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ANNUAL XIITmG Of THE LLANDUDNO…

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ANNUAL XIITmG Of THE LLAN- DUDNO PIli COMPANY, LIMITED. THE CFAIRMAN'S RESUME OF THE YEAR. DIVIDEND 12i PER CENT. ANOTHER SUCCESSFUL YEAR ANTICI- PATED. The Inaall meeting of the Llanindoo Pier Com- PDY wae beld at the Pavilion offices on Monday. Mr Thomas Williams (Bnnmeillion) pr»eided in the absenoe of Dr. James Niool, ohairman of the Com- pany, who it staying at Moiite Carlo for the benefit of bit health, There were also present Messrs WiI. liam Baven, G. L. Woodley, Dr. W. R. Niool, Messrs 8. Dunphy and B. Woodcock (directors); Dr. K. H. Bold Wiilim., Messrs R S. (Ih.mbarlaiu (solicitor to the Company), A. Evans (auditor). T. T. Marks, C.E., E. B. Bone, H. I. Innerdale, with Mr Samuel Husbea (secretary). TBB AKHCAI, uroii or DIBBCTOBS. Subjoined is the teat of the seventeenth annual jeport, wbioh w.. taken an road .The directors bwg to submit to the proprieton their accounts and balance eheet for the year ending 31ft December, 1892. These show a gross raventio of tll,578 3-1 104 against a gross revenue of Z12,482 2a 5d iu 1891, being a decrease of E903 18a 7d.—2. The working _od all other expenses amount to tgq65 13. 5J in comparison with £8700 0. 8d in 1891,being an increase of E265 13s Id. Thisinorease and large aggregate is partly doe to the repairing and extending of the landing stage (now oomp)et<d) and the erecwon of a geDtlmeD a lavatory adjoining the Fwiiion but more particularly to inoidenta! expenses incurred in oonneotion with the projeoted theatre, the preparation o! a oonsplete plan of the company's property, and purchase from the Ecole- siastioal Oommisaiontirs of a portion of the foreshore adjoining ther, to, all of whioh is reftrred to in detail in the balaooe eheet.-3. The profits on the year's working, as exhibited in the balanoe III,AtOt, amount to Z2612 10. 1d in oomparison with t3782 10 93 for 1891 thus showing a decrease ot £ 1169 11« 8d, whioh, at already stated, is maiuly owing to the ■P«ci»i fd extraordinary expenditure re- ferred to in paragraph No. I 2. If to this anus of £ 2&12 101 Id (profits on the year's working) be addedthe sum ot .£16" 118 Od {the amount carried forward from laot year) the total sum available for dividend and other purposes is £4257 Is Id.—4. In dealing with this som. the directors recommend that a dividend of 12i per cent., free of income tax, be paid on the ordinary shares, wbioh will absorb £ 2618; that £1000 be added to oash reserve fund (making with tb,) mortgage bonds held by the company, a reserve of 6500), and that the remainder X539 Is Id be kept in hand to cever interest on mortgages, and insurance premium, all own becoming due tbo 8: KI: teee. oarrent Md other expense* between now and the opening of the season.—5. The following direotors retire from the board by rotation :-lIr Oeowe L Woodley, Mr Thomas Quellyn Roberts, and Dr. W. R. Niool. They areal) eligible for re-eleclion and offer them. selves accordingly. The vacancy on the 'board, occasioned by the lamented death of Mr George Perks, has been filled up by the appointment of Mr Samuel Cooke, of Burnley, in tbe belief that he will prove a most fitting representative of outside proprietors, being also himself a large ishereholtler. —6. A blank form of proxy is enclosed for the use of those shareholders who are unable to attend the meeting, yet wish to be represented. As the chair- man of the board is at present on the Continent,and will therefore not be able to attend the general meeting, it is respectraii y r, quettod that proxies be drawn up in favour of Mr Thomas William* or any other member of the board.-By order of the board, JAmas NICOL, ohairman; HVOHBS, eeoretary. The CHAIRMAN said Ladies and gentlemen, This is tbe euenteen th annual meeting of thisoom- pany. It is only the second whiob our respected ehairnan has been unable to attend, and on this occasion we are all sorry it is because of illness, As you all know, he bad a moat severe illness beginning of last snmmer, and from which he has been mercifully greatly resto ed, though as yet, not quite strong, and his mfldcal friends advised him to ro to the Riviera for change and rest. If he had been at home I fear his old patients would not have allowed him very mgoh rest, and bi. oo direotors in this and other local companies in which be is inter. ested, would, I doabt not, be appealing to him for l?dv.o'?' and he has been mach mieed by many of uL Dr. ;icoi did not go to the South of France on account of the olimate-for he has, each an unbounded faith in the climate of Llandudno. Although we have had recently comparatively severe wint?y weather, yet it was not without its many bright and sunny days, and if our chairman was able to sit out of doors at Monte Carlo we have also seen many invalids sitting one on our splendid promenade pier and the sunny slopes of our Great Orme. I am sure we all trust oar ehairmea will soon be borne again, quite restored to his usual health and strength. In our chairman's absence to-day I will now read you his address, which be has forwarded to be delivered at this meeting I am sure we are all sorry that Dr. Themae. one of our direotors, is also unable to attend here to-day by reason of an acoident, but trust he will soon quite reoovered (bear bear). TB8 CHAIRMAN'S ADDBW9. Ladies and Gentlemen,Undtr the advice of my medioal friends, I am spending the winter on the abores of the Mediterranean, henoe my absenoe from this annual general meeting of the Pier Company. To me it is a great deprivation not to be present onso itpporl ant an occasion, but though absent in body, I am present in spirit, and I need aoaroely assure yoo. that my interest in the pros- farity of this now large and still growing concern j I.Owe no abatement. In looking at the bal&noe sheet for the past year. it is at the first blush rather disappointing to find that there is a falling off in Dross receipts to the extent of JB903 189 7d, while at tbe same time there is an increase of upeoditure Amounting to tat5 13s Id. This state of things is at first sight, as already stated, somewhat dle- appointing, but by a oareful analysis of the various items on one side and the other, and an equally caretul consideration of all the oircumstances therewith associated, a very diff-rent complexion is imparted to the whole matter. Beginning with the Clredit side of the account the first point to be taken into consideration is the etate of the weather; Well, with regard to this, I think yon will all agree with me in opinion that with the exoeption of a few hot days in June we bad, I may almost say, no summer, July, even bad it been fine was spoilt for all business purposes by a general Parliamentary Election. August (the beat month of the seaaon) was comparatively sunless, showery and ungenlal, September was oertainly nothing to boast of, and the unprecedented delige of rain which occurred in Ootober contri- buted largely to a sudden and premature collapse of tbe MMon. The" otroams?noee, taken with a decidedly depressed condition of the trade of lb: country, go, as I consider, a very long way indeed in accounting for the falling off io our reoeipts. Other and subsidiary causes have been suggested, such as the strained relations which have existed for some time between our musicallirector and the Board. This supposition is ratber atreugtbened by the fact that while the receipts from the steamboat traffic showed no reduction there wan a very marked reduction in our receipts irora the 000- oerts. I do not from this mean to imply that Monsiear Riviere failed to fulfil his obligations in aooordance with the letter of his coutraot hut if I am rightl3 informed there was an obvious want of spirit in their dis hare and a frequent unattractive, ness in the programmes. Tbe disagreement with M. Riviere was a great grief to me at tbe time it occurred and nince, but seeing that all my efforts to bring about a reconciliation failed, I consider that the directors have done the beet thing possible for both parties by tbe appointment of another con- ductor, M. Riviere'a engagement with the Pier Company will expire on the 30th of June. Mr A. ( Gw t? I1, Crowe. from London, will enter upon his datiea the day following (Jnly 1st), and will oon- tinue to eonduct to the end of the season an orohestra at least equal in numerical strength and duality to any thing we have ever placed before a Lisad-idno audience. Mr Crowe is not only a first- rate muBioian, but a first-rate oonduotor, and his retention of the office of oonduotor of the Covent Garden Conoerte continuously for twelve years is a high testimony to his abilities. Ton will be pleased also to bear tb.t Mr Arthur Payne, professor at the London Gaild Hall School of Musio, has been offered, and has accepted an engagement as sole violinist and leader of th" orchestra. Under them oircumstances we may oonfidently anticipate a continuance of our prosperity. So much for the credit side of the acoount, let us now turn our attention to the debtor tHe. You will there observe that the aggregate expenditure for the year amounts to the large sum of Z8965 13a 9d, which exooeds that of 1891 by 2265 138 Id. In both ysars a large amount of extra expenditure was required for report, renewals, and for actual new works. In 1891 we begaa extensive repairs and enlargement ol the landing stage, and the ooastructiou of two new kiosks near the Pier head. In 1892 these larga a" other minor sadertakings were oarriod to com- pletion, and io addition thereto, a new and more MnsMtodioa* gestleuMa's lavatory was built close to •ha Pavilion. By tfeos* measare* the value of your property ku been VMtlf improved, and its per mm- •ot value materially enhanced. Taking the aggregate amount .peat in 1892 on repMM, lenewale, materials and labour, and oomparlog it with the oorrompondin &mount spent in the prea?dinr year, we find that there is a difference of no less than JE685 7e 8d in favour of 1892. It ie not here, therefore, that we find a solution to the question Why does our expenditure for 1891 exoeed the normal by such a large amount ? No the solution is not here, but it will be found in our disoussion of the next, few items. These may, with p'opriety, be designated incidentals. Incidentals beoaose they are happily not perenuials and not likely therefore to again ooour. First pier plan and purchase of fore- shore from the Ecclesiastical Commissioners. In the end of 1891 or beginning of 1892 the want of a complete, oorreot and absolutely reliable plan of your whole property was greatly felt by the direotors. Accordingly we instructed Mr T. T. Marks, C.E., to prepare such a plan with all possible expedition. Mr Marks set to work at onoe,but fiuding the matter more diffloult and oomplioated than was at first anticipated he appealed to the Board for farther instructions. Among other things he foond that tbs foreebore between your property and an adjoining one was still in possession of tho Eoclesitstical Com. missioners, and therefore liable to be acquired by some other party. This important matter received the best consideration of the Board, and we decided to negotiate without delay for the purchase of the right in question. That we have at length obtained though at a cost of E333 0s 3d, including legal oharges and a most nsefnl plan of our whole estate. The next item I bell to call y,ur attention to for a moment ia olaued in the balanoe aheet. New Pier Order." The necessity for this order aro4 from the discovery of several defects (which might eventually lead the company into trouble) in our statutory rights and privileges as toll-takers. On this discovery being made we-took the opinion of counsel, and being strongly advined to bave the points in doubt reotifled we forthwith applied for and obtained the order in question, which will no doabt in future be a great help aDd protection to the company in the-mainrflement of their business. The ooit of this Provisional Order (includine legal etpenM") tmoocte to C147 16 Id Finally let us BOW oall your attention to the expenses incurred on acoount of the projected theatre. These, inoluding Mr Arkell's oomplete plan of the baHdiac (now the property of the company) and legal oharges inourred In appealing to the Court of Qaeen's Banoh,amount to t5H Ih lid. This matter of the theatre was first brought before the ebtrehoMtra at the I!eneralj meeting held in Jnuary, 1891. The airMtor* haviar agreed to reoommend to the proprietors the erection of a suitable theatre on that vatmMe plot I of vacant ground situate between the Pier entrance gate and the Pavilion, a special and general relat- ing of the shareholders was held on the 16th of June, the same year. The whole question was fully discussed at this meeting, and a resolution was unanimously passed, of which the following is the slIbstaooo: That the company take immediate steps to build the proposed theatre, and the direotors are hereby authorised to obtain tenders in accord- ance with the plans and designs prepared by Mr Daoiel Arkell, of Birmingham, architect." These instructions were in course of time duly carried ont tenders were received, and the platiB were sub- mitted for approval to the Llandudno Board of Commissioners. The Board's engineer having oarefully examined the si me, certified their full complianoe with the town's bye-laws, yet the Com- missioners refused to pass them on the ostensible ground that the Pier Company had no right to a new entrance to their property from the Farade, though then as now freely open to the publio. Being advised that this objection was untenabla we applied to the Court of Queen's Bench for a mandamus to compel the Commissioners to show cause for rejecting tbo plans. The Court refused ouf spplioation bat on a totally different ground from that taken by the Llandudno Board of Com- missioners, viz., on the ground, and on this grouud alone, that by their existing acts the Pier Company have no power to oonstruot the proposed theatre." Taking a retrospective gUnoe at our balanoe sh^et as a whole, and weighing oarefully the difficulties and drawbaoks we bad to ooutend with, I see no adequate cause for disappointment at the final result, bat, on the contrary, I see much reason for satisfaction that, notwithstanding the tide of cir- cumstances has been 10 strong against us, we are still in a portion to pay a dividend of 12J per cent, on our ordinary shares, to sst aside £1000 to reserve, and carry forward JB639 Is Id to nex, acoount. With best wishes of the season to eaoh of you individually, and best wishes for a pros- perous new year to the oompany, I beg to remain your obedieotand faithful servant, JAs. NicoL, chair. man. Proceeding, Mr WILLIAKS said: Onr ohairman, as you have juet heard in his address, refers to this oompany as a large and still growing conoern." Well, I may supplement his remarki by saying that it is particularly eo. We are every year adding to the value of the property by permanent structures, fittings, and furniture. Some of the improvements are already specified in the printed report: but we have other important items still under discussion so as to render our premises more comfortable and attractive. We hare already made a vast improvement at the main entrance, whioh allows greater facilities for Ingress and egress. The draught from the ground floor exit and the top doors has been a souroe of complaint, bnt it is now proposed to effect a remedy by means of properly arranged vestibule doors, while at the sametime good ventilation will be carefully con- sidered. The heat from the gaslights during the evening conoerte will also be considerably modified, as we purpose re-arranging our electric lighting- increasing the number of inoandesoent lamps, and therefore doing away with gaslight as much as possible. Tbs question of heating the Pavilion ic ??er?)! tho now b*Ttnf{ the direotor*' c&refu) oonsiderat im Outside we <b*U have a mMt desirable improvement in front of the Pavilion by an esteznion ot the iron railings along the stone ooping, with an additional number of lamps, and comfortable seats. The approach will also be improved fcy tha re-arranging of the piece of ground where the temporary erections now stand. On the upper side a properly constructed verandah would prove a great somfort to those going to and from the Pavilion in wet weather by conveyances. I move the adoption of the report and balauce sheet, and that it he printed and circulated amengst the shareholders. Mr B. WOOBOOW, in seconding, said: The state- ment of our chairman has been inclusive in refer. ence to the affairs of the company. I mean the chair- man presiding to-day. But the statement of the chairman of the company, Dr. Jes. Nicol, has been in my opinion extremely inclusive, and the diffi- culty of adding to that statement is very great-I for one see the impossibility of doing so. I am glad, however, that Dr. Nicol has drawn attention to the factors of the ease in reference to the slight falling off in the receipts of the company duringthe lost seseoil. He has mentioned several things as faotore towards that unfortunate result. No doubt the general election bad a great deal to do with it. But as the reoeipts from the steamboat trafflo do not show any falling off, we oan only aocount for '\08 faot of our falling off in the Pier Pavilion reoeipts having taken place in the manner in which our chairman has bintel at. I, for one, when I happened to be present, did not feel that the musiosl director was oondnoting with that spirit, and I may say oharm, with which in former seasons babadconduotal. I oannot help alluding to the faot also that our musical direotor has now taken in hand another speculation in this town a specula- itOD we oannot look upon as other than contrary to and against the interests of our concerts. No doubt the shareholders in that oompany will form their own opinion on thft matter. I do not think you, Mr as a business man who has been accustomed to the ways of business for a long period, would think of employing a man at a bieh salary and retaining him io yoor employ if he started io tho same town a similar business in distinct opposition to your own. As a eharehotder and a director of this oom- pany, I feel that the company has 1107 BMN YUILLY JlUtT WITH I by the gentleman who has now taken up another interest in the town, ani in, I believe, proposing to he a Managing Direotor of that company. t, for one, oannot do leis than allude to this fllct, that from this annual meeting of thecompany, there may go forth to each proprietor, authentic information as to the state of affairs. The directo- rate oannot, I think. be fairly designated as a thin- skinned one, although it has not taken any active steps towards a denial of those statements which every member of the directorate feel to be a misre- presentation of what has taken place between the musical director of the Company and the Board (hear, bear). I do not know whether it has been on the part of directors and individual members. A ruuis or scoas f say it advisedly-a feeling of soorn-towards those men who have lent themselves in any way to thtt misrepresentation of what has taken place between the musioal director and the direotors of thia Company; that has led to inaction In not oon- tradisting the statements made. I may say that the directorate has not ""ti the epidermis of a rhinoceros—not quite so ihios-pkiDned (Uu^btw). But I thitk this: that it is mlly due to tka direo ..rate that some definite statement should gts forth from this raMting to-day on thowittter, Although the directorate may feel justilad in Waring ibe juttter an It stands is lb* eye of kbo, r publio withont taking any trouble to defend itself, yet I do think when statements are made so deliberately a misrepressntatiou of what has taken place, the direotors cannot do less than say it thinks so much (heur, hear). 1 am sure we are all glad to hear that tbe ohairman of tbe company has oproved in health, and that we have a prospect of seeing him back as an aotive member of the Board (bear, hear). Dr. BOLD WILLIAMS I feel some difidenoe in starting, but I entirely disagree with most of what Mr Wr odoock has oilid. Had Dr. Niool been here, I should have asked him to expunge from his address all mention of M. Htviere. exoept the fact that he is Nrwinsting hie engagement at such a date, and tbat Mt Crowe commences as mnaiM) director at <noh a date. My contention is %hat it would be more di,suithd and more right in this our genera meeting, to ignore altogether and take not the I SMOHTIST KOTIC* OF Tit* OPPOSITION. Our shareholders know pretty well, and can gauge the situation more correotly than Mr Woodcock gives them credit for. They are not altogether without knowledge of the difficulties you have to contend with in dealing with your musical direc tor. I have heard a great deal said amongst the publio; but I have heard no blame attaobed to the directors, except in a casual remark, with regard to their condaot towarde the muaioal direotor. I am especially torry Dr. Nicol is not here for me to appeal to him to expunge the sentenoeB I hare alluded to. It would go very muoh further, and oertainly be muoh more dignified to you as a Board, If every word Mr Woodoockhas uttered is reported, it will be the GRBATZST ?LATTBHY Ta. OLD MAN can possibly have—(great )&a<;bter)—to think he bee "oaught you i on the bip;"sm.ttfn you, as some people may think he has done. Of course, it is t,u: that he did lose spirit; that he did not enter into the work as he did before the 11 strained relations. But my suggestion means not to give him a chat co of feeling that be has inflicted any injury what- ever. Next, I do not think he has smitten U8. I think we shall Do BirriB THAN BVRlt- Therefore don't pinder to him to let him fanoy he has done you an injury. I think that things are in hand very well, and the sooner the better bis termi- nation with the Pier Company. I agree with the spirit of what Mr Woodcock AYS. but I do not like to give them the advantage of it. In reply to the Chairman, Mr CBAHSSBJUIN said it was within the province of the meeting to expunge what it liked from the Chairman's statement. Dr. BOLD WILLIAMS moved that all that part of the Chairman's epeecb referring to the strained relations existing between M. Riviere and the directorate be expunged. Mr DONPBY seconded and said I feel with Mr Woodcock, but Dr. Williams reprftonts the share- holders and is not a director. If they are satisfied with the oonduot of the direotors, I do not see that we are answerable to the outside publio iu any way whatever. I agree with Dr. Witii?ma that it would gratify M. Riviere's vanity for that statement to go out. It is hard for us to be misrepresented in the Press with reference to our dealings with M. Riviere. We have had to contend with slights and insults from M. Riviere that have been very intolerable. It was very aonuying to us as directon to find M. Riviers last season doing all he oould for the opposition oon- corn. It has also been annoying to me with reter- enoe to men in the employ of the oompany—not in M. Riviere's employ-tbat M. Riviere takea advan- tage of a resolution passed here some time ago giving him the power of engaging the band, and that he tries by making engagements with these men so that it they want to come with bim in the early season in Llandudno they must sign an agree- ment to go with him wherever be goes. Mr MAuza That is a faot, is it ? Mr DcNfHY Undoubtedly it is. r) Mr WOODLCT I quite ooinoide with what Dr. Williams has said. The only thing that ocourred to me was that we should not do anything to hllrt tho feeliugs of our chairman who is not present. But so far as altering the report without doing that I should like to titer it as suggested. The CHUBMiN then put his resolution as to the adoption of the report and balance-sheet, and it was carried. Mr BBVAN Whatever is done uow will not carry ont the object in view. It will all find its way into priot. Pf Dr. WILLIAMS But it will not be authentic. If I there is no ditfioulty,! move that the allusioos to M. Riviere be omitted. Mr BAYAN I do not see the aiigbteat objection to the speech of the ohairman appearing. It is only natural that the shareholders not hete should like to know why it is our reoeipts ARB NOT EQUAL TO LAST TIUB. Too oannot give those details without the ouair- man's speech. I sbsll oppose any elimination from the address. We have nothing to fear from the truth. I move that the address be printed in its entirety. H Mr WOODCOCK: Having made observations on tne subject, I feel it rather in response than in reply to what Dr. Williams bas said that I entirely sym- pathise with the spirit of his remarlu. I feel that the directors are to a great extent entitled to stand on their dignity; but it Is not a question of entitle- ment, but. rather a question of uuty with me. It seemi to me that the company has lost a certain amount of standing by not definitely plaoing before the public the actual fsots of the case in this dispute. We have never been properly represented to the publio. On the other hand I feel it a daty that the gentle statement made by the chairman of the company in his address be printed in its entirely iu reference to M. Riviere. I feel that ur. Niool is a gentloman of snch high standing, a gentleman witb &uoh an equally balanced and excellent Miod. that what he submits to this Board for its welfare is worthy of being submitted to the public and the shaieholders for their welfare alio. Tnerefore I shall second the amendment proposed by Mr Bevan. I do so vety regretfully indeed, because, I see and feel the admirable spirit in which Dr. Williams has proposed that » part of the address be excited. I ought to mention h&t I believe daring the naming season we ShAH haTe such RPLENDM SBBIIS Of aNT31RTAMMENTS I provided at this Pavilion as has never before been the case. We shall have a gentleman as conduotor who has in London thoroughly established himself. No caterer oould have held his own for twelve con- secutive years at Covent Garden unlesB he was a man of mark in the musioal world-(hear. hear),- and a splendid caterer. We believe Mr Crowe to be all that. W9 know by our short experience of him that he is catering well for the coming Beason. We can promise the public suob a magnificent series of entertainments at the Pavilion as they have never bad before (hear, hear). MR Bows saw no reason why Dr. Nioel's state- ment should not go forth, especially as he and M. Riviere were personally very friendly. The CHAIRMAN then put the matter to the meet- ing, when five voted for Mr Bevan's amendment and four for the original motion of Dr. Williams. BLICTION OF DIRACTORS. I Dr. BOLD WILLUMS moved that the retiring direc- | I tore be te-?Mted-Mr G. L. Woodley, Mr T. Q. I Roberts, and Dr. W. R. Niool. Mr Bomm seconded, and it was unanimously oarried. Dr. W. R. NICOL thanked them for hie re-election. It had always been a great pleasure to him to attend and promote the welfare of the oonoeru. He oonsifered that the success of the oompany was due to the large amount of money spent in catering for the public, togethor with the nnique position held by the Pavilion and the Pier, the latter par- ticalarly, as a grand promenade being greatly appreciated by the visitors. He bad no reason to tear for the coming year, which he believed would be QUtT. AS SDCCBSSFOL as its predeoessors. He felt snre they would be able to clear lrge, if not a larger, dividend than they were declari-g now. Mr WOODLBT also thanked them, and said he should oontinoe to do his beat to promote the interests of the company. BLICriON or AUDITOB. Mr BSVAK moved that Mr A. Evans be re-elected auditor. For some years he bad proposed that resolution, and he did it tbat day with greater pleasure than ever. Nobody could look at the balance sheet without being ooovtnoed of the time and trouble their auditor devoted to the interests of tbat company. Mr WOODLBT Beoonded with muob pleasure. It was only fair to say that the auditor had a great dmll more to do than appeared in the report, which was merely a summary. The resolution was carried unanimously. Mr A. EVANS tbauktd them for the renewal of confidence, which he should endeavour to merit. He explained that the accounts were gone into iu 8Vdry detail. He made up biti mind to do it to biB own satisfaction and be believed to their's also. THB DIBBCIOBS' PEES. The CHAIBMIN Friends and neighbours, you know what a bashful young mltn I am (laughter). I don't know what to say about this next item, It is the flxingol the directors' remuneration. I cap say one thing, we have all bad 110 rather bard year's work, and I faofw we have given the shareholders ovory satisfaction. Mr MASKS I believe I was the first shareholder that proposed the services of the directors should be recognised. I bad great pleasure in doings it then, although the company was not in the prosper- one state it is now. If there ia any added pleasure to me that they have been so prosperous, I give that as an additional reason why I now propose that the directors, remuneration—I don't like that word, but will move that they be acked to aooept an honorarium from the shareholders of three hun- dred guineas to be distributed amongst them in the usual way for their serviMg during the past year (bear, hear), Mr J3OHB seconded, and it was carried unani- The Curla.As thanked them, and said the dirso- tors would try to be worthy of their wages (Iatlghter). M?MY said that the youngest director he wi.bed.)Mto'retumthM?. He alluded to the tenders for the extension at the pierhead. The lowest was £ 2600. The directors undertook the work, and got it. done for £ 2000, thus saving the company M, and the work had been carried out in better form than if done by cortract. Their secretary reminded him that greenheart timber was used, and if that had been considered in the tender it would have made it .£800 more. Mr MABKS Then yon have saved 91600. The SBCBBTABT There were 25 board meetings and 25 committee meetings. The CHAIRMAN And [ oould not count the number of informal meetings we had during the year. The resolution was then carried unanimously. I SYMPATHY WITH TØ. OHAIRMAN. __60- L- Mr BnvAm: Hetore you vacate iuo uwn, would he right for us to pass a vote of sympathy with the chairman in his reoent illness. The sncoees of this oompany will in a great measure assist our chairman to recover from hie illness. I think a vote of sympathy in his illness will go a great way to bring Dr. Niool back in rostored health, and I have great pleasure in moving a resolution that we pass a vote of sympathy with him. Dr. BOLD WILLIAMS eeoonded, and it was earned nem. c?n. ""UTC WK. NI(PIL said that ?? oneiewM vory much better, and wosld feel grateful to know that they recognised him in that way. He thanked them vsrv much on his" uncle's bebalf. THANKS TO THN SI0RBTABT. Dr. VTM. NICOli moved a vote 01 inan&s w Hughes, their secretary, who bad a great amount of work to do. and more new than ever through the formation of a new orchestra, and the engaging of adsiti, nal vocalists. Mr WOODLBT seoonded. Mr A. EVAHS supported the resolution. When. ever he oame to the Pier to follow up the audit, he a an times experienced the greatest courtesy and assistance from Mr Hughes. A MODBL PIBB MASTS*. I Mr BBVAH endorsed all that had tieell tala, IIDa I mnvAd a vote of thsnks to Mr John Roberts, pier I maoter. Mr Roberts was a little man, but worth bis weight in gold, and one ol the best officers they had. The whole staff was an exoellent one. Mr DtJHPHt seconded, and remarked that a great deal of the success of the work at the pierhead extension was due to the energy and tact of Mr Roberts. This was slro carria. Mr Huangs thanked them. If he could do more than he had done previously, he should do it. He also thanked them on behalf of Mr Roberts, than whom he did not believe they oould get a better man, The meeting closed with a vote of thanks to the Chairman, who had so ably presided on the motion of Dr. BOLD WILLIAMS, seconded by Mr Marks.

ISALES OF SHABES AND PROPERTY…

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