expenditure by about the same amount. After referring somewhat minutely to the plan of the directors, as set forth in the report, the Chairman moved the adoption of the report. Mr. Lyrkinh seconded the motion for the adoption of the report. The report was adopted. DIRKOTORS. Mr. Oravks Aickin proposed, and Mr. Tuomah Moiiiun seconded, the re-election of the retiring directors, Messrs. Newman and Brett.—Carried. AUDITOR. Mr. LiAMn proposed, and Rev. S. Bakek seconded, the appointment of Mr. G. Frasor to be auditor of the company's accounts. Mr. Jamks proposed, and Mr. Ibijitson seconded, the appointment of Mr. L. A. Durrieu to fill the office. Mr. Fraser was appointed by amajority of votes. THE PLAN'S. The Chairman said, as far as the directors could calculate, after wages, rental, &c, had been met, there would be a clear profit, which would pay the shareholders a dividend at the rate of G per cent., besides providing for depreciation. They were not prepared to say what the depreciation would be ; but they had been cautioned to appropriate a large amount to cover depreciation. !

They would employjTt" was thought, between twenty-five and thirty servants in the establishment.

The Rev. S- Baker hoped the shareholders would not endorse all the plans of the directors. He thought the mansard roof should be done away with, and a plain roof substituted, and that the third-storey bedrooms be done away with. If they were to do away with the mansard roof and the top lot of bedrooms, and thus make it a threc-storej' house, with a plain roof, they might reduce the expenditure between £3000 and £4000. He would also advocate an alteration in the ground-floor. Rev. Mr. Bilker pointod out the necessity of the building being capable of meeting the want of suitable accommodation, as already indicated, which existed at present. He believed the undertaking would return the shareholders the bauk interest of six per cent, on their money.

The Chairman stated that the directors had not made any reference to the mansard roof, because it was doubtful whether they could erect it.

Mr. G. Aickiv admitted that they would have the rent of another shop or two, as shown by the Rev. Mr. Baker in his plan ; still, by removing the top storey they would, he was sure, do away with 20 bedrooms, and the bedrooms, he understood, were a constant and never-failing source of revenue. Another object the directors and architect had in view was that of health ; the higher the building the purer the atmosphere. They should consider that.

Mr. Lamb said the plan he should vote for would be exactly that which had beeu indicated by Mr. Keals. If they found the undertaking a success, they could then add the other wing. They hail plenty of testimony from persons that they had never seen better plans. According to the original plans they would hnv Ifty bed-rooms, aud according to the picsoiit proposal they would have thirty bed-rooms. If the plan was carried out, leaving out Little Queen-street, they could complete the remainder without without any trou le, and would not mutilate th<s plan they had now. Mr. Ci-osb supported the proposition of the Rev. Mr. Baker.

Mr. G. P. Pierce was of opinion that the plans must be cut down and reduced. He was certain that for many years to come there would not be tho population to fill the building, and a large majority of people would go to hotels. He did not see the utility of the mansard roof. They did not want such large plans. The Rev. Mr. Baker's proposition should, he thought, be considered by the directors, and that they should report further at a future meeting.

Mr. Brett thought it a very g iod suggestion that the matter should be referred back to the directors.

At the suggestion of Mr. Brett, Mr. Baker said he had no objection to withdraw his prooosition. Mr. T. Morriic hoped the matter would be settled at the present meeting. Messrs. Brett and Hemus thought the meeting might adjourn for a week—that this would not be lost time.

Mr. Hemus proposed and Mr. Boddle seconded a motion that the meeting be adjourned for a week.

It was agreed that the meeting be adjourned to this day week, and that the Rev. S. Baker aud Mr. Pierce be a3ked to assist the directors as had been suggested. During the meeting Mr. Keals, architect, exhibited the plans and drawings of the building to the shareholders, and pointed out the difference in appearance the building would have according to the various plans submitted.