ANNUAL MEETING OF THE ATHENÆUM.

Southland Times, Issue 3313, 1 February 1879, Page 2

ANNUAL MEETING OF THE ATHENÆUM.

The annual meeting of subscribers to the Athenasum. was held last • evening in the Reading Room. There was a good; attendahee; Mr Perkins occupied the' chair, '; . : , The Chairman read the advertisement calling the meeting, and said ;chose;presentfhad no doubt seen the balance, sheet for -the past year, T*hich -had been laid on the' table of the. reading room for some considerable time: and consequently the meeting would be conversant with the present position of the institution. He thought he need riot say anything more in reference to the position of the Athenaeum just now, as. they seemed, lindeed,: to : have a course of plain-sailing before them, and .no doubt the next year would -'.'prove- prosperous and progressive in character. With regard to the work of the past year it had been to some extent plain-sailing, . the . members of the committee having worked, together with a determination to make the best of things under the circumstances. It was now for the meeting to" confirm what had been done, or make suggestions for the future management of the institution as might be deemed advisable. ' ■ ■ ■ ' - ■ :■ The Secretary then read the minute 1 ? of the last year's annual meeting; which were confirmed. He also read the balance-sheet for the past year. " ' : . • '; The Chairman said if any information with regard, to any of the items were required, the secretary would: be happy to explain. He might himself say, with reference to a sum of £500 for re-lease of _a poitioft'.of the property, tHat it was in. order to complete the exchange with the Government of the Tost Office corner. He moved that the "balance-sheet be adopted. - . •■ • - ••""• Mr McEwan seconded the motion. Mr J. L. McDonald complained that the liabilities, if any, of the institution, did not appear on the balance-sheet. The Chairman, said the liabilities were simply of the ordinary character. If all the accounts were sent in, the liability of the institution would amount to about £200. Mr McDonald — What I refer to are the outstanding debentures. ; . . . The Chairman pointed out that they formed a permanent liability, of which, togiether with the mortgage, all themembers were cognisant. They were charges upon the property, and had nothing to do> with the .incidental expenses at all. . ' ■; • ; • . .;, Mr;McDonald— What I contend, Mr President,; is that the liabilities should, in the ordinary course of business,: appear on the balance-sheet for the year. „: ..; . The Chairman said Mr McDonald seemed to be in ignorance of -,the fact '.• that these liabilities belonged to the receivers'; account. The; committee had nothing to do; with the property except to get from the. receivers such balance as might be at .their disposal after satisfying certain demands for which they were responsible. ; : ■ : Mr Stewart confirmed what had fallen from Mr McDonald.; Mr Mackay, as; a stranger; in the, town, endorsed the opinion; that the balance sheet should give a statement of the liabilities ; it might be all plain sailing to old residents, who were fully acquainted with the position of the institution, but the balance {sheet scarcely afforded new subscribers ; and strangers to the place the information they ; had a right to expectfrom it. The Chairman said the position was easily explained. There was- a liability on the institution of £4500, inthe shape of mortgage and debentures, This, had been handed over to the receivers,' Vhb collected the rents derivable from the property, to serve certain purposes, such as payment, of debentures,; interest on. mortgage, allowing the committee incidental" expenses, and one or two other things in connection with the buildings; and any balance that might be left went to the general purposes of the institution. The committee were . neither trustees of the buildings, nor had they anything else to do with them until the demands were satisfied "in full. Mr Mackay expressed' himself perfectly satisfied with the explanation of the Chairman. Mr Jaggers suggested that" the receivers should be requested to furnish a report ot the liabilities in future. • The motion to adopt the balance sheet was here put, and earned unanimously. Mr McDonald then moved "That the receivers be requested, in future, to furnish to the committee of this institution a -complete stateme'nt'of the liabilities and assets for the annual general meeting of the subscribers." Seconded by Mr Willoughby. Mr McEwan opposed the motion on the ground that it was not within the province of the receivers to furnish such a report. It was usually regarded as. the duty of the committee to furnish a statement of the affairs of the public body who elected them, but further than that they could not go. Mr Matthews, who had previously complained of a waste of time by this discussion, said those views just expressed by . Mr McEwan were the reasons that induced him to suggest that the eloquence of members might be 1 employed ,' more profitably.' It was absurd to ask the" receivers to .value the assets and liabilities,, inasmuch as they might exercise, their discretion ia #iq

matter, and put a fictitious value on either way. Mr JTaggers did not see that the receivers were beingaske'd to value the assets and liabitities ; they were simply asked by the resolution to "lay before the subscribers a matter of fact -statement, as to what the assets and liabilities were.' Mr McEwan — From., your knowledge of the matter, Mr President, do you believe the receivers were supposed to furnish a report? * The Chairman — Certainly not.' ■ Mr McEwan then moved an ameudment — *<That the statement of assets and liabilities appear on the balance sheet next year." Mr Hamilton seconded the amendment. Mr Pratt said the ameudment would comply with 'all that was necessary. No doubt strangers connected with the institution wanted to know what the income of the institution was, and how it was disposed of. Ultimately Mr McDonald's motion" was ■withdrawn, and" the amendment of Mr Me-. Ewan becoming therefore the substantive' motion, was put to the meeting, and carried. Mr Pratt, the secretary, then gave explanations in reference to several items in the balance-sheet. With regard to the item of £532 14s 6d, he pointed out that the overdraft did not in reality exist, as the £500 had been paid into the bank, leaving an actual overdraft of £82 4s 6d. He explained further as to the liabilities incurred, that it had been found necessary to erect certain outbuildings at the rear of the Athenaeum bnildings, for the convenience of tenants. He might state, also that the income of the Athenaeum from all-, sources, at .the present time, was £1200, , and the surplus, without counting upon the increase of membership, would be about £250. The subscription list, it should be explained, .was not, from a financial point of view, so large as it looked, inasmuch as anumber of gentlemen in the earlier days of the institution had very liberally become life members (paying £10), and the money so accumulated went into the capital account. Of late, however, he was glad to say that the number of subscribers had increased, and he should not be surprised to see it doubled in the course of the next year. The Atbenasum possessed the buildings in Dee street, the Post Office corner, 1100 acres oE rural land at Waikiwi, and 400 acres at Woodend. The income from , the town properties amounted to £735, and from the rural land £-150. With reference to the state of the Library there had been most valuable additions to the collection of periodicals — viz.,. the Engineer, Builder, Athenaenm, Fortnightly Review, Popular Science Review, and Tasmanian Mail.' Westminster Review. The Contemporary .Review and Nineteenth Century had been ordered. . The meeting then proceeded to the election of officers and a committee for the ensuing year. Messrs Martin and Jaggers declined to stand for re-election. The following, gentlemen were elected a committee : Messrs Moir, Pratt, Hamilton, Searle, Willoughby, Perkins. Denniston, Stewart* and Flemington. The election of officers resulted as follows: President, Mr Perkins ; Treasurer, Mr Moir ; Secretary, Mr Pratt. A vote of thanks was accorded to the retiring committee. The meeting concluded with a vote of thanks to the Chairman.