FORBURY PARK LAND COMPANY.

Otago Daily Times, Issue 7263, 28 May 1885, Page 4

FORBURY PARK LAND COMPANY.

The fourth annual meeting of the Forbury Park Land Company was beld in the office of Messrs Sievwright, Stout, and Co., 123 Princes Btreet, yeaterday afternoon. There were present—Messrs Langlanda (chairman), Sievwright, Law, J. Rennie, J. F. Watson, Brodrick, Reeves, W. Watson, and G. Watson,

ANNUAL bepobt. The report which was accepted as read, was as followß *.—

-Ihe directors have now the pleasure of snbmitt'ng to the company the balance-sheet and profit and loss account for the year ending 31st March 1885, showing a credit balance of £1725 Is lOd, inclußlvo of the balance brought forward lopb tho dividend paid last year; and recommend a divide! Dat the rate of £4 per coot, with a bonus at the rate of £2 10a par cont. to be paid for the present year, which, taken together, wl'l absorb a sum of £124110 a, and leave £483 llalOd to be carried forward. It Is a matter of regret that no favourable opportunity has occurred tor disposing of any -part ot the company's land during the past year; but it Is probable that feme of it, towards tha si. Clair end, may find purchasers at satisfactory prioes st an early dato. Should the report and balance-sheet now submitted be adopted, the dividend and bouts will bo payable at the company's office on and after the 10th June next. In accordance with the articles of association, Messrs Kennedy and Royse retire at this time fiom the board ot directors, and Mr Hooves trom the audltorship; all belDg, however, eligible for re-election ,

The Chaibman, in moving the adoption of the report, remarked that there was not much to be said concerning it. but that the directors were glad to meet the shareholders with eucb a satisfactory profit and loss account. Shareholders would observe, tbat the undivided profits amounted to £6000, and the balance to the profit and loss account, £1725 la lOd, making a total of £6725 Ib lOd. The directors had considered them'elves warranted in proposing, in addition to the rate of dividend paid last year of 4 per cent., a bonus of 2&' per cent.; and they thought it was better to do this than to at once increase tbe rate of the dividend. It would be noticed, too, tbat there had been a considerable reduction in tho cost of management as compared with the previous year, but this to Borne extent was due to the fact that during the past year there bad been no land sales, and consequently less business bad been done. He might mention also that though there bad been no Bale of land owing to the price of land having fallen, with one exception all the bills given by the land purchasers had been duly met. It waß reasonable to expect tbat from tbe Bale of the company's property near St. Clair, which bad been subdivided, additional profits would bo made, and be hoped that in future years they would be able to declare a aimilar bonus to that now recommended. In concluding the Chairman intimated bis willing* nose to give any explanations or to answer any questions. In reply to a question, the Chaibman said that the sum of £7435 in tbe assets represented upwards of 20 acres of land,' Mr J. F. Watson seconded the adoption of I the report, and tbe motion was unanimously agreed to. ■ELECTION OF OFFIOEES. On the motion of Mr C. S. Reeves, seconded by Mr W. Watson, Messrs Kennedy and Royse were re-elected directors, and Mr Reeves was again appointed auditor, both motions being carried'unanimously. This conoluded the business,