THE NGAMOTU SEASIDE COMPANY.

Taranaki Daily News, 3 December 1917, Page 8

THE NGAMOTU SEASIDE COMPANY.

ANNUAL Mi-MTfING. The first annual m.:;eti:*ig of the Ngamotu Seaside Resort Co., Ltd., was held at the Soldiers' Club, on Friday evening, Mr. J. W. Hayden presiding over a.failattendance of shareholders. DIRECTORS' REPORT. Hie directors congratulated the shareholders on the success achieved for the first year. The palladium and cottages were not available for occupation until December 20 last, consequently the rev-enue-earning period was curtailed by two months. They recommended that the number of directors be increased from seven to nine.

The balanee-slieet showed the liabilities at £2132, with a contingent liability for the palladium of £742. The assets were set down at £2132, including £9 19s Id to profit and loss account. The chairman, in moving the adoption of the report and balance-sheet, said the company/was unique from the fact that it was the first time that a limited liability company had been formed purely for the benefit of the general public. To obtain the actual results of the first year's efforts of the company he asked shareholders to take the balance-sheets of the company and the seaside 'committee together, an(J they would find that a total gross revenue of £1249 lis 2d had accrued in ten months, which, he thought was an enormous amount of money for a small band of workers to handle who had the welfare of the town at heart. The item on the balance-sheet, loan £458 Is lOd, was, to all intents and purposes, the first step towards liquidation, and as the loan increased, so would the overdraft be reduced, and ultimately, with the generous holp of the public, the whole of the assets would revert to the seaside committee or, in other words, the general public. The directors and a few others were jointly and severally liable to tlic extent of £'21)99 to the bank for the erection of the palladium and cottages, and it behoved every, citizen of the town to help to reduce the overdraft as soon a» possible. He thought lie could safely say that in lens time than was estimated in the prospectus, the whole of the assets would be free. A 0 I per cent, dividend might be paid, but it I iyas not at all probable that it would be pitid, and even if it was, the largest shareholder would receive tho largo sum of 7s. Hundreds of applications for cotI tages had been pouring in from all parts of the North Island.

He wanted to take Ibis opportunity of impressing upon those present and the citizens of this well-endowed town the immense possibilities they hnd for a. flrst-class health and summer resort. The whole district was actually asking them to do it. If the strip of land between tho Belt and Bayly roads, about st mile long, could be obtained for the borough, seaside bungalows could be erected, an esplanade could be constructed, and plantations and other \improvements made.

In conclusion, lie eulogised the untiring efforts of the secretary, Mr. Ellis, tlie success of the Ngamotu beach being almost entirely due to his dauntless enorgy. The report find balance-sheet were approved. ELECTION OF DIRECTORS. It was decided to increase the number of directors from seven nine, and Messrs. W. E. Kendall and C. C. Ward were appointed. The retiriiig directors, Messrs Hookliam and Deire, were reu.ec'iud.

Mr. E. P..Webster was elected hon. auditor of the company.,for' the snsuing year. • Votes of tlianks were "accorded tlie directors, secretary and auditor for their services during the past year, and it was decidad to place on record the shareholders' appreciation of Mr. Ellis' work.

Mr. Ellis thanked shareholders for tlieir kind remarks, and said he was glad Iris services had been appreciated.

NGAMOTU, SEASIDE COMMITTEE. The annual meeting of the Ngamotu Seaside Committee was,held subsequently, Mr. Hayden presiding. The balance-sheet for the year ended October 31 showed receipts at £645, and expenditure £l7l Cs, exclusive of a loan to the Seaside Company of £458 Is lOd, there being a credit balance of £l6 Oa lOd. The liabilities were nil, and the assets £703.

The chairman congratulated the society on the splendid achievement of the last twelve months. The picnic, receipts for the three years had been respectively £4B, £llß and £3BO, for which they were largely indebted to the improvements erected on the beach, and, of course, to the advent of the trams. The only revenue that had decreased was donations ( £ll 17s fid), which was far and away the smallest amount they had received since they started. On the other hand, the committee had raised over £l6O jfor the patriotic funds. He thought it was quite time a memorial fund was commenced for those who had given their lives in this great war, and he would suggest a kindergarten similar to the one in Auckland presented to that city by Mr. Myers, or some other permanent structure 'worthy of the Sacrifice tliey had made. ELECTION OF OFFICERS. Officers were elected as follows: President, Dr. E. A. Walker, and a large number of vice-presidents. Messrs. C. C. Ward, ft. Gray, R. J. Deare, W. T. Hookham, J. T. McQuade, R. 0. Ellis, J. W. Hayden, and W. F. Short were appointed an executive committee. Mr. J. W. Hayden was re-elected chairman, and the following sub-committecs were elected: Grounds Committee, Messrs W. E. Bendall (convenor), F. Morshead, J. T. McQunde, W. F. Short and Thome; cottage committee, Messrs. C. C. Ward, R. J. Deare and J. C. Morey. Mr, Ellis was re-elected secretary. GENERAL. The meeting then discussed matters in connection with the New Year's Day picnic, the programme for which promises to be more attractive than ever. A vote qf thanks to the chairman ter-. minated tlie meeting.