AUCKLAND GAS COMPANY.

New Zealand Herald, Volume XVIII, Issue 6147, 30 July 1881, Page 5

AUCKLAND GAS COMPANY.

The annual general meeting of' the shareholders of this company was held yesterday in the offices of the company, Fort-street, —' Mr. Thomas Macffarlane in the chair. ' There waa a large attendance: 6£ shareholders., - The minutes of the previous general meeting were read and confirmed.; .

The, Secketaky ; read the report of the directors as follows;:— .;■

, The directors have much pleasure Iα being able to state that the condition of the accounts enable them to recommend the payment ot the usual dividend of 7a M por share for the half-year, payable on and after Monday, the 2nd August. Tho directors gave effect, in September last, to the resolution passed at the last annual meeting,- to reduco'the price of gas in the city from 103 to 83 4d per 1000 cubic feet With the view of treating with new customers for supplies of gas, tho directors determined on procuring a stock of gas fittings, and to provide for the requirements of the company in this department, and to afford larger office accommodation, they have secured, for a term of years, the premises now occupied by the company in Fort-street. The directors consider it is advisable tbat the time for holding the general meeting for the election of directors, and for submitting the annual statement of accounts, should be changed. They therefore propose that in future the annual meeting shall bo held on the first Monday In February. Two directors retire by rotation—Mr. Dignan and Mr. Wood—and offer themselves for re-election. Two auditors must also be appointed by the shareholders at this meeting.—Tuob. Macitakhne (for the directors).

The statement of accounts was also read, from which we take the following :—Capital account, £50,000 (5 shares, less uncalled capital, £6125),' £43,875; premiums on shares sold, £9689; profits expended on permanent works, £3256; sundry tradesmen and others, £540; bills payable, £1679 10s 6d; cash at call, £4244 10s od ; dividends unclaimed) £17 ss; Bank of New Zealand, £873 11s Id ; balance to credit of reserve fund, £4550 ; balance to credit of profit and loss, £8576 6s 7d : total, £77,302 7s 9d; expenditure on capital account, freehold and leasehold laud, buildings, manufacturing and distributing plant, meters, &c, £66,00S 17s lid ; stock of mains, service pipes, &c, £1752; stocks of coal, shale, residual products, and gas, £9541 5s 4d; total, £77,302 7s 9d. Balance carried down from profit and loss account, £8134 03 7d ; by balance 30th June, 18S0, £6834 11s ; balance brought down, £8134 0s 7d; total, £14,968 11s 7d. Less dividend declared July, 1880, at 7s 6d a-share, £3176 12s 6d interim dividend January, 1881, at 7s 6d a-share, £3215 12s 6d.

The Chairman said it was not necessary to..say more than the report and halancesheet disclosed. He moved the adoption of the report. Mn C. J, Stose seconded tho motion. Mr. Barton Ireland thought the directory was in a position to pay 10s α-share. The statement of accounts showed that this could be done and leave a very large balance —£4000 odd.

The Chairman said that Mr. Ireland had forgotten that two dividends were paid. On the business of the last half-year there had been a loss of £189 oa the last six months. It would, therefore, not be prudent to pay a larger dividend ■ ,

Mr. Stone said that it was not quite correct to say there had been a loss. The fact was that there waa a profit on the whole transactions of the year, but the largest proportion of these profits were made during the first half of the year. There was a large business being done, but the necessary sum in cash was not available to pay a larger dividend without either borrowing from bankers or selling shares. The outlay for stock of fittings, &c, had been very large. Mr. Iskland thought the arguments in favour of the lesser dividend not at all conclusive, Hβ would move, " That the dividend he 10s a share."

Mr. GoLDie thought whatever benefit might accrue from a large business should be given to the customers, and that it should be used for lowering the price of gas. The amendment was put and negatived. The motion for the adoption of the report was put and carried.

ELECTION OF DIRECTORS. . Messrs. Dignan and Wood were the retiring but offered themselves for reelection. The Csaibmak moved, and Mr. C. J. Sto>-e seconded, " That Messrs. Wood and Dignan be re-elected." Mr. Goldie proposed, and Mr. Ralph Keesing seconded, "That Mr. Edward Isaacs be elected a director." Mr. Isaacs said that he had nearly 2000 proxies. He desired to.know in what order the election was to proceed. The Chairman said that five shareholders must nominate the candidate without notice. [Five gentlemen accordingly nominated Mr, Isaacs.] Dili. Goldie said it was usually held to be an argument that it was of great advantage to have members of the directory also members of the Legislature. All the company wanted was justice. The absence of directors for a considerable portion of the year was itself a disadvantage. ~Mr. C. J. Stone said it was sometimes necessary to have influence to prevent injustice being done, Mr. Ireland said legislation was so fickle in the colonies that it was impossible to say what taxes might be put on. The presence of members of the directory in Parliament might have an excellent effect in pointing out the injustice that would be done by such impositions if they were contemplated. Mr. Spelling thought the presence of an active minded director waa of greater advantage to the company than the absence of directors in Parliament. J Mr. Isaacs demanded a poll. [ Messrs. Newman and Goldie were appointed scrutineers. It was declared that the proxies held by Mr. Isaacs were informal, not having been lodged forty-eight hours before the election took place. The scrutiny was taken, and the result of the poll declared to be as follows :—Wood, 482; Dignan, 435 ; Isaacs, 309. Messrs. Wood and Dignan were declared to be re-elected directors. AUDITORS. Messrs. G. P. Pierce and T. Leigh White were re-elected auditors. This concluded the business of the meeting.