MIRAMAR ESTATE COMPAY.

New Zealand Times, Volume LXXVII, Issue 5311, 24 June 1904, Page 7

MIRAMAR ESTATE COMPAY.

The annual meeting of tho Evans Bay and Miramar Estate Company was held last evening at the Exchange Buildings. Mr W. Barber presided. The directors’ report stated that, owing to tho market being overstocked with suburban land, no special -effort had boon made during tho year 60 hasten ike realisation of the Ewo Run block. During the year the sum owing to the Messrs Crawford Bios, on account of purchase had been reduced by .£1238 63 6d. The balance of principal owing now stands at .£9761 13s ’6d, representing an interest charge of <£39o per. annum. As against this tho company is drawing interest from sales amounting to per annum. There is, therefore, a profit on interest alone at the rate of <£4oo per annum. In December last a first interim dividend at the rate of 5s por share was declared, this absorbed a sum of <£475. The directors recommended tho distribution of a further sum of .£475, thus making the for the year equal to 10s per share. The profit and loss account shows a balance of *£17,530 18s 4d.

Tho chairman, in moving tiro adoption of the report and balance-shoot, gave a short history of the operations of the company. He explained that tho company was formed in May, lso2, and purchased from Messrs Crawford Brothers 188 acres 3 roods 36 porches at Miramar for .£18,890 10s. Up till April 7th, 1003, the company disposed of 75 acres, including land used in reading, for .£25,532. Since then they had disposed of 11 acres 1 rood 2 perches additional for .£3535. This made a total of S6£ acres, including,loading disposed of for .£29,067. Included in this was an area of 6 acres 1 rood 22 porches representing .£2275, which certain shareholders had taken up against their estimated profits. There was still left on the company's hands 81 acres 1 rood 9 porches, all in the Ewe Him block. Tho dilference between tbo 86-J acres sold, plus 81 acres 1 rood 9 porches still in hand (making 167 acres 2 roods 0 perches), and 188 acres 3 roods 36 perches, originally purchased was represented by roads and four sections given to tho Seatonn Eoad Board. Tho company had expended £2664 13s 7d on- reading and survey, and still owed .£653 Ms 3d or a total of .£3318 7s lOd. Alley also held one thousand pounds’ worth fully paid np stock in tho Miramar Ferry Company. The motion for the adoption of the report and balance-sheet was seconded by Mr A. Veitch and agreed to. Messrs T. Bush and J. Godber, retiring directors, were re-elected. Mr W. C. Stevens was re-appointed auditor. On the motion of Mr Devine, seconded by Mr Voitob, .£125 was voted the directors for the past year. A vote of thanks was passed to the secretary.