THE EMPIRE GAS COMPANY.

Evening Post, Volume XIV, Issue 59, 7 September 1876, Page 2

THE EMPIRE GAS COMPANY.

A meeting of shareholders in the Empire Gas Company was held in the side-room of the Odd Fellows' Hall last evening. It was fairly attended. Mr. J. S. M . Thompson (of Thompson, Shannon & Co.) was voted to the chair. The Chairman briefly introduced the business of the meeting, and called on the assistant-secretary, Mr. Best, to read the report of the provisional committee. The report was to the effect (1) that the provisional directors had carefully examined the promoters' estimates and found them correct, and very carefully compiled ; (2) that a prospectus had been issued, with the result that over 10,000 shares already had been taken up, and that in the opinion of the directors an active canvasswouldresultin the immediate disposal of the balance ; (3) that an empowering act be ! introduced at once into Parliament, and that no plant or material be ordered until tho powers usually granted to gas companies by act of Parliament should be obtained ; (4) that the company should be incorporated without delay under the Joint Stock Companies' Act, 1860, in terms of the prospectus; (5) that articles of association be prepared at once, that the number of directors be nine, and the directoral qualification 100 shares ; (6) that the officers of the company for the first year be as follows : — Directors — Messrs. J. E. Cattell, J. Danks, J E. Hayes, J. Lockie, R. Miller, T. K. Macdonald, J. Petford, J. S. M. Thompson, and James Stewart. Auditors — Me9ST3. S. Carroll and S. Waters. Solicitors — Messrs. Moorhouse and Stafford. Bankers — The Bank of New Zealand. The report concluded with an expression of satisfaction at the cordial public support already received, and of conviction that energetic action alone now was needed to make the undertaking a financial success, as well as a great public boon. The adoption of the report was formally moved by Mr. Chapaiax, and seconded by Mr. T. K. Macdonald. Some discussion took place as to various matters of detail, some shareholders suggesting that the nominal capital be increased to £50,000, the majority, however, were in favor of naming the smaller sum, £30,000. Thereport was adopted unanimously. Mr. E. H. Hunt wished to state that although, at first, he had refused to take any shares in the company, yet now, seeing that an attempt was being made by the Corporation to burke private enterprise, he and his friends had determined to give the new company their cordial support. (Applause.) He considered that the Corporation were acting most improperly in taking over a declining business to the manifest disadvantage both of the ratepayers and .gas consumers. He therefore would put down his name immediately for 100 shares, and many of his friends would also do their best to further the interests of the new company. (Applause.) A somewhat irregular discussion followed as to a remark made by Mr. E. W. Mills in the City Council, to the effect that the information on .which the promoters of the Empire Gas Company had founded their estimates, had been in his possession for years. This remark 'had been misunderstood by the speakers, and

j-tMtiasequently their observations were irrelevant. ;*?Mr. T. K. Macdoxald took the oppor- , tunity to observe that those who were opposed \to the new company had been very ready to that their estimates were "all wrong," but had not attempted to advance a siugle proof of their assertion, which, therefore, must be legarded as a mere idle expression of personal opiuion. Votes of thanks to the provisional directors, and to the Chairman concluded the meeting.