WELLINGTON OPERA HOUSE CO.

New Zealand Mail, Issue 1367, 12 May 1898, Page 16

WELLINGTON OPERA HOUSE CO.

ANNUAL MEETING.

The annual meeting of shareholders of

the Wellington Opera House Company was held on Monday afternoon, the chairman of directors (Mr W. H. P. Barber) presiding: The Chairman, in moving- the adoption of the report and balance-sheet (which recommended the payment of a dividend of 6 percent.), said it was satisfactory to note that the rent account showed a larger sura this year than they had ever had previously—.£2ll7 against .£1731 last year. The small amount carried forward this year perhaps demanded some explanation. Last year the amount to profit and loss account was £62, while this year it was only £8 Is lid. The explanation was that this year they had completed the installation of the electric light, making nearly £3OO which had not been added to the capital account. Mr G. H. Baylis said there were two other items he would like to know something about—architect's fee 3 <£3o and law charges £43. The Chairman replied that the architect's fees were partly the result of what he had explained. It was necessary to have specifications for the electric lighting drawn up, and the work carried out uader the supervision of an architect, and the £3O was percentage on the £3OO expended. Mr Baylis said he understood the wires had been put in previously.

The Chairman said that the wires ha 3 been in the building for a number of years and none of the electric light installers would take the responsibility of utilising them. They had to be tested before a contract was let, and that entailed a certain amount of time and expenditure The law charges had been running on for a long time, and they included a disputed account which had now been settled. Further, a piece of land mentioned at the last meeting had been purchased, and lawcharges in connection with that had had to be paid. Mr Bannister aslced what was the City Val iter's estimate of the company's buildings, which were put down in the assets column at £15,3 ?5. The Chairman said the city valuation was on the annual rental. Perhaps Mr Bannister wanted to know the Government valuation.

The Secretary (Mr W. McLean) said he believed it was about £II,OOO. The Chairman said the document was not there, and it was hardly safe to give it from memory. The city valuation was taken on the annual rental from year to year. Formerly the company were under an obligation to pay ,£SO a year for a right-of-way from the stage door to Cuba street. The land had now been purchased by the company, and was now their freehold property. Mr Baylis : What is the width ? The Cnairmau: 33ft. Mr Baylis: Do you intend to do anything with the frontage ?

The Chairman said no doubt the directors would take action as soon as the opportunity arose. It did not cost them any more than they were previously paying for the rental of the right-of-way. They had not paid any money on the purchase of the land. They had an arrangement which provided that the land was theirs, but the interest did not cost them more than they had paid for the rent. Mr Bannister thought the fact of the company having acquired a section in Cuba street should not have been omitted from the report. No doubt it was an oversight on the part of,.the directors.

The Chairman said the land was acquired in July, 1897, and it was an oversight that no mention of the matter was made in the report. The Chairman, in answer to Mr Baylis, said the land cost .£1188—.£36 a foot.

Mr Baylis seconded the adoption of the report and balance-sheet, which was carried unanimously. Messrs Seagar, Gilmer, Gale and Gasquoine, the retiring directors, were reelected.

Messrs J. K. Harty and H. M. Lyon were reappointed auditors at a remuneration of £5 5s each.

Mr Baylis moved a vote of thanks to the directors for having purchased the piece of land giving access to the Opera House from Cuba street.

Mr Bannister seconded the motion, saying the shareholders appreciated the action of the directors in regard to this matter, as it was essential to have such a strip of land so as to give access to the stage at all times.

• The vote of thanks n r a?. carried. ; The Chairman said Mr J. McLellan, who was not present, had given notice to move, ' " That a sum of €BO be voted to the directors for their services during the past year." Mr Bannister said last year he had given notice to move that the chairman of directors should be paid 25 guineas a year for his services. He was very pleased to see this motion put forward now, and he had very great pleasure in seconding it. It had, however, suggested itself to him that seeing the directors consisted mostly of the largest shareholders it might not be judicious for them to accept an honorarium as directors. Probably there were, however, two or three directors who had not such a large interest in the company. The chairman had devoted a lot of time and attention to the affairs of the company for some years past without any remuneration, and the company had now attained a position which shareholders might well be proud ©f, and it was time the shareholders recognised those services in the manner proposed. Mr Gale said he would like to add his meed of praise for the services Mr Barber had rendered to the company for some years past, and if this resolution was carried he thought Mr Barber should re--1 coive dxflitih what aajybii© else received.

Mr Barber had had a great deal of responsible work to do, and the company were deeply indebted to him for the manner in which he had carried out his duties. As to the purchase of land, giving the company access to Cuba street; he thought in course of time they might be able to biiild there and derive a profit of £SO or JE6O a year, iustead of paying £SO a year for a right-of-way. Mr Tringham proposed as an amendment that 100 guineas be voted to the directors for their services. Mr McGuire seconded the amendment and Mr L. Blundell took upon himself to move the original resolution iu Mr McLellan's absence. The amendment was carried.

The Chairman returned thanks, and in doing so said the company had arrived at such a state that a great deal of work and responsibility fell to the directors, and he thought they were entitled to some remuneration.

On the motion of Mr Tringham, seconded by Mr Bannister, a hearty vote of thanks was accorded the directors for the manner in which they had carried out their duties during the past year.

A vote of thanks was also accorded to the secretary and custodian, and several of the shareholders present expressed their appreciation of the manner in which the custodian carried out his duties, and remarked that he was a credit to the company.