DUNEDIN WATERWORKS COMPANY.

Evening Star, Volume IX, Issue 2796, 2 February 1872, Page 2

DUNEDIN WATERWORKS COMPANY.

The annual meeting of the shareholders vpas held pi Murray Rooms this afternoon. Mr E. Gillies in the ghaip. The report congratulates the shareholders on the continued prpfperity of the company, and the steady advance iu its revenue. The revenue last year was 1.5,557 16s lOd ; this year the amount received was LG, 365 12s Gd; showing an increase of LSO7 15s Bd. Shortly after the last annual meeting, the di* rectors entered into a contract to liiy a|>ou|; 200 chains of additional pipes-; and they hare just made arrangements to lay about 100 chains more. The recent dry weather has caused a great demand for water in parts of the City where mains have not yet been laid; and the directors desired to satisfy that demand as gpeedily $s possible. Ip {Lcordance wjth the last y cap’s report, a Bill w4 s passed through the Assembly at its last session authorising the company to raise Lju.ooo pxore capital by the issue of new shares, fop the purpose of laying additional pipes. The directors lost no time in acting on the powers thus obtained, having purchased from Messrs Oliver and Ulph all the pipes they had on hand, which arc now being laid; and having also called fur tenders

in Melbourne and here for the supply of additional pipes sufficient to lay about eight in all These new works, it is estimated, will cost between L6OOO and L7OOO. This, it is believed, will take in almost all the parts of the City where it will pay to lay pipes at present. The revenue of the company had not yet reached that punt which would enable it to do without Government aid to pay the dividend of 8 per cent., but all that would be asked of the Government for 1871 was L 250; so that should the revenue of the company progress in the future as it had done in the past, it ought this yeai to be alto. et l er independent of any assistance. The report concluded —‘ - lhe directors consider that they may well congratulate the shareholders on this evidence o the success of the company, which, while it has proved an inestimable boon to the citizens, may he looked upon as a pay ing in\ estment iOT, S bidance-sheet showed that the revenue for 1871 amounted to L 63135 T2s 6d, of which L3BSii 13s 2d represented water rates, and L 2446 13s 2d water rate No. 2 account. The expenditure on revenue account amounted to L 14.406 Us, leaving L 4924 5s 7cl available for payment of dividends and coupons Th j outstanding assets amount to L3lzo 17b 61 of which L 1299 14s 2d represents rates due, and L 1419 17s Id balance iu the Bank. The outstanding liabilities amount to L 2369. The chairman made some observations congratulating the shareholders on the now established success of the undertaking ; and defended at considerable length the part past actions of the directory, stating statistics p oved that the Dunedin works contrasted very favorably with similar undertakings at Home or m the Colonies, as regarded cost. As to paying, he had never before read of a work of the kind four years starting paying a dividend of 8 per cent, on the paid-up capital. In a short time they would be able to get ud of the Government aid—in fact, before next meeting he believed a dividend of 10 per cent would be declared. —(Applause.) The report was then adopted, A dividend at the rate of 8 per cent, per annum for the half-year ending December 31, was carried. Messrs W. H. Cutten and Reynolds were re-elected directors. It was agreed to vole a fee of 10s od to directors for attending meetings during the last year, and all future meetings. The resolution having reference to the past year, Wftß carried by 16 to 5,