AUCKLAND GAS COMPANY.

Auckland Star, Volume XXV, Issue 31, 5 February 1894, Page 3

AUCKLAND GAS COMPANY.

The half-yearly meeting of tho Company waa held this afternoon in the Company's premise?, Wyndhamstreeb. There were present about twenty shareholders and Mr Reader Wood, Chairman of Directors, occupied the chair. The Secretary having read the minutes of the last meeting, and the same having, been confirmed, the reporb was read by him.

RFPORT OF DIRECTOBS.

In moving tho adoption of the reporb, Mr Reader Wood said that there was only one point in the reporb on which he need commenb, and tbab was the reduction whioh had been lately made on the price of gas. lb might bo interesting, be said, to recall the various reductions which had been made by the Company since it started. In 1565, when the Company commenced operations, the price of'gas was 20a per 1,000 cubic feet. In IS6B it was reduced to 17s 6d, in 1870 to 15s, in 1871 to 12s 6d, in 1876 to 11«. 3d, and again in the same year to 10. 8 in 1880 toßs4d, in 1882 to Bs, in 1884 to 7s 6d, in 1890 to 6s Bd, and in 1894 to Gs. They would see that these wero all substantial reductions. They would be pleased to lean* that now gas was cheaper in Auckland than in any other city of the colony. lie then moved the adoption of the reporb and balance-sheet. Mr Upton seconded the motion.

Mr Boardman asked leave to say a few words*. He thought that the reporb should be published sufficienb time before the meeting to enable tbe shareholders to peruse it. Another point he desired to direcb attention to was bhis. It was mentioned in the report that 7s 6d per share had been paid by way of dividend. The outside public totting this up concluded bhab tho shareholders were making 14 or 15 per cent., whereas they were really only making 9 per cent, on the money invested. He thought that instead of laying aside such large sumß by way of reserve a larger dividend should be paid. The Wellington Gas Company paid eleven, and he thoughb the Auckland one could easily pay, say, ten p6r cent. He was merely making a suggestion, and had uothiug whatever to say againsb the report.

Mr J. H. Field thoughb that the directors had done wisely in reducing the prioe of gas whenever it could be safely accomplished. Such reductions were necessary in order to keep the Company popular with bhe public. As bhe income of bhe Company mighb be lower nexb year because of bhe reduction made he thought they should keep the surpluses in hand wibh a view of equalising the future dividends. Mr Buddie said that as a large number of people were under the impression that the shareholders had an immense dividend, he thoughb ib should be mado as widely known as possible tbab only 9 per cept. was paidj, Mr Reader Wood, jn reply to these gentlemen, said that as there was nothing in the report that was nob in the statement of accounts, the directors had not thoughb ib necessary Jo print it sooner. If, however, the shareholders desired, ib could be done in future. As to stating the actual percentage, that had been done in previous reports, and it had not been thought necessary to repeat it. Bub it was a very simple thing to do if the shareholders wished it. The directors coo^ eidered the dividend very good. The objecb of the directors had been to manage . the funds so as to increase the dividend and

reduce the price of gae aa much as might be Tho last reduction would mean, a loss of £8,000 to the Company, supposing the conBumpbion did nob increaae. The Company had greab competition to meet from oil alone, and the only way to hold their ground waa to sell the gas cheaply. The reporb and balance-sheeb were then adopted. ELECTION OF DIRECTORS. On bhe motion of Mr T. Ching, Beconded by the Rev. F. Larkin, Mr J. A. Wila.on and the Hon. P. A. Dignan were re-elected directors. Both gentlemen Buitably replied. , :>... AUDITORS. Messrs A. Boardman and H. Gilfillan, juti., were then re-elected auditors, on the motion of Mr W. E. Wilson. Mr Boardman replied and aaid ho alway 8 looked on himself as working for the share' holders not the directors. With a vote of thanks to the directors the proceedings terminated.