ISLAND BAY RACING COMPANY.

New Zealand Mail, Issue 761, 1 October 1886, Page 12

ISLAND BAY RACING COMPANY.

An extraordinary general meeting of the shareholders in the Island Bay Park Racing and Coursing Company, (limited), was held atthe Chamber of Commerce la3t evening week. T" e Chairman of Directors (Dr Newman) presided, and there were about thirty sharehollers present. Before the annual roporfc and balance-sheet were read Mr E. H. Goldsmith said the annual meetings, according to the articles oF Association should have been held in July* Tne present meeting was therefore illegal* The circular which had been issued admitted that the annual business could not be taken at the meeting called for the 16th September,, and he held that if that were so, the present meeting was illegal. He also contended that the Directors must be held responsible for alii moneys expended since the date of the--regular annual meeting. The Chairman said the last annual meeting; wa3 held in August, 1885, when it was decided! to hold the next meeting in July. It was afterwards agreed, however, for financial? reasons, to hold it in August. The reason for not consulting the shareholders as to thechange was because the Directors were not desiroui of incurring expense. They afterward heard that objection would be taken tothe meeting, and Mr Bell, the Company’® solicitor, had been consulted, and he said thatit would not be legal to call an ordinary meeting after the regular date fixed, but advised them to call an extraordinary meeting. In answer to Mr Blower, the Chairman said the Directors were solely to blame for overlooking the effect of their failure to call the meeting in July. Mr F. H. D. Bell said he had advised the Company. . The Company’s Act provided that the Directors may at any time call an extraordinary meeting on their own motion,

The Act provided for a statutory annual meeting, which must he held, and as the regular day for that had passed, it became necessary to call an extraordinary meeting in order to comply with the Act, otherwise there could be no meeting at all.. He had not the slightest doubt about the advice he had tendered, and he supposed the Company would be guided by him in'the matter. Mr Goldsmith, with all respect to Mr Bell, thought he was wrong. The meeting having been fixed for July, and not held, it was necessary to call an extraordinary general meeting to alter the articles of association. He contended that the Directors were personally responsible for all moneys spent since J uly.

The Secretary (Mr E. S. B. Bell) then read the report and balance sheet, which have already been published in these columns. The Chairman formally moved their adoption . He said the Directors had tried to get people to take an interest in the formation of a Polo Club, but had not been successful. They had also intended to start coursing, but the Directors did not think it desirable at present to incur the expense of getting the ground in order, aitlv-u 3 hall were agreed that coursing would prove a profitable source of revenue to the Company. The Directors had let a portion of tae ground for cricket, and other portions were expected to be let for this purpose Tt,ey would be glad to make arrangements for a hlectic meeting?. Tnere had Lem ia the past a great deal of croaking as to the pro-p ets of the Company in the matter of racing, but those who had been out t> tbe meetings must Lave seen how the vavii us forebodings had been falsified. During the year they had made a p’o.rgh gal’op, which hid proved very satisfactory, as war shown by the number ot horses which bad teea exercised ou it, however shaky some of them might be oa their leg.'. Lie thought the race meetings had poved very successful, which was due in great measure to the Company’s staff which had now got in good working order. He had visited many racecourses in the Colony, and by comparison the racing at Island Bay went off very fairly. The course was a good one, and everyone regarded it as satisfactory. They had Introduced two - year - old racing, and offered a stake of £2OO for this season. The Club was now the fourth largest ia the Colony. Referring to the question of Metropolitan Clubs, he said the Company had been asked by the Canterbury Jockey Club to adopt the rules and had done so. Since then the Wellington Club had also adopted the rules and asked the 6tnall clubs in tbe district to submit their programmes to them. When they adopted the rules they admitted that the Rland Bay was a Metropolitan Club but now asked to have their programmes submitted to them, which he was quite sure the shareholders would never submit tc. A letter had been received from Dunedin asking that the matter be referred to arbitration, but the Directors would not do anything of the kiod. That was his view of the case. Since the Islaud Bay Company had been so successful the Hutt Club had wakened up, but he thought the public had had almost a surfeit of racing, and the Directors now proposed to have fewer race meetings, but perhaps to give larger stakes. The Directors had during the past year effected some improvements. They had bought a ground roller, erected a rotunda, and purchased two totalisators, which had been worked very successfully. The result of practically ten months’ work was a net revenue, after everything was pat straight, of about 7 per cent. He hoped all would hold their shares and do the best they could for the Company. It seemed strange that when companies were fairly launched iu Wellington people could be found to go about crying “ stinking fi->h 1" Some people seemed to take a delight in pooh-poohing local companies. They had a good property in Island Bay, and he hoped the shareholders would help the Directors in working the Company successfully. (Applause.)

Mr A. Boardman seconded the motion for the adoption of the report and balance-sheet. Mr Goldsmith objected to the motion on several grounds. The Act provided for two auditors, and one had been away from Wellington some time. The balance-el.eit was also iuformal, as the items should be tefc out under two headings. The Chairman said it was quite true there should be two auditors to look into the balancesheet, bat Mr Wallace was not in the place and therefore could not perform his duty. He held, however, that as long as Mr Wallace had not sent in bis resignation he still held ths position of auditor. The Directors thought it better to let the balance-sheet be audited by only one auditor, rather than call an extraordinary meeting for the purpose of appointing another. With regard to the items of expenditure, the books would be open to any shareholder who might wish to see them.

Mr Goldsmith said the Directors must fulfil their duties properly. There were items in the balance-sheet which he took exception to. One referred to purchase money, Islaud Bay Park, £9300. He had heard it stated that the Directors had borrowed that money at 7\ per cent.

Mr G. S. Graham asked that each shareholder should address the chair once, and have a right of reply. Mr C. Hill suggested that instead of gentlemen trying to throw obstacles in the way, every one should endeavor to assist the Directors.

Mr Goldsmith insisted on his right to inquire as to the item he had referred to. The Chairman denied that the money referred to had been borrowed. The Directors would cot think of doiDg anything of the kind without the consent of the shareholders.

Mr Goldsmith said the revenue, instead of being set down at £I7OO odd, should he something like £7OOO, and include receipts from the totilisators, &c. Mr Wakeford objected to Mr Goldsmith and the Chairman “ barking ” at each other. He would leave the meeting, others including himself, wish to speak. Mr Goldsmith, continuing, said tbe Directors had no right to elect the stewards. He also complained that at the race meeting last Saturday week there were two selling races, but no provision had been made for an auctioneer to sell the winning horses, by which neglect the Company had lost about £4O. Who was responsible for that ?

The Chairman said arrangements had been made for an auctioneer to go cut, but he had not done so.

Mr Goldsmith said he had anticipated some such reply and had made inquiries and found that no one had been asked to go out. After some marks of disapproval from the shareholders in reference to the interruption of the business, the motion for the adoption of the report and balance-sheet was put and carried.

The election of two Directors in place of Dr Newman and Mr A. Boardman, who were eligible for re-electioD, was then proceeded with. Dr Newman, and Messrs Boardman, Roxburgh, and Goldsmith were proposed. Mr Goldsmith declined, stating that he held in his pocket sufficient proxies to ensure his election if he desired it. Mr Boardman said be would retire in favor of Mr Roxburgh. He regretted the unseemly squabbling that had taken place, as it was calcuiated to do barm to the Company. As an ordinary shareholder he would do his best for the Company.

Dr Newman and Mr Roxburgh were declared duly elected Directors.

Me-srs Deacon and Boardman were elected Auditors for the ensuing year.

Mr B. Blower then moved the motion of which be had given notice, viz. : That the secretary’s salary be reduced to £IOO per annum. In a speech of some length be pointed out that the Napier Park Club which gave larger stakes and had more entries only paid £IOO to their secretary. He contended that tbe Island Bay Company could not afford to pay so high a salary as they were paying, and suggested that the holder of tbe present office should be allowed to do independent work if he wished, or, failing acceptance of the offer, that he receive three mouths’ not'es of the termination of his services. He mentioned that in addition to the secretary, the Company at present paid a caretaker to look after the course at £2 2s a week. Mr Shields seconded the motion.

Mr Graham dissented from the motion. He thought a spirit of discord had got into the Company and was infecting the shareholders present. (Cries of No ! No !) Well, he was very pleased to hear it. He thought they had got rid of a certain element some time ago, but they seemed to have got into the Company aga’n. (Interruption.) Mr Bell was brought up from Christchurch by tbe Directors, and they should not break faith with him

Mr Hill said when Mr Bell was engaged it was intended to intrrduce other sports beside horse racing, and when these were taken up it would be found that Mr Beil’s time w-.uld he fully occupied, The Chairman said they had had a year’s experience of Mr Bell, and bad found his services to be very satiafac'ory. His experience elsewhere had proved very valuable to the Company, and as they intended to launch out in various ways during the coming year the Secretary’s time would be well occupied. Captain Hume pointed out that tbe motion proposed that the Secretary should be paid less than the caretaker.

After some irrelevant discussion, during which Mr Roxburgh returned thanks for his election to the directorate, the motion was put and lost, only two or three voting in favor of it. The Chairman said the Directors had received a letter from Mr Blower, giving notice of a motion affirming that it was extremoly irregular, and at variance with ordinary custom and usage, that the Secretary should have any interest in aacehorses ; but he (the Chairman) was of opinion that the motion had been received too late. He had spoken to the Secretary about the matter, and •he said he had no interest in racehorses, and so long as be was Secretary to the Company he had no intention of becoming interested in racehorses. Mr Blower essayed to speak again, but was reminded by a shareholder that no other business could be taken at an extraordinary geieral meeting. On the motion of Mr A. Boardman, seconded by Mr Graham, a vote of thanks was pissed to the Chairman, and the meeting broke up.