WELLINGTON GAS COMPANY.

Dominion, Volume 4, Issue 1197, 4 August 1911, Page 8

WELLINGTON GAS COMPANY.

INCREASING THE CAPITAL. MEETING OF SHAREHOLDERS. An extraordinary freneral meeting of the Wollinston Gas Company, Ltd., was hold at the Chamber of Commerce yesterday for-the purpose of niseusuns the resolutions adopted by the board of directors.in I connection with the proposals Sot increasing the capital of the company. Tho resolutions were;— That the capital of the company be increased to the amount of £550,00 by the creation of 150.CC0 jew shares of £1 each, to be issued, a.-? preference shares, and that the _ richts, privileges, and conditions followinK be attached to such preference shares, that is to say;— 1. That the.slid preference shares shall confer on the holders thereof tho richt to-receive out ot the profits of the comcojiy available' for dividend, a, fixed cumulative, preferential dividend at the rate of live per centum per annum on the capital for the time hems paid w> thereon respectively, but to no further share in tho profits of the company, ajid such dividend shall be paid a? nearly as may be halfyearly, on the. 15th day of J, lno . and U ic 15to aay of December in each year. 2. In the event oC the winding-itp of the company the holders of the said pr"f"rence shares shall be entitled, in prioritv io the ordinary shares, to have tho surplus assets of the company, remaininp; after pajinc the debentures, debts, and liabilities of the company, and ihe cost of lvindine-up appliu-d, in the first place in repaying to them the amount paid up on tho preference shares held by them respectively, but shall not be entitled to any further participation in such surplus assets.

3. The said preference shares shall only confer on the holders thereof the right to attend and vote at general meetings of the company upon some or one of the qnsstions following, that is to say: As to the reduction of capital as to the windineitp of the company; where the proposition to bo submitted to tho meeting directly affects any. of tho ridits or privileges attached to such preference shares. <!. That- an issue be made at such time as .the directors, in their, discretion may decide, of 75.0C0 of such new preference shares out of the whole .number of 150,000 solution, and that the holders of existing el-yes !ie entitled, in the first, place, on making due application - therefor lo'takeup, :it par, three shares for each £10 share wholly or partly paid-up and held by them respectively this day in the company. 5. That the directors be authorised to sell any of the unallotted preference shares remaining out of such 75.0C0 shares, .at par, to the employees of tile company, and after such applications are satisfied, to allot apy unissued balance of the said first issue, of 7oiooo shares to any shareholders who maytendor therefor at or above par. or the directors may otherwise dispose of same. Mx. Joseph Nathan (chairman of directors) presided, and in opening the proceedings expressed the hope that they had all received'cheques-for the usual amounts for the interim dividends on their holdings for the half-year ended June last, aud had concluded thereby, and rteht'.y so, that tho operations of the past, half-year had been as successful as usual. "I am glad," ho said, "to have the. opportunity of meet-i-ne you and eonfinninj; this, and to aspiira you that the results compare favourably with tho corresponding period of 1910. The trade shows the same steady increase of about 6 per cent, per annum that it tas shown for some years back, thus confirmins. as tho result of the past naif-year, tho figures-stated in the circular-letter of Juno.2B.as-to tho irrowth of the previous three years. Tho financial result of the half-year's operations having been satisfactory, there is, therefore, little for me to add to tho. statements set forth in tho circular, except to say that the proposals of the board have met with the support of the large number of shareholders who are not able to he present to-day. - "The board believes that tho proposed issue- of 5 per tout, nrefcrcni-o shares is a rla.-s of investment, that will find favour with the numerous investors who have liitliorto largely relied for investracat of small sums on morte-aKcs. The proposed preference share." will, however, have the ureal advantage that as tho company prjys the income tux thereon, the income derived is a. net one, and thero is not any deditctiou for taxation." Jlr. Xath.au then moved tho resolutions. Seconding the motion. Mr. Gerald Pitjcciald remarked that it was obvianslv better, in tiio interests of the company that the money should bn raised, if possible, among tho shareholders, ratter than by debentures anions strangers. The opportunity was ;i very favourable one. Mr. Nathan referred to tho fact that the: board had been ab.-.ilutely unanimous in arriving at the decisions embodied in the resolutions. The motion for the adoption nf the tosolutions was ther. put, and carried unanimously.