TAHUNA RECREATION COMPANY.

Otago Daily Times, Issue 12036, 7 May 1901, Page 7

TAHUNA RECREATION COMPANY.

An extraordinary meeting of shareholders in the Tahuna Recreation Company was held in the Terminus Hotel last evening. Mr J. N. Brown, who occupied the chair, said they were called together to consider tlta resolution appearing on the notice paper. Certain circumstances had led up to the present meeting being called, and after these circumstances were considered by the directors they camo to the conclusion that there was only one/course open, and that was for the company to go into liquidation. The Tahuna Park Trotting Club submitted their programme lor February, 1901, to the New Zealand Association for approval. The, association's approval was granted, but it was .on the distinct understanding that the club was either to obtain a substantial reduction in the rental tliny "were, paying or purehaso the balance of tho interest in tho Recreation Company's,lease. This substantial reduction would have meant that tho Tahuna Recreation Company would bo a non-dividend payiiy coucern. Tho Tahuna Park Club had offered £500 to the directors for the unexpired portion of the company's lease, and this had yet to run five , years and a month. This offer had been accepted by tho dirertors subject to the approval of the share-, holder!, He would now move the resolution hi had referred to, which was "That tho directors bo authorised to sell the unexpircd pprtion of the lease of Tahuna Park, together with all-rights thereunder, ■ to the ■Tahuna Park Trotting Club for the sum of £500, tho sale to date from tho Ist July." In the interval, Mr Brown said, there was to be coming to the company in the shape of rents an amount to tho extent of £150 or £160.. On the other hand, they would havo to pay a caretaker's salary up to tho date mentioned. Then there was duo a half-year'* "rental to the Agricultural and Pastoral Society of £37 10s, and there would be small sums to be paid, but "these could not be ascertained because the rates would havo to lie adjusted. He thought, however, it would amount to about £20. . Mr J. Duthie seconded the motion. He mentioned that the directors had gone very fully into the matter, and they found the profits were gone- if they lost the trotting club. The motion was parried unanimously. Mr M. Sinclair- proposed.a vote of thanks to the directors; and in doing so referred to the ■ successful way in which they had managed tho affairs of the company. He regretted that a concern that had been so successful should be wound up, but they'mutt bow to tli« inevitable. The Chairman, in acknowledging the vote,

mentioned that for tho first eight yean the directors had not tnken a penny, 'although pressed to do so. The meeting then closed. '