AUCKLAND GAS COMPANY.

New Zealand Herald, Volume XXVIII, Issue 8632, 30 July 1891, Page 6

AUCKLAND GAS COMPANY.

DECLARATION OF DIVIDEND. An ordinary general meeting of the shareholders in the Auckland Gas Company was

held at the company's offices, Wyndhamstreet, yesterday afternoon for the purpose of receiving a statement of ' receipts and expenditure for the past half-year, and for Hie declaration of a dividend.

Mr. Reader Wood, who was voted to the chair, called upon the secretary to read the statement of accounts for the half-year ending 30th June, 1891, which was as follows :—•••• • ■ ,

Receipts.Balance at credit of profit and loss, 31st December, 1890, £2517 14s 4d ; gas, £16,269 0s 3d; residual ; products, £2822 18s, scrip and transfer fees, £5 17s : total, £21,615 Expenditure. — Coals, £5734 17s 8d; stokers' wages, . £1012 2s 2d; distribution of gas, £364 6s 7d; water, £14 9s 2d; maintenance of works, renewals, labourers' wages, £1313 13s lid; insurance, £27: rent, £26 lis; petty cash, £20; directors, £155; auditors, £15; interest, £85 17s 2d; salaries, £117015s; stationery,' printing, advertising, and stamps, £10117s; rates ana taxes, £873 19s lOd; bad and doubtful debts, £40: total, £10,9559s 6d. ' '

There was, therefore, a credit balance amounting to £10,660 0s Id.. The Chairman stated that he felt sure be expressed the feelings of all shareholders when he said how greatly he regretted ' that, owing to ill-health, Sir I'nederick Whitaker was unable to take the chair at that meeting. He was certain that they all hoped he would be able to take his right) place on the next occasion, and preside at the meeting. The present meeting was only an ordinary one for the declaration of a dividend. The company had shown very favourable progress during the past half-year, the business done being greater t.hnn during vhe corresponding period of last year. A larger amount of gas had been consumed, and the number of consumers bad also increased. It was,. therefore, thought desirable that the same dividend should be declared as on the last occasion. He would accordingly move, " That a dividend of 7s 6d per share be paid on the i 17,500 paid up shares, and 3s 9d per share an the 13,743 partly paid up shares." Mr. J. L. Wilson seconded the resolution. The motion was carried.

The 78 6d dividend would represent £5812 10s, and the 3s 9d dividend £2576 16s 3d: total, £8389 6s 3d. This would leave a balance to be carried forward of £2270 13s lOd. A shareholder here asked, " What about the payment of auditors?" The Chairman replied that it had been intended to discuss the question of . the remuneration of the auditors, but : Sir Frederick Whitaker had intimated that as this was only a half-yearly interim meeting, such businesscould not be done, and therefore he (the chairman) had not referred to the matter. The annual meeting was alone competent to deal with the question. Mr. McLachxjvn : How did the matter crop up ? , The Chairman : Last year one of the auditors objected to the remuneration as insufficient, but the matter was . allowed to stand over. The payment was at present £15. It used to be £10, but was increased. The question had better stand over till the - next annual meeting. -'Mr. Upton certainly thought the reremuneration was too little—£ls was too a little; but it would be time enough to deal with the matter at the next meeting at the beginning of next year. •, ° f to the chairman terminated the proceedings.