THE NEW ZEALAND AND SOUTH SEAS EXHIBITION.

Otago Witness, Issue 1906, 21 August 1890, Page 31

THE NEW ZEALAND AND SOUTH SEAS EXHIBITION.

THE FINANCIAL POSITION. The following were read at the meeting of .'shareholders of the Exhibition Company, held .on Friday : — THB PRESIDENT'S LETTER. Dunedin. 3 1st July 1890. 'The Hon. the Colonial Secretary, Wellington. Sir,— Acting under instruotious from the directors of the company, I have now the honour to forward you herewith a provisional. balance sheet of the New Zealand and South Seas Exhibition, made up to the 12th inst. I understand the Government desire a statement of the financial result, so that it can be placed before the Home before it rises. Hence my now handing you a statement whioh is only a record of the venture up to the 12th. The liquidation of the company cannot be completed for a couple of months, and as toon as tbe business it finally oloied I will forward you copies of tbe various accounts Tbe statements sent are -(a) statement of income and expenditure, (6) an approximate balance sheet. The latter statement shows as nearly as possible fcho present position of the company ; and it appears from this that something like £1350 may be returned to the shareholders in reduction of tho 15s per share contributed by them. I would poiut out that £13,101 was eubecribed by shareholders, £1765 was guaranteed by 34 individuals, and £737 was given as donations ; thus making a total oapital of £15,512. It is satisfactory to note that the guarantors will not bs called upon to pay up any portion of the sums they rendered themselves liable for. Calls to th» extent of 20s per share were made, but in view of the satisfactory result of ths venture the directors are only collecting 15s per share. Ai far as I oan judge at present the net loss to shareholders will be 12s 6d to 13s per share. The caterer has lodged a olaim for £953 for loss alleged to have been sustained by htm through breaches of the terms of contraot, and the result of this action may poisibly alter the financial result. The directors, however, are confident that they will successfully defend the action. Trusting that the Government and the Houses of Parliament will be satisfied with the manner in whioh the £10,000 so generously voted by the Lower House has been applied,— l am, &c, John Roberts, President.