SPORTS GROUND COY.

Timaru Herald, Volume XIIIC, Issue 14210, 26 May 1910, Page 2

SPORTS GROUND COY.

ANNUAL MEETING. The annual meeting of the South Canterbury Sports Ground Company, Ltd., was held in the Sophia. Street. Hall last, overdue;, when Jlv G. R. AI. Jones presided over an attendance, of about twenty members.—Apologies for ab-.cin-K were received from Messrs Simmers and Eraser. Hcforo preceding ivitli business, a resolution i xprcssiug the company's sincere regret at tlic death of King Edward Vli was carried amid silence. Tlie directors in presenting the sixth balance-sheet, reported a successful year as compared with previous years, although the company had not made a profit. The grounds were leased to the .South Canterbury Rugby Union at the beginning of the year, for a period of three years, at a satisfactory rental, and the directors hoped that'this arrangement would enable the company to hold its own in future, provided that no extraordinary expenditure occurred. The sections sold in 1905 were now all paid for with the exception of one fronting Raymond Street.* and ithad been derided to forfeit the instalments paid, and hold the section, as it would be of use in the future for an entrance from the south side. The company had lost the services of one of its most energetic directors in Mr E. P. A . Sealy, who was transferred to AYellingtou during the vcar. The retiring directors are "Messrs G. It. AI. Jones and T". J. Rolleston, uho were eligible and oii'er themselves for re-election. It was necessary to elect one director in. place oi Air Scaly resigned. Tile balance-sheet showed that the liabilities totalled £1370 os sd, including shares allotted at £1 each £707. sundry creditors £ll is. bank overdraft- X'.V.vi i!s s>d. cheques outstanding £l3 I-J.-, Bd. The assets were made up as follows: Freehold £734 17s, improvements £37-1 Ss lOd, .sundry debtors £25) 'lt is -"id. sundry debtors on land sales £ t3 2s -id, cash in hand £l(s os. prolit and loss account £ll7 lis lOd. The chief items of expenditure for the past vear were: —Hates and taxes £ls) Ss (id, interest £3l. 2s 1 Id, v. ages and salaries £24- 5s 2d, general expenses and maintenance £3O IDs -Id. Rent had brought in £93 9s 3fd, and the la-t loss during the season had been £ltj 7s, making a total debit balance of £177 1-k.

The chairman in moving the adoption of the report and balance-sheet, said that although unsatisfactorv in .some details, they were slightly bettor than last year. The position had improved, and they had come to a satisfactory arrangement with the Rug'iy Union, which had met them in a very fair manner. They could not advance the rent of the Cricket- Club, as that be.dy was not financial .enough, and made little out of gates, in tact the club did not always pay its rent when due, but- he thought- they could always be relied upon to do so, as lout; as the present oificials were in charge. The directors had agreed to hold on to one of the sections as it would prove a valuable asset- in years to come, and would make a convenient entrance from the southern end. The bank overdraft had been reduced from £IOBB to £594, and the rent had increased from £65 to £5)3. Air C. Jonas asked if thero was any hope that- the returns for next year would ' show an improvement. —The chairman —Yes. The Rugby Union atpresent paid £52 a year rent and 10 per cent, oi the gates, and the President- bad informed him that- more matches would be played on the ground this year. In answer To Air Howell, the chairman said that the directors were endeavouring to exchange part, of their secaion, ior part of a neighbour's, and he thought this would be accomplished. Mr Howell said that- the public should be made to realise the true value of the Athletic Grounds, as a place for sport, and then they would take up more shares in the company. The chairman said that they were not. a philanthropic society, but still he did not think the rents should be increased for n year or two. Air Howell .said that the ground should l>e shut tip for a- year, and AltJonas said that- course might as well be followed seeing the smaii rents they were getting. The chairman said that the Cricket Club was only paying £'2o a year, but he did not think that- it would be able to pay more. The directors had let the ground to the Rugby Union for football, but- had reserved the right to appoint six days for big events such as a band contest,, but not for hockey matches. Air AY. Raymond then seconded the adoption of the report and balancesheet and the motion was carried without dissent. Messrs G. R. Al. Jones, E. J. Rolleston and E. C. AA'atson were appointed [ directors, and Air C. AY. Raymond, I auditor, at a remuneration of £1 Is. ; A vote of thanks to the chairman ; closed the meeting.