REDCAR PIER – Annual Meeting Redcar Pier Company, Ltd.

Accreditation The Redcar and Saltburn-by-the-Sea Gazette 29/03/1877.

THE REDCAR PIER COMPANY, LTD

            The annual meeting of this Company was held yesterday (28/03), in the Reading-room, Redcar. Adml.Challoner, chairman of the company, presiding. The following report was read and adopted together with the balance sheet:- “Gentleman, – The Directors in meeting of the shareholders. This the seventh ordinary general meeting of the Company, have to lay before you the statement of accounts for the past year. From this it will be seen that your Directors acted on the sanction of the special general meeting held on 26 September last, and paid off the debentures due to Messrs. Head and Wrightson, with the understanding that the overdraft at the bank be repaired out of the revenue. The balance sheet, already in the hands of the shareholders, shows that the total sum paid to capital account, and would of revenue amounts to £835.14s.1d., And that the balance due to the bank on 31st December last, was £150.19s.10d. In looking through the balance sheet and deducting the abnormal expenditure from the sum total of expenses, and also deducting the balances from the sum total of the receipts, there remains a balance of £164.8s.8d. on the credit side, showing that inspired of an extremely bad year. A sufficient sum is left after working expenses are paid to pay a dividend of one and a half percent., had the Company been out of debt. Your Directors congratulate shareholders on the fact that the financial condition of the Company his sound, and although no dividend can be paid at present, they have every reason to think that as all the rest of the Company’s debts are paid, a reasonable dividend may be looked for after the balance due to the bank is discharged. The retiring directors are Dr. Bennett, Messrs. Illingworth, Crabtree, and Pick, all of whom are eligible for re-election. The auditor must also be elected, as usual, and the day fixed for the annual meeting of 1879.” Dr. Bennett, Mr. Illingworth, and Mr. Crabtree, were re-elected unanimously, and Mr. A. R. Shieldon was elected in the place of Mr. pick, who did not seek re-election. Mr. Bland, of Kirkleatham, was re-elected auditor, the date of annual meeting, was fixed for next year, and the proceedings closed with a hearty and unanimous vote of thanks to Adml Challoner for his able administration of the affairs of the Company, as chairman.