COMMERCIAL.

Evening Star, Issue 11673, 4 February 1902, Page 6

COMMERCIAL.

THE AUCKLAND GAS COMPANY.

The annual meeting of shareholders ;n the above was held yesterday. 'Fhe chairman said that the paid-up capital, bearing dividend, was now £152,448, and the premium capital, not nearing dividend, £92,543. He called attention to this, because of the fallacy which had been repeatedly exploded, but had recently beer revived at the Arbitration Court, that a dividend of 7s 6d per share paid by the company half-yearly was equal to 15 per cent per annum on capital. Nominally it was so, if only capital bearing dividend was considered, and if there were no premium capital, but it was unfair to ignore the fact that there was £92,345 of such premium capital not bearing any dividend, which had been supplied in hard cash by shareholders, and was employed as capital in the company’s business. Clearly Luis ought to be taken into account in conaidsring the percentage of the dividends. If this were done it would be found that the true

dividend was equal to only 1 per cent, per annum on the whole capital sum of £224,791. The sum of £29,453, representing net revenue for the year, would, after payment of dividends, leave a surplus of over £7,000. It wait well there should be a surplus of this Kind, considering the contingencies to whicfi their business was liable.

A London cable says that the total quantity of wheat and flour afloat for the United Kingdom is 3.496,000 quarters, and for the Continent 1,155,000 quarters.