AUCKLAND GAS COMPANY.

Auckland Star, Volume XXVIII, Issue 74, 31 March 1897, Page 2

AUCKLAND GAS COMPANY.

The extraordinary meeting of the Auckland Gas Company which was proceeding yesterday afternoon whon we wenb to proas was very protracted and lasted over two hours. The resolutions proposed wero for the purpose ot empowering the directors to obtain farther capital. Mr J. H. Upton said it all arose out of the satisfactory development of bhe Company's business. A similar state of bhingß existed in 1884, when a large number of new shares wero issued. Of those shares lefb there wero now in the hands of the Board, 757. The directors could have sold these. In fact thero were three sources from which they might have derived oho capital required. They bad the 757 shares, bhey had the uncalled capital, or they could have asked consent to issue a portion, or the whole, of the 20,000 new shares remaining. For the purposes he had named, certainly £25,000 would be required, and no one could cay that that would be sufficient. It would be sufficient for the present time.

Resolution No. 1, '* That tbe resolutions Nos. 6, 7, and 8, passed ab the general meeting held on the 6th of August, 1884, be rescinded," was carried by 24 to 13, Mr Kidd's amendment baing thus lost.

The Chairman moved the adoption of clause 2, which was carried.

In answer to a question, bho Chairman said tbat the paid-up shares to be sold under this clause were 757, which remained from tbe allotment in 1884.

The Chairman moved adoption of resolution 3. He explained, in anawer to questions, that this resolution was to enable bhe directors to dispose of tbe remaining 20,000 paid-up shares in the Company. If the shareholders wished, they could limit the number to be sold.

Mr Kidd moved, " Tbab the words * bhe remainder' be struck out of resolution 3, and thab • 5,000' be substituted." He pointed out thab bhis would thus limit tha number of paid-up shares under this clause to 5,000.

Mr W. Thorne seconded, and on being put to the meeting it was carried, Mr Mason said bhab unless clause 2 waa altered by sbriking oub the world "all" aftor paid-up shares and substituting 3,757 shares, that clause 2 would nob be workable.

This was accepted by tho Chairman, who moved the alteration in the reeoiution, and being seconded by Mr Kidd, it was carried. The chairman then moved that the two clauses as altered be adopted.

Before putting this, sotto voce discussion ensued among directors, which eventuated in the Chairman asking leave to withdraw clause 3 altogether, stating that the alterations passed were of ench n nature that the Board did not care to accept them without consideration.

This was agreed to by thoso present and tho Chairman declared the meeting closed.