The Chairman, in opening the proceed ings, stated that as it was understood the Association’s financial state was not good, a balance-sheet showing full details had been prepared, from which it would be seen that the society owed the bank the sum of £235, in addition to the sum of <£335 which was due to other creditors. The largest items of the latter sum were <£ll4 due for interest on debentures, and £SO to the Hutt Park Railway, the balance being for printing and current expenses. Whilst the position appeared bad, he would take the opportunity of pointing out to members that it was practically no worse than last year, as twelve months ago the total amount due was <£s4o, or only <£3o less than the present indebtedness. In reference to the item due for interest, he wished members to clearly understand that this was not an overdue amount, but that the Association was liable to pay it whenever the deben ture-holders presented their coupons, and that so far every debenture-holder who had applied for his interest had received it immediately. Comparing the two state ments, it would be seen that during last year there was an item for <£265 for re pairs, &c., to the buildings on account of damage done by the flood. This expendi ture, fortunately, has not to be incurred during the ensuing year. However, in view of the position being so unsatisfactory, a few gentlemen had decided that the best way to face the difficulty was to make a substan tial contribution in cash towards the funds of the Association, and he hoped that any of those present who could see their way to assist would do so. After some discussion on the chairman’s remarks, Mr W. H. Beetharn announced that a sum of <£235 had been subscribed, and he anticipated that it would soon reach over £250. It was then unanimously agreed that all the accounts due be paid forthwith.
