The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1897-01-12
DISBURSEMENTS.
The report was accepted and ordered
on the minutes, and Mr.. Wells read the
Directors report:

Il
The report was accepted and ordered
on the minutes, and Mr.. Wells read the
Directors report;
In submitting the following report OF the
business OF the Burlington County Agricul-
tural Society, for the past year, we do not in
| tend to bore you with long theoretical dis
sertation as to the possible causes which have
influenced the destinies of the Society during
the past year, or may in the future; nor do
we propose to recommend or even to suggest
anything as to its future policy but Will en-
deaVOr TO present a plain statement of the
business transacted during the past wear and
also give you the actual financial condition of
! the Society, SO far as we are able to do so :
these, with the report OF the Treas urer which
you haYejust heard read, ought to enable YOU
to thoroughly understand the situation; and
should then be competent to judge and de-
| termine what action should be taken tor the
future interests of the Society.
| You are all aware that for number OF
years the financial affairs of the Society have
not been satisfactory, the expenditures con-
tinuously year after year exceeding the re.
ceipts consequently the debt has been grad
ually increasing, until the augmented interest
now makes large item in the yearly ex-
penses of the Society.
In summing up the results of the Fair OF
| 1895, it was found that the deficit was so great
that one halt of the premiums and expenses
remained unpaid, and unless this deficiency
could be provided for, the Society would not
only have TO disappoint many OF its patrons
| OF their well earned premiums, but would
probably suffer the loss of Its property to sat
lsfy its creditors and thereby cause a dissolu-
ton of the Society.
In this emergency, the Board. OF Directors.
realizing the utility OF obtaining the money
upon the credit of the Society, issued circIi-
lar to the stockholders, stating its Condition
and the inability of the Board TO meet the de-
mands upon them.
the aid of the stockholders, they Thought
they could obtain the necessary funds tenn
porarily, to meet the demands against the
Society, and so continue for another year.
This circular set forth that six thousand
dollars would be required, and if sixty 1907 or
more stockholders would loan the Society
their individual notes for one hundred (SlO0l
dollars each, to be used as collateral the
Society might be able to obtain the money.
and satisfy the claims.
In response to this appeal, stxty-seven (67l
stockholders loaned the Society their notes,
upon which the Board of Directors secured
loans amounting to six thousand (S60O0) dol
lars.
And when the Treasurer's report was read
In this room year ago, 1t showed a balance
in his hands of one hundred and three dollars
and forty-fve cents ($l03.45) and the presump-
ton then was that all the claims were paid /.
put after events proved that such was not the
case, that several notes had been given In
settlement, and other claims left unsettled
that should have been provided for by the
previous administration. To prevent suits
the officers of the Society paid notes and
claims to the amount of six hundred and
e1ghty-n1ne dollars and thlrty-one cents
($6S9.3D and there are claims on account of
1895, amounting to one hundred and twenty
two dollars ($l22) still unpaid.
10 provide the necessary funds to pay the
above claims, to pay the interest on the mort
gage, and to prepare tor the coming Fair the
Board made additional temporary loans, to the
amount of oneithousand dollars Isl OOOl which
were repaid from the receipts of 1896.
In accordance with the resolution passed at
the last annual meeting of the stockholders
the Board OF Directors authorized the Presi
dent TO execute q bond and mortgage for
seven thousand dollars ($7,000) to Henry C.
Risdon as Trustee, to secure the floating in
debtedness. Said bond and mortgage bears
date the 18th day OF May 1896.
Il having been discovered that the Society
was carrying an excessive amount of insur-
ance on its property, viz, $40 560 and that four
hundred dollars ($400) would be REQUIRED to
pay the premiums on policies expiring on the
18th day of August, 1896, the Board ordered a
reduction and re-adj ustment, which was
done and the actual amount paid for renewals
was one hundred and one dollars (SI0O
The amount OF insurance now on the build
ings is $2S, 80, and there Will be no premiums
due until November Sth, 1897, when policies
amounting to s6,03S.S5 will expire, the pre-
miums on which amount to $l6I.
In regard to the issuing of complimentary
tickets the officers limited the distribution OF
them as much as possible 1t has been the
custom to give to all serving on committees
unless they are stockholders. To send them
to the officers of other Fairs in the state, ana
also few out OF the State. To the publishers
and editors of newspapers and also the re-
porters. To the managing officers of railroads
with whom we do business, to distinguished
public officials and many others from
whom we may expect or desire .favors
The following is the number of comp limentary
tickets used by recipients at the late Fair:
On Tuesday, Sept. ed, So tickets
Nm San