AUCKLAND GAS COMPANY.

New Zealand Herald, Volume XIX, Issue 6310, 7 February 1882, Page 3

AUCKLAND GAS COMPANY.

The annual meeting of the A*;kland Gas Company was held yesterday, at the company's office, Fort-street. Present : The Hon. P. Whitaker, M.L.C. (chairman) j Hon. P. Diguan, iI.L.C; Messrs. Barton Ireland, T. AlacfTarlane, Joseph Newman, C. J. Stone, R. Walker, S. Vickera, R. Beck, G. P. Pierce, R. Keesing, aud a good number of other shareholders. The Secretary (Mr. E. B. Parsons) read the minutes of lastannual meeting, which were confirmed. The Secretary then read the annual report of the directors as follows :—

The last year s operations of the company have been very satisfactory. Tho favourable result attained has been by careful economy, the uso of coal equally suitable, but less costly, and an improved system of working. The Auckland Gas Company's Act authorises the payment of dividends at a rate not exceeding 20 per cent, per annum. The dividends paid have always been well within that limit and the directors now recommend that the dividend to be declared for the last year shall be 16 per cent. The balance at the credit of proflt and loss is £10 5793 5 3d, and it is proposed to deal with this sum a fo lows: Dmilcßd now to be paid. £3941 17s 6d: making, with the amount paid in July to the then, current year, 16 per cent.; £2000 to bo placed to the reserve fund, and the balance of £4037 10s 0d to be carried to the credit of the current year's proftt and loss account. The directors also propose to reduce the price of gas by increasing tho discount to 20 per cent. This, though nominally leaving the price of gas at 103, will|inako the price to bo paid Ss per 100, a less p ice than is charged by any gas company in ieiv Zealand.—Auckland, February 6,1832.

The balance-sheet was taken as read, copiesharing been distributed amongst the shareholders. The profit and loss account showed the receipts from all sources to be £12,470 10s 10d ; the expenditure was £7176 16s Bd, leaving a balance to profit of £5293 14s 2d. The Chairman- said, in moving the adoption of the report, it required little to be added to what was contained in the report itself, a report which he thought the shareholders must consider very favourable, and fully borne out by the balance-sheet which was submitted to them. That the company was in a good position was shown by the increased profits, and upon the whole he thought the shareholders had little fault to find, especially as the dividend was increased from 15 per cent, to 16 per cent, dividend. They had carried £2000 to the reserve fund, but possibly on a future occasion they might suggest a further addition to be made to the reserve fund, but that would be a small matter for future consideration. At present, the only question before the meeting was the adoption of the report and balance-sheet, which he now moved.

The Hon. Mr. Dionan seconded the resolution, which iv.is unanimously oarried. On the motion of Mr. Bartox Ibeland, seconded by Mr. R. Kkksiso, the Hon. P. Whitakerand Mr. C. J. Stone were re-elected directors.

On the motion of Mr. R. Walker, seconded by Mr. R. Beck, the outgoing auditors, Messrs. G. P. Pierce and T. L. White, were re-elected.

The Chairman said that cheques would be ready at 10 o'clock next morning for payment of the dividend.

Mr. Ireland said he had heard that proposals had been made to extend the operations of the company to the North Shore, and asked whether there was any likelihood of the gas being taken there.

The Chairman said that such a proposal had been made and entertained by the directors. They caused a careful investigation to be made to ascertain the probable cost and probable returns. It was found that the gas would have to be manufactured at the North Shore, and after a canvass of the district had been made to find out the consumers there would be there the scheme was abandoned, there not beinp; a prospect of a reasonable return. Since that the question had been raised again, but it had not yet been decided on. it would come under the notice of the directors in due time, and the shareholders may reasonably be assured that it would receive full consideration, and if the extension could becarried out consistently with the interests of the shareholders and promised a reasonable return on the capital invested, it would be carried out.

Mr. Pierce said he hoped they would not extend the gas supply to the northern shore of the harbour until the southern shore was fully supplied. At present Parnell, especially St. Stephen's Avenue, required a supply. Two institutions there would take in gas if it was brought clown, and he hoped before long they would have it done.

The CIIAIBMAX said the question of extension would be considered. It was not the business of the directors to accommodate the public at the expense of the shareholders. They had been very liberal, and in their extension only looked for reasonable interest, aud looked for profits in the future. The principle adopted invariably was, not to lose money, or carry the gas where they did not see a prospect of fair interest for the money invested. The barque which came in yesterday had brought a supply of pipes, which would enable them to carry out further extensions.

Mr. Newman said that the l-equest from Conquest-place had received particular attention.

Mr. Macffarlase said that from inquiries made regarding the North Shore, it hail been ascertained that they could rely oa a return of S.V per cent., so that the profits of the shareholders could not be reduced by the enterprise, but the matter had not yet been decided on.

A vote of thanks to the chairman brought the meeting to a close.