FORBURY PARK COMPANY.

Otago Witness, Issue 1241, 11 September 1875, Page 16

FORBURY PARK COMPANY.

The fourth annual meeting of the Forbury Park Company was held in the Empire Hotel on Wednesday, Mr G. W. Eliott presiding. There were about 20 shareholders present. The minutes of the previous meeting were read and confirmed.

The Chairman explained that there was no meeting last year in consequence of the illness of the Secretary, and as there was no important business to bring before them it was not considered a matter of much consequence. The increase during the past year had been very satisfactory, being more than that of any former year, and the Company was in as flourishing a state as it could possibly be. On the 31st July last an interim dividend of 15 per cent, was paid, being at the rate of 30s per share. The receipts for the year 1874 amounted to L5lO 9s, and for 1875, L 759 2s Gd, being about 50 per cent, increase. This was owing to the increased subsidy given by the Jockey Club, and the increased receipts for grazing. Some discussion would take place as to the advisability of leasing the park for a term of years to the Jockey Club, that body not feeling warranted in laying out money on the course unless they have a longer lease than hitherto accorded them, it having been formerly let year by year. He was given to understand that if they extended the lease for a term of five years, the Club would be willing to expend money upon it. The Directors would be very glad to receive their views upon the matter, and he (the Chairman) thought they had power to act Another part of the business would be to elect Directors and Auditors. The number of Directors was nine, which he thought more than sufficient for such a small Company, and considered that the business would be conducted much more expeditiously with a smaller directory. He congratulated the shareholders upon the state of the Company's affairs, and believed they had a prospect of the property becoming a very valuable one. When the Company started, it would be remembered that the property was not thought very much of, but during the last few years it must be patent to everybody that the property was enhanced in value, and the shares were now worth three to four times their nominal value — £4. In terms of the lease from the freeholders of the property, it was necessary to give effect to the purchasing clause before March next. The Directors naa dona all that wa» necessary by the

deed in the way of giving notice, and so forth, and it would be Incumbent on the~ Company to give notice by the 3rd March npxt. There would be required to purchase the property L 2240, and it was proposed to find that amount by issuing shares which were held in 1 reserve for that purpose, namely, 286 shares. If these shares were issued at their nominal value the amount would be more than the fiends neoessary. It would be for the shareholders to decide as to the disposal of these shares. He might also add that it would be only right to give existing sbaisholders the opportunity of taking them. That course fie believedwould be recommended to the meeting. It now devolved upon him to move the adoption of the report, Mr D. Proudfoot seconded the motion, and the report was carried. Directors were then balloted for, and re suited in Messrs Marshall, Reany, and Proudfoot being elected. Mr Eepve3 was elected auditor. The proposition of the Jockey Club was then discussed, asking for a lease for one to five years, • Mr Stephensox explained that it was merely required for racing matters, Mr Reeves suggested that LSOOO should be borrowed on the property for the purpose of erecting a grand stand in place of the miserable abortion which had hitherto served the purpose, A rental might be charged to the Jockey Club for it.

Mr Marshall blamed the Company for kxity of management. He believed the property would pay exceedingly well if devoted to the purposes of a Pastoral aud Agricultural Association. He thought the Directors should take more interest in the Park, and with a little consideration they might turn it to better advantage than at present. Mr Tkwsley expressed his dissatisfaction at the small dividend which had been paid to shareholders.

Mr Stephenson remarked that many of the shareholders never anticipated realising any pecuniary benefits from the property. Their intention was to afford a recreation ground for the amusement of the public. On the proposition of Mr Marshall, seconded by Mr Meenan, it was agreed to refer the matter to the new Directors, with power to act and come to an arrangement with the Jockey Club.

The Chairman' next reminded the meeting that it was necessary to raise L 2240 to purchase the property before March next. The only available source was the allotment of shares now in the hands of the Company, and it was the idea of the Directors to allot, them amongst the present shareholders pro rata. After some discussion, the following motion, by Mr Marshall, was carried: "That the unallotted shares (286) be issued at LlO per share, pro rata ; Directors to have the power to purchase shares (14), with a view of making the allotment equal ; the capital money to be paid by the Ist February, 1876." The meeting then terminated.