DUNEDIN MASONIC HALL COMPANY.

Otago Witness, Issue 919, 10 July 1869, Page 8

DUNEDIN MASONIC HALL COMPANY.

A speoial general meeting of the ahareholders of -the- Dunedin Masonic Hall Company was held at the new Masonic Hall, Moray Place, , on the 2nd. On the motion of Mr H. S. Fish, jun., ton. secretary, Mr A., Oarrick was voted to the The Chairman explained that the meeting had been convened for the purpose of considering the advisability of authorising the directors to borrow a sum of money on security of the Company's property, to receive the balance-sheet and statement of affairs, and to consider other business. The accounts, which were made up to date, would be read by the hon. secretary. Mr Fish remarked that one of the subjects which the meeting would have to consider was, whether the directors ought to be authorised to raise a further sum of money to defray a liability of the company in respect to the building. When the directors came before the shareholders nine or ten months ago, and asked for power to borrow, they hoped that the zeal of the brethren would be such as to enable them to complote their undertaking with the araountthen sought to be borrowed ; but he very much regretted to say that the brethren had not responded to the call made upon them in a manner so satisfactory as was anticipated. He thought that fact would be sufficiently apparent when he stated that out of so large a number of masons there were only 104 shareholders. When a few gentlemen, members of the craft, first mentioned the undertaking, they were met with many assurances of support ; how the promises made had been fulfilled woxild be gathered from the remarks he had made. Had advantage been taken of the chares as they were led to anticipate, the revenue from the undertaking would have been sufficient to pay a dividend of ten per cent. , and perhaps more. There could be no doubt that the property -would become more valuable from year to year. As a hall in which to hold public meetings and give various entertainments, it would bo regarded as the moat popular in the city ; indeed, the opinion expressed by those persons who had already used the hall warranted the statements which ho now ventured to make. Ho would now read to tho meeting the statement of liabilities and assets, as at the 30th June, 1869. This statement showed the capital and liabilities to amount t0L39951352d, and the property and assets to L 3727 143- Bd, leaving a deficiency of, £267 183 Gd. It would be seen by the I statement that there were bills to bo met on account of the building to the amount of £750 ss. These must bo met next month, and there was nothing in the shape of fundß to meet them. Indeed it was to enable the directors to meet these bills, that the present loan was now sought. He would now road the statement of receipts and expenditure to the 30th of June, 1869. This statement Bhowed% the receipts to amount to £3209 la lid, and the expenditure to £3151 14s lid, leavinc; a balance in hand of £57 7a, of which £7 10s was disputed. The statement ho now intended to give would shew more clearly the actual position of the Company at the present time. The revenue earned to date, after a period of two months, waa L 165 Is. That was the estimated revenue upon the receipts for the past two months, and be thought thoy might reasonably consider that the revenue for the past two months was a fair indication of what tho result of a year's operations would be ; because, as he had bofore stated, tho hall would undoubtedly become still more populnr. Tho estimated yearly revenue was 1,990 (is, and tho ostimatod annual oxpondituro L 253 oa, and together with sundrios, contingencies, &c., L 340 Cs. He explained that ft deduotion had boon made ns regarded the salary of the hall-keoper, his services not having been availed of as anticipated, and that the ostimatod oxpondituro would bo loss than tho amount sot down by LSO. The estimated annual not incomo was L 650, lens intcroat on mortgage, Ll5O, leaving tho amount at LSOO. It showed n profit of 16§ per cent, on tho wholo capital, and interest of nearly 34* per cont. on tho paid-up capital. Ho "noxt roforrod to tho immediate liabilities, &c , and Bivid that of the calls unpaid ho believed it would bo difficult to rocovor several amounts owing by shareholders who had beoomo bankrupt, or who woro unable to pay. In all, those Bums amounted to L 65 10s. That left an absolute deficiency after realising nil avnilablo assets of L7OG Us 2d. The account*. «fca, wore adopted. A Shaurhomikr suggosted that itopa Bhould to taken to proyent fnrthor injury being dono to tho portico of tho building by boya kicking off tho oomont. Tho Chairman wid the Director* had rocognisod tho durability of doing that, and many othor things ft tho position of the Company bad permitted them.

Mr Fish mentioned that an offer had been made to him for a loan on the building to the extent of L2OOO at six per cent, per annum, if the Company could manage to wipe off the present mortgage. Unfortunately, however, the mortgage was for five years, arid they had no option in the matter, unless they cot Id induce the mortgsg to forego his mortgage by giving him onus. If they could do that and accept the other offer, they would gain materially, because they were now paying 10 per cent.

THE LOAN.

After some further discussion, Mr Fish moved — "That the Directors be and are hereby authorised to borrow upon mortgage of the land of the Company, being section 5, block XV, Town of Dunedin, the sum of LSOO, for the purpose of erecting such a building on the said land as the Directors of the Company shall think fit to be used for the purposes prescribed in and by the articles of association of this Company, at interest at the rate of not exceeding LlO per cent, per annum, to be advanced on, and to bear interest from and to be repayable on such day or days as the Directors of this Company shall think fit ; and that the several sums to be received in pursuance of the said mortgage be paid into the Bank of New South Wales, in pursuance of clause 15 of the articles of association." Mr James Gore seconded. Carried.

UNPAID CAt-LS.

On the motion of Mr Burton, seconded by Mr Levien, it was decided, " That the Directors be instructed to sue shareholders for the balance of calls due."

A vote of thanks to the Chairman terminated the proceedings.