AUCKLAND GAS COMPANY.

Auckland Star, Volume XXXI, Issue 179, 30 July 1900, Page 2

AUCKLAND GAS COMPANY.

HALF-YEARLY DIVIDEND.

PROFIT OF £11,176 FOR SIX

MONTHS.

At noon to-day a general meeting of shareholders in the Auckland Gas Company (Limited) was held at tfcfj company's office, Wyndham-street, for the purpose of declaring a dividend for the iiah year just ended. Professor F. i). Brown. presided, and there was a good attendance of shareholders. The Secretary, Mr E. B. Parsons, read the following statement of receipts and expenditure:—' STATKMKNT OF RECEIPTS AND EXPENDITURE FOR THE HALF-YEAR KNDED 30th JUNE, 1900. RECEIPTS. - £ fid Gas sold by meter 26,368 8 0 Public lighting, including gas supplied, extinguishing, cleaning, repairing, renewing, etc., lamps in city and suburbs.... 1,474 10 2 i Residual products 4,844 IS 0 1 Rents receivable 46 13 9 Interest W 12 4 Gas (Htings, engines, fitting fireclay goods, etc 05u 0 0 Total receipts £33,450 11 3 EXPENDITURE. Manufacture of gus: Coals, including £75 10/7 for labour .. 9,645 14 10 ! Pur'ncatiou, including £204 5/9 for labour 434 15 2 Salaries of engineer, officers, nnd clerks at works 011 10 2 Wages (carbonising) 2,207 11 0 Repair and maintenance of works and plant, Including £1,233 18/5 for labour 2,317 17 11 Distribution ox gus: Repairs, maintenance and renewal mains and service pipes,, includ'ng £244 16/3 for labour 370 10 11 Salaries and wages of officers. Including rental, clerks, £883 1/4, and labour, £723 2/10.. .1,600 4 2 Repairs and1 renewals of meters, Including £68 1/4 for labour 179 18 0 Repairs and renewals of stoves, Including £95 ID/11 for labour 207 13 3 Pipes for gas ranges, Including labour n 122 12 2 Public lamps: Labour, £544 l</10 and material 716 7 9 Rents payable 70 lo 0 Rates and taxes moiety 1,375 13 7 Management: Directors'" honorarium ,225 0 0 Salaries. 1,071 8 10 Stationery, printing, advertising, and stamps 220 6 7 Auditors 25 0 0 General churges Vx a n Law charges 40 0 0 Bad debts »0 0 ° Total expenditure £22,273 13 7 Balance ..£11,17,0 17 8 Dividend for half-year at the usual rate will absorb £9,814 rf rf Leaving a balance to be carried to Profit and Loss New Account of .; : • £1,362 14 o On the motion of the Chairman, seconded by Mr T. Peacock, it was resolved that a dividend be declared, payable to-morrow, at the rate of 7/6 per share on the ordinary shares, and a proportionate dividend on the partly paid up shares. This concluded the business of the ordinary meeting. An extraordinary general meeting of the company was then held, when the following motion was submitted by the chairman, "That the articles of association be altered in the following manner: There shall be added to subsection B of article 65A ,the words 'or of the Auckland Harbour Board.'" The Chairman explained that the object of the resolution was to give the directors power td invest the moneys of the- company in bonds or other securities of. the. Auckland Harbour Board. Tlie articles of association gave the Board authority to invest in the bonds of various municipal bodies which had authority to borrow money, but as the Harbour Board was not at present included in the list it was considered desirable by the directors that the company should have power to invest in Board securieties, which .were considered by the directors quite equal tb'many of the other sources of investment. .

The Chairman moved the foregoing resolution, which Mr J. H. Upton seconded, and in doing so said that there could be no question as to the safety of such an investment. The Auckland Harbour Board was a body with very wealthy endowments, and there could be no better security. ,-■'

Mr Thompson raised .the question of the directors taking up Harbour Board debentures without having previously obtained the authority of the, shareholders. .

In answer to Mr Thompson the Chairman said the directors had taken up provisionally some debentu*s of the Harbour Board.

Mr T. Peacock explained that the directors had understood that they could do so, but found subsequently that they had not the power*, and they now came to the shareholders to give them that power, v The motion was put.and carried unanimously

Mr Thompson moved that it be entered on the minutes that a shareholder had pointed out that the action of the Board of Directors In purchasingl certain .debentures without authority being previously obtained was ultra vires, and should not in future be construed as a precedent.

The motion lapsed for want of a seconder. " ■

A vole of confidence in the directors was passed and the. meeting terminated. . <„.;■, r, ,■.-,,;■