NEW ZEALAND STUD AND PEDIGREE STOCK COMPANY (LIMITED).

New Zealand Herald, Volume XXV, Issue 9015, 30 March 1888, Page 6

NEW ZEALAND STUD AND PEDIGREE STOCK COMPANY (LIMITED).

ANNUAL MEETING.

The annual meeting of the New Zealand Stud and Pedigree Stock Company was held at the offices, Shortland-street, yesterday afternoon, Mr. Thomas Morrin, chairman of directors, presiding. Eleven shareholders were present.

Mr. H. Wiiitaker, secretary, read the balance-sheet, and the following annual report was also read : —

Gontlemen,—ln laying before you the annual report and balance-sheet, I do so with a feeling of confidence in the future operations of the company. A mooting was held last year, when tho shareholders passed a resolution authorising tho giving effect to a reduction of the capital of the company from £250,000 to £50,000, niado up of 50,000 shares of •20b each. Of these shares 36,4:13 are issued, and represent tho shareholders of the company. Fifteen shillings nor share has been called" up, making the amount uuo by the company to the shareholders £24,169 15s, ami included in this amount is a sum of £141 for calls paid in advance. The balance-sheet of the company shows a halanco over and above the amount ot capital paid up of £452 4s Bd. ®Tho amount payable for interest during the present year will be much less than has been paid during the past year, both on account of a reduction in tho amount owing and in the rate charged. Your directors hope that at tho next animal meeting they will be able to produce a balance-sheet wjiich will show a fair profit on the paid-up capital of tho company. The business now before the meeting is the adoption of the balance-sheet and report, election of three directors in the place of Messrs. Russell, Mitchelson, and Walmsley, who retire in accordance with the articles of association of the company by effluxion of time, but who are eligible and offer themselves again for re-election, and the election of an auditor. By order of the board.— Thomas Morrin, chairman.

Tho Chairman moved the adoption of the report and balance-sheet, and said that the sum of £141 4s for calls paid in advance was in settlement of a matter in which one of the shareholders was interested. The stock on the estate were all in a very healthy condition ; but as they had seen by the papers the company had had the misfortune to lose a valuable horse. The stock had been truly valued; those mares which were producers had been valued at high prices, but those which had not produced had had set upon them the price which they would realise were they offered for sale by auction. So far as the stallions were concerned, Nordenfeldt had been valued at the price which the company had paid for him. The value of draught stock had been estimated at exceedingly low figures ; the other day five of them, sold to a gentlemen who had visited the farm, had realised 60 guineas each—just double the estimate set upon them.

Mr. D. B. Tonks seconded tho Chairman's motion.

Mr. Wren thought that the directors should investigate the extraordinary fatality which occurred at the farm on Tuesday, and endeavour to discover the cause. The outside public were beginning to say that the company did not know how to keep a firstclass stallion, and the shareholders could not contradict this assertion.

The Chairman said that the horse was last week in an excellent state of health. From the day on which he was landed Sword Dance had been exercised, and had not been pampered in any way ; but it was impossible to prevent accidents. The only important losses which had occurred at the farm were those of Musket and Sword Dance ; three other stallions had also died—Young Melbourne (at To Aroha), Loch Fergus (at Wanganui), and Roseberry (at the estate). As he had pointed out, it was impossible to prevent accidents. Mr. Town, of New South Wales, lost on an average three stallions during the year. Mr. Halstead had stated that one of Sword Dance's lungs had completely gone, and that the horse's heart weighed 15 pounds— very large average. Mr. Clark : But the horse's lung was gone because of inflammation. Mr. Morrin* : Yes. Tho Chairman went on to point out that if the directors went out to tho stud farm every day they could not prevent mishaps. The horses were well-housed and well-cared for by Major Walmslev, who did everything in his power to keep them healthy. Horse-breeding was a precarious occupation ; and the animals could not be insured unless at a high rate, 9 per cent., and if the company insured all their stallions at this premium, they would pa 7 away as much money as they would lose by death amongst their stallions. Sword Dance had been mated with twenty mares —ten belonging to the company, and ten owned by the public. Mr. Clark : He did not cost as much as specified in the papers ? The Chairman : No, he did not cost so much.

Mr. Wren thanked the chairman for his explanation, but thought, nevertheless, that an investigation should be held. He had never previously observed so high a rate of mortality as at the company's farm ; but he trusted that it would not be thought that he held that the directors were to blame. Ho was afraid, however, that the stallions were forced into so high a condition that they succumbed to slight colds, or tho least disarrangement. The report and balance-sheet were then adopted. On the motion of Mr. Owen, seconded by Mr. W. Percival, Messrs. Russell, Mitchelson, and Major Walmsley were reelected directors. Mr. R. C. Barstow proposed, and Mr. D. G. Macdonnell seconded, the election of Mr. John Milne as auditor for the ensuing year. The motion was agreed to.