AUCKLAND GAS COMPANY.

New Zealand Herald, Volume XIV, Issue 4900, 31 July 1877, Page 5

AUCKLAND GAS COMPANY.

The annual meeting of the shareholders was held yesterday in tho offico of the company, Insurance Buildings—Mr. Thos. Maoffarlane in the chair. Tho Seckktahy read the notioo convening the meeting, also tho report aud balancesheet, as follows :— Kkpokt.—The directors havo much pleasure in submitting another annual report, and stating that during tho past year tho business of the company has been carried ou in a satisfactory niauner. The recent reduction in tho price of gas has led to increased consumption. Tho balanco-sheet shows that tho usual rate of dividend for tho past aix months will bo pay able to shareholders. From the greatly increased consumption of gas it will now bo necessary to add largely to the working plant of tho company, and to raise funds for this purpose tho directors propose to issue 500 now sharcu at current rates. They prefer this courso to borrowing capital for the purpose, and they believo that the increased commmption of ga3 in tho city am! suburbs will enable tho usual dividend to be paid. Mr. J. L. Wilson and Mr. J. Nowuiau aro directors, who retire by rotation, but are eligible for re-election. Two auditors for the current year also require to bo elected. The following is the statement of accounts which was taken as read :— General Balance Sheet.—Dr. : 3SOO original shares of £5, all paid-up, £10,000 ; 200 original shares sold it a premium, £1,970 5s ; 1,900 second issue fa shares, sold at a discount, £4977 5s Sd ; 100 second issue £5 shares, sold at n. promium, £1000 ; 771 third issue £5 shares, sold at a, premium, £7047 (total issued, G771 shares ; total amount received from shareholders, £34,000 10s Sd) : additional sum takon from income, and expended in completing works, £3250 5s Id ; amount owing by the company, £5S 2s 10d ; dividend unclaimed, £7 10s ; Hank of New Zealand, £1099 17s -id ; roservv fund, balanco at credit thereof, £3710; prolit and loss, balance at credit thereof, £440S lGs 5d ; total, £47,231 2-i-kl. Cr.: By Expenditure.—Freehold and leasehold land, buildiugs, manufacturing and distributing plant, and meters, £39,127 10s 10d ; stock of mains, service-pipes meters, and material, in score and afloat, £3671 5s 2d ; stock of coal, £327 14s ; stock of rcsi-.lual products, £731 14s; accounts due to the company, £372 ISs 4d ; debentures, reservefund investment, £3000; total, £47,231 2a 4d. IVolit and Loss Account.—To coal carbonised, £4702 14s 3d; stokers' wages, £816 9s; distribution of gas, meter inspection, &c, £111 14s 9d; general expenses-direc-tors' and auditors' fees, £250; insurance, £8 OS; salar■■.:.■. £1000; stationery, printing, advertisii. >, and stamps, £91 Sa Ss ; petty cash, £lil 17s ; legal expenses, £0 2e 2d ; rent, £164; rates and taxes, £375 12s lid; wear and tear, £813 Ss sd; bad debts, £38 Is 9d ; interest, £22 lie 10d ; balance carried down, £5524 2s lid: total, £13,944 Ss Sd. By gas, £12,413 17s ; residual products, £1526 9a 2d ; transfer fees, £4 2s Cd : total, £13,944 Ss Sd. Balanco at credit, 30th June, 1576, £3915 13s Gd ; balance brought down, £552-12s lid—£9439 16a 5(1; less dividend declared 31«t.)uly, 1576, and interim dividend declared 31st January, 1577, £4941 : total, £449S lGs ad.— Audited and found correct, A. BoAi. d.matc, Gno. P. PiEiirE, auditors. K. B. Parsons, Secretary. Auckland, 19th July, 1877.

The Chairman' : It is now my duty to move the adoption of the report and balancebhcet. This, however, is one of those com-mon-place things that require uoching to he said about them to be understood. The report and balance-sheet explaiu themeclvcs. As a director I have not to say anything, except that the business during the past year involved during its progress a good deal of consideration, and, perhaps, a little anxiety. But when the annual meeting comes rouud everything appears plain. The most pleasant part of my duty is to announce to the shareholders that their dividends will be payable tomorrow. Mr. J. L. Wilson seconded the motion for the adoption of the report. 'the report and balance sheet were adopted unanimously. DIRECTORS. Mr. J. L. Vv'illscn and Mr. Joseph Newman, therein ing directors, wore re-elected without opposition. AUDITORS. Messrs. A. Boardman and A. P. Pierce were re-elected auditors also without opposition. A vote of thanks was passed to the Chairman, and the business terminated.