THE TE ARO THEATRE COMPANY.

New Zealand Mail, Issue 767, 12 November 1886, Page 24

THE TE ARO THEATRE COMPANY.

The second annual meeting of the share"holders of the Te Aro Theatre and Opera House Company was held in the social hall of the Theatre last night week. There were abput thirty shareholders present, and Mr T. G. Macarthy occupied the chair. The report was as follows — 4 ‘ Gentlemen, —Your Directors, in submitting their second annual report and balance-sheet, have to congratulate

shareholders on the near approach to completion of their Theatre and Opera House, which, by the present arrangements, is to be finished and opened for theatrical performances by Messrs Leitcli and McMahon on the 15th of November. The accompanying statement of receipts and expenditure, from the registration of the Company to date, is Bnbmitted to you in its present form, in order that you may, without difficulty or reference to the last balance-sheet, see the total of the amount expended, and the various purposes for which the expenditure has been incurred. Your Directors have good reason to believe that shareholders may congratulate themselves in possessing (when completed) the most comfortable and commodious theatre in New Zealand. In accordance with the Articles of Association of the Company, three Directors, Messrs Thompson, Millar, and Macarthy, retire from the Board. Messrs Millar and Macarthy, being eligible, offer themselves for re-elec-tion. In conclusion, your Directors beg to refer you to the annexed balance-sheet, showing the financial position of the Company. The balance-sheet from the date of registration of the Company to the 13th October, 1886, shows receipts amounting to £16,325 I 13s Bd, of which the principal items are £8276 0s lOd from calls and £BOOO loan on mortgage at Bank of New Zealand. The chief items of expenditure are—Purchase of , land, £2925; building account, £10,182 19s i 4d ; scenery, furniture, and fittings, £252 17s ; charges (including brokerage, petty cash, and interest), £389 17* 6d ; bank balance, £1454 0a 7d. The liabilities are put down at £20,994 15s, against which there are assets of a like amount, the principal heads of which are—Land and building, cost to date, £14,047 19s 4d ; furniture, fittings, scenery, stage, £1782 19s 7d ; unpaid calls, £2198 19s 2d ; less amount irrecoverable, £llOO. The Chairman explained all the items on the balance-sheet to the shareholders. He said that the total cost of the building was set down at first at £17,000. There were a larger number of chairs required than at first anticipated. They would probably have to get a costly piauo, and several smaller items would bring the amount up to another £SOO, making the total cost of the theatre £17,500. However, on looking at the building they had every reason to be satisfied with the way the money had been expended. With reference to the loan on mortgage at the bank, six of the Directors were liable for that amount. The bank could call on them for the money after the building was completed. They would then probably be able to borrow the money. As it was now, the loan societies would not lend money on bnildings in coarse of construction. However, they need hardly anticipate that the money would be required. Mr D. T. Stuart asked if the Directors intended to forfeit the irrecoverable shares, and if so, to what amount would the Company bo benefited. The Chairman replied about £4OO. Mr Travers thought the money might be , raised by way of issuing debentures, or ( preferent shares. Mr Rickman asked the rate of interest on the money. The Chairman said 8 per cent. Mr Travers thought it would be advisable to alter the Articles of Association, so as to admit of issuing debentures. The Chairman thought that, under the Articles of Association, the Company had power to issue debentures. The Chairman moved the adoption of the report and balance-sheet. Mr Dransfield, in seconding the motion, said the shareholders had in the theatre a property that was a credit to the city and the Colony. The only weak spot he saw in the arrangement was the bank loan of £BOOO, as the bank could at any moment ask that the money should be paid. Banks, he said, made calls at very inconvenient periods. He thought he was justified in saying that this matter was the weak spot in the whole arrangement. He referred to the irrecoverable shares, and remarked that it was a great pity that a number of the shareholders had been unable to carry out their obligations. One question he would like to ask the chairmain was what he would estimate the probable income a.t. For his part he would calculate it at £ISOO or £I6OO, which would leave a very fair amount to work on. The Chairman said that the theatre had been let for the first month for £l7O, to Leitch and McMahon, after which it was let right up to the new year at a similar rate. The theatre was let again in February. There was a gap between January and February which might in the meantime be filled up. If they could manage to keep the theatre open at this rate it would bring in £4O a week alone. Then there were the shops, from which he thought some little income might be derived. Altogether they might reckon on the theatre bringing in about £ISOO a year, against which there were rates and interest to pay. However, if they continued in this position he felt sure they would be able to pay a dividend. A large number of people who had visited the Theatre had said that as long as companies could get this theatre they would not go to the other (the Royal). Another way of raising the amount of the loan, if the issuing of debentures failed, would be to ask the shareholders to increase their capital. He was quite sure the bank would not call for the money at a moment’s notice. He had the bank manager’s assurance for that.

The report and balance-sheet were then adopted. Messrs Millar, and Macarthy (reelected), and S. Gilmer were elected Directors. Messrs H. M. Lyon and J. K. Harty were elected auditors. Mr Travers remarked that the theatre was a credit to the city—one which, with its character, appearance, and suitability would be sure to command good audiences, especially if the company occupying it were at all attractive. The new theatre, he said, was placed in such a position as to be comfortably at the disposal of a large portion of the theatre-going public of the oommunity, and had been erected in keeping with the general progress of the city. It had been remarked to him by a gentleman that he had witnessed the performance of a high - class play in a theatre which was not at all in keeping with the other buildings in the city. He was a frequenter of the theatre, and was of the

opinion that the Wellington audiences knew how to appreciate good plays. All they wanted was a comfortable theatre, not quite so dingy as the old one, and a little less fall of fleas. In conclusion, he said that if the management of the theatre (meaning the directors) only took steps to procure good companies the theatre would be sure to be well patronised. He would propose that the thanks of the shareholders be accorded to the Chairman and Directors for the manner in which they had carried out a work which was eminently beneficial to the city—quite as beneficial as a church. The proposal was seconded by Mr Barber and carried. This concluded the meeting.