WINTER SHOW BUILDING

New Zealand Herald, Volume LXXII, Issue 22173, 29 July 1935, Page 12

WINTER SHOW BUILDING

WHANGAREI POSITION PROBLEM OF FINANCE NEW COMMITTEE'S ATTITUDE [from our own correspondent] AY HANG AREI, Saturday The question of the use of the Walton Street building for future winter shows was considered at a meeting of the Whangarei Agricultural and Pastoral Society last evening. The society decided to offer the property to the Winter Show Committee at the existing liability of £3120, and that in the event of acceptance, the society should endeavour to have the B debentures converted to free of interest debentures. A circular letter had been sent to all debenture-holders by the committee stating that tho winter show committee had offered to run the recent winter show for and on behalf of tho society, on the understanding that in the event of the show proving a success, the Winter Show Committee would have the right, if so desired, to take over the Walton Street land and buildings at a sum not exceeding £2500, and that that amount should be interest free, redeemable at the rate of not less than 5 per cent for annum. Continuing the letter stated the new organisation would, from June 1, 1935, conduct the winter show entirely apart from the Agricultural and Pastoral Society. An attempt had been made to get the B debenture holders to convert their holdings to 75 per cent of their face value and to be non-interest bearing, but the idea had fallen through owing to the refusal of one of the principal holders to convert. On the Walton Street property there was ranking prior to the B debentures £IOOO worth of A debentures in the nature of a first mortgage. Mr. H. W. James, chairman of the Winter Show Committee, said the Winter Show Committee had conducted tho recent show on the understanding it would he able to carry on at the figure it wanted, namely, £2500 free of interest. It had worked hard and would not have undertaken the show under any other conditions. "There are two alternatives," said Mr. James. " One is to hand tho building over to the deben-ture-holders, and let them do what they can with it. The other is for the Agricultural and Pastoral Society to carry £6OO of the liability, namely, the difference between the existing liability and the price (£2500), at which the Winter Show Committee is willing to take the building over. The resolution offering the property to the committee at the existing liability, £.'1120, is a waste of time. The Winter Show Committee will turn it down." It was decided to recommend to tho Finance Committee that it should not pay interest or dispose of any of the winter show profits until some finality was reached in regard to tho \\ alton Street property. BAY OF PLENTY ASSOCIATION SUCCESS OF EXHIBITION [BY TELEGRAPH OWN CORRESPONDENT] WHAKATAXE, Saturday The annual general meeting of the Bay of Plenty Winter Show Association was held last evening. The balancesheet disclosed a profit made at the recent winter show at y\ hakatane of £4B, but the profit and loss account for the year showed a loss of £6. The election of officers for the ensuing vear resulted Patrons, the Hon. C. E. Macmillan, Mr. K. S. Williams, M.P.; president, Mr. W. Sullivan; vice-president, Mr. W. G. Howat; treasurer, Mr. C. G. Caisley; auditor, Mr. F. Prideaux; committee,- Messrs. F. B. Cutler, H. G. Rand, A. llighton, A. Hall.