Untitled

New Zealand Herald, Volume V, Issue 1313, 31 January 1868, Page 3

A lady fixed the following Irtters in the bottom of a flour-barrel, and asked her husband to read them if he could :—O-I-O-U-B-M-T.

AUCKLAND GAS COMPANY. Thß half-yearly general meeting of the shareholders of tho Auokland" Gas Company was convened to take place at the Company's office at 3 p.m. yeeterday, to receive a report of the transactions fov the paet half year. At the appointed hour the following shareholders attended :—Messrs. WhitaW (Chairman), J. N. Werk (Manager), J. Hoop. W. Somerville, T. Maofarlano, B. Hidings, W. O.Wilson. P. Dignan, H. Keosing, aenr. nnd junr., T. Keir, A. Boardman, D. Burn, Goldwator, Major Bishop, H. G. Wood, and Watoreton. The number present wae one less than that prescribed by the Joint Stock Company's Act (19) in order to form a quorum, and considerable delay consequently ensued. Tho Chairman eaid the number of shareholder that had been registered as such was 102, nnd the number required by the Joint Stock Company's Act to form a quorum was 19. At tho present moment he thought there were not more than 16 present, bo that they were, consequently, threo short of the required number. Though there were many purposes for which that number would not legally constitute a meeting, there was other busuiOßs that they oould proceed with. It was provided in the olnt clauee of tho rules and regulations of tho Joint Stock Company's Act that there must be a quorum of 19 r.t such meetings, and ae they had not such a quorum now present, thoy could not traneaot any other business than tho declaration of the dividend. He propose), therefore, to proceed with the business that oould be transacted, leaving out the other business which could have been transacted had a quorum been present. Notice had been given by Mr. D. Burn, that ho would move, "That at all future general Bieetings tho quorum of shareholders shall be ten." He thought it wue a great pity that they could not obtain a quorum to-day, so that such difficulties as had now arisen might "in future be obviated. Mr. Hidings had also given notice of hi* intention to raoTO anothor resolution as followj : "That n remuneration bo given by the Company to tho Directors for thoir sorvices." All that could be transacted at thw meoing, however, was to have the statement of transactions for tho past ha!f-ye>ir read, and then to declaro a dividend, and it would be for tho shareholders to say whether or not they would accept that dividend. Air. J. X. Wark then read the minutes of the former half-yearly meeting, which wero confirmed. Ho then read tho fallowing report and statement of accounts for tho past half-year :— " DIRECTOH3' BEI'OE "The directors haveoilled thesharoholderstogether for tho purpose of laving before thorn tho result of the last half-year's operations, with a view to consider tho q uostion of a dividend. " Notwithstanding tho grant depression in bnsinoss during tho present half-year, entailing both a falling off in the consumption of gas, as well as losbdb from b;id debts, tho directors felt gratified in being able to snbmit a statement which will justify the usual divi - dond, and they therefore recommend that a dividend after the rate often per cent per annum be declared for tho half-year ending tlio 3let December last. " Tho only other business for tho meeting to consider is the t*o resolutions which shareholders havo giVf", tho rv '. : .?rt of their intention to t)T«- •■. " Shzu VVniTAKJ; •:, " Chairman. "30th .T,v u.wy, 3 f ..'.5."

BTATEMEtfr SHOWIIK} THH AMOUNT AVAILABLE FOR DIVIUKND FOE TIIK ITAtP-TBATJ ENDED 3IBT D3CKMIIER, 1867. lsea. £. «. (1. £. s. d. January Balance in TJank...lLs6 C 0 Amount received to 28tli January for debts due on Ist January, 186R.... 637 0 0 1793 15 0 Good debts due to Company for gas, «c, on lst January, IROS, and unpaid on 28th January, IS6B .".. 826 6 4 Guarantee) Society on amount of Mr. Cottcrel's defalcations 498 3 7 1324 15 0 Total £3118 4 11 ebts due to the Company on let January, 18G3, considered doubtful and bed 547 11 0 Deduct Roserve Fund (£soo\ and debts duo by the Company (£SO) 550 0 0 £2568 4 11 Dividend for half-year at tho rate of 10 per cent. per annum i..., 1425 0 0 £1145 4. 11

The CsHMiK said it now dovolved upon him to move the adoption of the report. From the statement that had been presonted, they found that they had a balance in the bank of £1156 6s, and for money actually received on account of debts due to the company prior to the let January, 1868, £637 9s, making a total o< , £1793 15s. That was nbout the amount that was etanding to their credit at the bank. In addition to this good debts due to the company up to the first January, 1868, and considered available,£B36 6a 4d. They had also to receive £493 3s 7d from tho Guarantee Company, and the debts considered doubtful, and some of them bud, amounted to £547 lla. Taking these figures into account, and tho amount received up to the proeent time, the directors were of opinion that they were justified in moving a dividend of ten per cent. He begged therefore to move that the report be. adopted, and that a dividend of ten per cent be declared on the sth February. Mr. Jt. Hidinob : I have much ploaeure in se-ond- ! ing the adoption of the report. In reply to Major Biehop, the Chairman said tho amount of Mr. Cotterel'e defalcations had been ascertained to bo £498 3d 7d. They had made out the list as complete as possible within the ten daye, and givon the proper notice with regard to further sums. The Guarantee Society had written Tor ropMes on certain questions, and which were about to be fnrnLhod to them, *-.nd they require.; proof that '."'.ets defalcations had eccurre All they requi:ad was that tho number should be supplied to them as speedily as possible. He knew of no valid reason why their wishes should not be oomplied with, nor did he know any reason to aesume that the Guarantee Company would not pay what was honestly due from them. In answer to <its?9tioni> Km: 1 by Mfjor Sishop, the Chairmac farther stated ibst r,h<> greater portion of the recommwloiions of the At?<JiCors h:>d cta.-ady been carried ?r.:o clTect. W'» to ifc* , form of receipts, ir- was ho* sufiiciorst th-»t notice of the character of the receipt b~ only given through the newspapers, lbs consumers of gas should individually receive notices, that a certain form of receipt would nlono be issued by the company, and that no other would bo acknowledged. Uiilosa this precaution were taken they would Bay "You have omployed your collector in that capacity and ho gives a receipt for ouney, and thn w consider sufficient, whatever the form of it may be.'"' Mr. Cotterel had received receipts signed by the Manager whkh he wae supposed to account for to him, but he had caused these dofaloatione by giving receipts upon blank paper. The motion was then put and carried, and the me&ting terminated, _^__^__