AUCKLAND GAS COMPANY.

Auckland Star, Volume XLIV, Issue 29, 3 February 1913, Page 6

AUCKLAND GAS COMPANY.

MEETEN'G. -\-,-t-i.~- :>■ i. ipruM. CONsI.'MPTIOX OF GA; — .- w- TZ-r".-I:2 i A rifk .ft nf. : : ":;-- - -'-a: esrpeiKi.T ure " ■'■ il-T.-.4 '.., .■"."-.'" ] \;'l '■■ " ?.-■.-, ] ■ . --._...-.- 7' •■. , • ISIS. -„ i • .- :■-' ■z '. ~.itf - — •.- ; .-.•"■ ::r -:'■■> md ".axes.

--.■ J: _ vfi-. C''>4 2 S bring gra-da- . a-: i-i. :asd :.i. VTbeiber ".hat xas is beireirial ;r n:-: i≤ do: for mc to ajsrua; .: may be ac«e-pt*d that c is so; bnt :: :inf>nsf-i for :'r,e avowed pnr---*r -ji breiuc.rc up esoa.t«= consisting of V v -ii h ~res rt :i* "»*ere too Droad. and —ss iK): ißi-enaeo v> at>"»ly to btis_ness T-rfniAea. v* head c: th-e Land lax Ik-r'artiaeßl. wb#r referred Zo during the srfs;r.ti >f Parliansetit. adm.tt.ed that that -i ,■=•— of tne -s-as correct, but added that tie re-ve-_r aeri-ved ■α-as kki large to V read_iy up. Th-e coH?ct:nn. how~t~t. ■'"" 5 tas J2;r>os.ed for the purpose .-- egectirus 3 zreat reform, and -.'::et: v be applied a* a n>er-? finanr:ai v;:«-i*;:. i an nninora! act and shr.uid "r-i re7-~"-bsTe-d br the commun::y. Iflr tdfeutai:v I may say th-ai ttie ctxariie : - -.r:--s and :ases c-osts this •2'-i r~7 1.000 c.f- and in t-his conn-ection : .*" to bear in mind that the i-'.ac-.ricaS -of the city i? not c*":■ : e-d tr ra :.i~ and taxes at all. a≤ an --rd.-arv c-DtnriaDy would be. Now. were :n :he same h3-t>T>y posit:on as our electrical friends. "*e co-xud and sb rr.i-.k=- 2-zl immeiiaLe reduction in price of si T>-»r l.ono c.f. CoßSTnneis have in-<rc-ased in iKUnher by no less than 2.053. xike -nuißieT being 2JL793- '"i-as g- riTae 2 use have tacraa-sed by l^31 — i-bout four for every day in the year. -f-xcer>t > T jnda~e—an eloquent t.estiznoiiy T-o :he recogniri-on of the great sdvantages of cooking by gas. The exof mams -srith the expansion of our business; the increase for the year is 32« auies. making a total of 3434 ixrDes of mains laid. The new gashold-ex in Beresf ord Street, at cubic feet ca-paeitv. ire hope, be in use befor* "sriEter. and its aesstance -will be of great

■va'.ue in maintaining 3 faE supply of gas ' * ever cKir -widely epr&ad -area ot cD3&nm.p- : s ~Jon. Our •TiaTiTnrrrn ourpni last 1 -winter at the Sea-nmont Street irorks = -a-as fi.410.f100 cubic fe.ez. an-d in ad- ■ 1 of that of 1311 i« 110.100 en Vie ' ' feet. A similar increase may be iooked ' for in '-be comins ■K-im-er. but -whereas ] -i-jr storage capaeitv is tktst only 1.500.- ] 000. in frmrr*" h -«-iIl "be S.SOfLOOO. sn ! T-flat ~*? the demands 01 line dark ' d3vs of wiaifT with equanimity. A start : has been made with the erection of. toe ' v-erricaZ r-et-ort bonse. i>ear]~ all the maieriaJ arrived, and tie foimda- ' xious a - * 1 in course of conr-LruKio-n. This ' ioTK* will, •sraes completed, mamiiactnre ''■ rait:; feel ia 24 bottre. and it J is a oped tQat- CBle or two serrings m . triH "t>e ready far u&e in 191-4. | but it wiH not be possible z-o use tie ' ' irlK>le :>f tie Tie's- house to adrantajre I n 1 t3« coniplexion of coal j "Khjch tiE be constmeieji after tbe es- j ea~axioTis been contpletjed in the eiiff. now fforns r.u a* rapidly as posaibla. the spoil -deposit-ei in tie Harbour i Board reclamat-icm. During t-&e year a I considerable rearrausreaneEt of plant has : -jlace- con&ecfuent r*n the comple- i t:r2 o: the boileT and exhati=t.er i icnises- the o2d plant has been re-erected 3,-ad additional plant has been instaEed. ; and ihe urranarein-ent is snch that nimre ■extensi on* may be ma,de as- reqtiirf-d trithont distmrbins Traat is already in ; existence. X-e-w and additiana] condensers have been erecxed and are in operatira, and a contract has been made for ' a sex of four Tiers' purifiers. These are at ! T>reseTit under conszcructton on the top of t vhe ci:rT. and wiD be erected -on staffing of reirforced ccmcxet-e. Good progr-ess : i= beinj made -srith the reconstruction of | the ■β-orks. the consTmctdon of lie new vertical retort bench being | ■pishe-d ahead a* rapidly as possible. ■ ■Practically all tne Keel -srork nas been . ■erect.ee. and th-e brickla-rers are now ,

busy an tie retort settings. A new boSer-faonse "with steam boilers has been I coin-T»iet«d and s ■in operation. and plant \ is being installed in a new exhanslerbonse. practically a complete new : system of works maizie has ~t*-ea laid to ! lake ibv 7>la.ee of the old evstem, which i was fast becomrns , isadeouate. A new stsrinn m-eter ma a coverncw aave beea ; instaHed. and .i rotary scrubber wiU j shortly be erected. At Takaitma a eon- ! tank far a T>e"s- gaAolder of ' jO<"'.(XtO cubic feet capacity is- i>«ir:ns: coinzilerioTi. and befrrre next ruining it Is ioped t*fi3t th* holder wU] be com;pietpd. These wor l "* nave involved an exr>p^alture of £6].fif7 1 ']. of which | 4 S is represented by the n-?w ! ioi-fer —about £S-500 TEDre beine re<juired on that acwinnt. Xew retort house 'Dlaiit represents £"!n.771 7'". and I DevcmrKsrt £f'.?44 102. In addrtScn. rie ordinary expenditure of i capital for miL ; na. servicfs. metem. eic reacied £01.5>4 7 10. a total I capita] extiead'iTTiTe of S/1L To meet this to2=e-ther ■with deoesture fallTEp , α-n?. an s=r>i>e of debeatnrre au:h-->-- : s?d nn to £lfin.ono Of these. ut> r-n T>?ceTTiber last. £P2SSO ?r>ld. nnd the bsliTice is steadily ZOTF off. It will be advisable, ho-n-ever. to TTiake a eaU on the contrfbuxing share* at an early dale. The empioyp-es ■ ii_ tbe CoTnTianv have formed a Gas j Workers:" Provident Association, and I "hey E-Duroacbec the Board -with a pro- j poesi ttes special facilities should be a3crrd»d them ior i-m-esrrmeiu in the Co3Hßldt'= shares. The proposal met ! TOh our entire synroarr.-. " Xothing can he more oasirable in itself, and "more Q-servms: ot sympathetic assisraaee. -tap -car -rae employees in a manuiacTurmg concern should themselves b»Some propriet-ors of its stock, and ii tere=cea m its -welfare and prooress&e Board therefore deeded to "allot shares to the Association, registered in tie rames of trustees, at a dkeotmx oi per can rrom zhs aaikefc price at

he da-r cf purchase. This is equal M . bonus of 2 6 for every 2- Zβ contributed • v the Association, and i= a subvention j 14.3 per cent on the ca.pi.**l invested. ontributioßr to the A=sc<-ia*son. and, the isj-ue oi »3»axe&. is : isniwQ br the run* of Uμ- Assc-dation. j >ur action «:.. »•« doubt not, meet ij-j your fuli approval. We have ! ib.e i'o r«iu t -e tne : c t - of gas « CW" ! uiu b.v id per laKp-j cf.. bnngxm; theT • aei pnt* down to t: 3. aad at j •,v Tα brincing their nel price do-n-n . •.,", 5 lit Tnrst districts their jck'nowifairaents, aijd we. on ocr part. i.;ie thr i«• due-tk-ns will >tinmia.te con»uffipuon - f, as to enable v? ?oon again : : !;-:Ler ;V rediiif ibf price. A deputa- -,- .....-, ::i .- resident* of Jnj N ■r:L;- ■■.•• wajtwi on the Board. fl T-.-oue>i t-o supply car , into ;;if -rv ii.v-r,K We explained to them v» >jaT c-ii" iriral position wa.- in the mat- :-.-. and tha: while under certain cireuin-i-:inces ue :-uuJd be c-ompeiJed t.o do "what •.- aikca. «v thouphl perhaps that :he"preset" cireumstanc** did nut quiif ,"4.i- f..r fJ .h aciion. 1: i*. of course, v. ■. ;i kno-sra thai s company, presumably ' -■ ::h local approi-a] and support, has ~e: v- sraf work? there, and it would r.r •.— -•■..--•nabSe for ur.. iinlea.* for very _~..-_. -.. a ~-ir:s.. to enter the area airea.dy ncc'jT'K'i IV that compariv - mains. F,-.r "r- ief from such disadvantajre? tbe deputation complained oi we rtierred them in the meiinMh;l<' to the !•..■»] eomi-any ;or redrt-r.-. ] will now a.SK your attt-Dtion to the 'u,T.:;.ai account. No. .". of the st.s-T..--mf :■:. whore ro:i vrill see that capital expenditure ■ ri-c-bf-d , '-!;! 04. whiJc tc< a'Jtb-.-r----■-.-■d stare ua.j ts! =:.ands at ioOC.'AWI. It i? Tiecessary. therefore., that the latter sLouid \>e increa.sed. and acc-urajr.iT.y a resolution to increase it m> £?50.000 will be proposed at the extxaordinary meeang iresentlv to be held. Opportun-

itT will be taken at that meeting t-o snD- , ii'vide the existing £5 shares into £1 shares, so thai all our shares will De j of tie same denomination- A furtiier I resolution will be moved to alter Article 101. so as to bring that article into , hannoiiT with recent legislation on the j subject." On the other side of the capital account roc trill se* that share capital ftand? a-* £242.003. and premium capital at £22T.nls. very nearly equal in amount. You are aware, of coarse, that our main o: finance has been : to s<?l3 fnlly-paid shares in the open . market for" tbe best price obtainable. alternately with calls on contributing shares, and that the proceeds of suca sales, and the proceeds of such calls, have been carried, as to the paid-up value, to share capital account bearing divi- . dend. and as to premiums to premium capital account not bearing dividend, the . two together forming the capital of the Company. The accumulation of premiums on the sale from time to time of such paid-up shares, together with premiums on contributing shares, hating j reached a sum almost equal to the share ; capita L your directors are of opimon I that the "time has come -when the capital ! of the Company should be represented I more completely by shares, and that the ; premium capital should be converted into share capital. In order to give effect to that desideratum, we propose to allot xjy every shareholder one fulTy-paid one po-und 'share for every fully-paid one potrad share held by him. andi propor■tianateiv for partly-paid shares, and to apply tie amount at credit of premium capital account, together -with a sum from profit and loss account, to-wards a special bonus dividend to be applied to the paving up of such shares. From this subdivision of our capital -we anticipate , the best results. It has always been ! our desire to see otir shares distrJbtrsed a≤ -widely a≤ possible, and when some time ago xre subdivided the i.5 shades into £1 shares the effect tr.as excellent: shareholders quickly increased in number from 6f>4 to 1.05-5. showing that our stock, when placed comfortably within his reach, is in favour -with the small investor, and we confidently anticipate : that the present proposed subdivision will again have the ■ same favourable reception from ■ the p-üblic It will no doubt occur to

you to asa a'jK •» ivi i.m= =•"s«,i - — . i dend? "WelL it will not affect the total j amount of it at all: your paid-up shares | ■win be doubled in number, and the dividend will be halved in amount pt-j share. The annual dividend is now 3,'S t>er share on fulry-paid shares, and under the rearrangement it will be 1/10 per share on twice the number of r-hares, and. of course, pro vara for partly-paid shares. As the allotment and payingup of these snares would be a ]<.ng process -were each shareholder to act directly for himself, it will be desirable to appoint a rrust.ee to act in that marrer for shareholders generally, and the directors propose to appoint Mr. John Batger to art in the capacity of trustee, an appointment which we do not doubt will be acceptable to all. In order to carry out these proposals, the articles will require to be amended to some extent, and a further meeting for the purpose of considering the amendments will require to be held. Of the meeting and of the proposed amendments due notice wiU be iijujL I cannot conclude these remarks on the year's work, showing, as it does, so much activity in both the engineering and mercantile departments, but especjallv in the former, ■without an acknmFledgment of the energy and ability of our" engineer. Mr. James Lowe, and our secretary. Mr. W. F. Stewart., and of tie services of the staff of officers and employees generally •who have worked faithi fully under their direction. j The motion for the adoption of the ac- ] count and reports was carried unani- ! monsiv on the motion of the chairman, I secand"ed by Mr. Peacock. j Messrs Tpton and Bums, the retiring i directors, were re-elected to the directorate. Messrs J. F. Buddie and W. W. Buddie were reappomted as auditors to the comj pany. In urging that the auditors' fee I be increased. Mr "Thomson mentioned that ! ijj iij -rears the income of the company had increased from £105-000 to £176.091. oi by 62 psi cent. The increase was sordiallj I improved-