Poverty Bay Park Company.

Poverty Bay Herald, Volume XXI, Issue 6986, 26 May 1894, Page 4

Poverty Bay Park Company.

mMg* sixth annual general meeting of the iKvarty-B»y - > * r * c Company was held m the Hrgyll Hotel last evening. Some thirty Ijuitebolders were present, Mr Matthewson, ■be Chairman of Directors, m the chair. ■. -jj-o Chairman read the annual report and Pbalftno9*«h««t. The report stated that the J Vex* property was generally m good order, tut i? was recommended that the entrance joftdHbe improved, and the training track widened if funds be available. The net profits during the year had been £330 3s 9d, of which £200 had been utilised m reducing j the mortgage from £700 to £500, whilst a farther sum of £162 10s 8d had been written : s off buildings, fencing and plant for depreciation. A sum of £831 19s stood to the credit #t profit and loss account. The retiring directors were Messrs Dickson, Whitby, 'Nasmith, Gallacher, and H. Maude, who were eligible for re-election. Referring to the statement, he said the report spoke for itself. It was, perhaps, not as favorable as they could wish, still it mmmm a favorable report. There was no doubt that the entrance must be improved, and the training track enlarged. He waß certain the colony would not be able to produce a training track like it if the alterations were effected. Never a penny had been written off for depreciation until last year, when five per cent, was written off, snd this year the directors thought it advisable to write off ten per cent., which he did not consider excessive. He moved the adoption of the report and balance-sheet. Mr McPhaU seconded, and the motion was carried. - Mr Maynard proposed and Mr Price seconded, that the six retiring directors be re-elected. Messrs Kennedy, Capt. Tucker, • and Jas. Martin were also nominated. ; After a ballot, Messrs. . Maude, Tucker, Nasmith, Kennedy, Whitby, and Martin tfnre declared elected. Messrs. Lunn and Witty were re-elected auditors.