FORBURY PARK COMPANY.

Otago Witness, Issue 1296, 30 September 1876, Page 15

FORBURY PARK COMPANY.

The annual meeting of the Forbury Park Company (Limited) was held in the Empire Hotel on the 26th. Mr G. W. Elliot was voted to the chair, and about 20 members were present. The minutes of the previous annual meeting were read and confirmed. THE FIFTH ANNUAL BEPOKT. Your Directors beg to present tho Balance Sheet and report for the past year, showing 1 a balance to the credit of Prqfit'and Loss of £215 10s B<l, out of which a Dividend i 3 recommended of Cs per share for the half-year ending 31st January last. . In March the fee simple of land' held under lease from the Messrs Gordon was acquired, »nd to provide the purchase-money, the reserve shares held by the Company were allotted to shareholders at £10 per share. THE BALANCE SHEET. The following is the balance sheet for the year ending 31st July, 1876 :— Liabilities.— T* capital (600 shares, £10 each), £0000; Directors' fees, £30 9s ; Auditor's fee, £5 5s ; balance of profit and loss, £245 10s Bd. Total, £6281 4s Bd. 'Assets.— By freehold property, £3092 9s; fencing, £309 193 3d ; improvements £2630 15s 9d ; office furniture, £7 ; sundry debtors, £13 10s : cash in Bank, £227 10s Bd. Total, £6281 4s Bd. Profit and Lose Account. — To rents and taxes, £108 9a ; salaries and Directors' fees, £196 5s Cd ; interest, £15 10s 9d ; stationery, printing, aud advertising, £23 Si Gd ; auditor's fee, £8 8s ; dividend for tho half-yenr endi'ig3lst Juiy, 1875, £157; balance, £245 10s Bd. Total, £754 13s sd. By balance last audit, £152 11s 6d ; grazinsr receipts, £172 3s ; transfer fees, £5 6i ; unclaimed Director's fees, £4 14s Cd : rent of Park, £375 J Kates, £7 18s Od ; training lees, £37. O'otal, £754 13s 6d. Audited and found correct. C. S. Reeves, Auditor, 15th September, 1876. , The Chairman said he was very happy to state that the balance sheet this year presented as favourable a balance to the shareholders as those hitherto had done. They were aware, through the newspapers, that some negotiations had been entered into between the Jockey Club and the Company for a long lease of the Park, with a purchasing clause. Such was the desire of the Jockey Club, but it did not meet altogether ' with the approval of the Company. However, the Directors, at the last meeting, agreed to lease the Park to the Club for a year, at the end of which time they 1 would be able to ascertain the actual value of the .property, They were aware that the Dunedin, Peninsula, and Ocean Beach Railway would 'greatly enhance the value of the property, and the Jockey Club would be able to Eay a larger amount for it than they had itherto done. The Company would reqvure to have the park improved by the erection of a Grand Stand and other improvements, It'had been apparent to everyone that the racecourse was yery bleak. He understood that the Jockey Club would improve the park for racing purposes ; but the Company wished to retain the property and improve it themselves. He knew that some of the outside public thought that the Jockey Club should hold the racecourse; but it was becoming the most valuable property near Dunedin. There are 110 acres altogether, within •* short distance from town, and abutting on the Ocean Beach. The JocKey Club only offered about the present market value of the property, and they all knew that purchasing clauses were always one-sided matters. The rent of the park waa the important sourca of income, and the Directors hoped to increase this source by letting it to other parties besides the Jockey Club. The present position with regard to the Jockey Club waa that the Directors had agreed to lease the park for three meetings for L6OO. The Club could well pay that, but they had not yet accepted the offer. They had written a letter declining the offer, and threatening to go to the Taieri. It would re quire some time to get the country racecourse 111 order, and the people of Dunedin would prefer to go to the present racecourse in preference to going to the Taieri. In such a case, the Forbury Park Company could easily form themselves into a Jockey Club. He now moved the adoption of the report. Mr James Marshall seconded the motion, which was carried unanimously. The motion re the dividend was formally passed.

ELECTION OP OFFICERS.

Messrs G. W. Elliot, J. Meenan, and B. Sievwright, were unanimously elected directors. Mr C. S. Reeves was re appointed auditor. NEGOTIATIONS WITH THE JOCKEY CLUB.

The Chairman, in reply to a question, said that the Dunedin Jockey Club offered to lease the park for twelve years at an annual rental of LIOOO per annum, with the right to purchase during any time of the lease for L 21.000. The last , offer of the Jockey Club would be considered on Friday next. After discussion, Mr Watson moved—" That the Jockey Club's offer be accepted." He thought the Company could not do any better than accept the £21,000. It was pointed out that a special meeting of the Company would be required to consider the above motion. . A DinEOTOB pointed out that the. Dunedin Jockey Club had no funds in hand to purchase the Park, and they must look upon it simply as a speculative affair. If the property advanced considerably in value during the next 12 years, the Club could borrow on it with a view to its purchase. If the Club would pay the £21,000 within two years, he would be satisfied with the offer.

COMPLIMENTABY.

The customary votes of thanks were passed by acclamation to the Directors for the past year, the Secretary, and the Auditor. The usual compliment to the Chairman terminated the proceedings.