AUCKLAND GAS COMPANY.

New Zealand Herald, Volume XXXVIII, Issue 11714, 25 July 1901, Page 3

AUCKLAND GAS COMPANY.

HALF-YEARLY MEETING. : A meeting of shareholders in the Auckland Gas Company (Limited) was hold, yesterday in . the company's office. Mr. Thomas Peacock presided, and there was a good attendance of shareholders. j The statement of receipts and expenditure for the half-year ended June 30, 1901, was submitted as follows : — RECEIPTS. - . £ s. d. Gas sold by meter ... 27,977 10 0 Gas : arrears considered good ... ... 400 0 0 Gas, public lighting " (including gas supplied, extinguishing, cleaning, repairing, renewing, etc., lamps in city and suburbs) 1,733 14 9 . —£30,111- 4 9 Residual products— . £. a. d. '. Coke ... 2,917 12 6 Pin? stock 143 5 0 — 3.050 17 6 Tar .... 1.237 7 4 Plus stock 613 10 7 1,850 17 11 Ammonia water ... 37 10 10 Cash sales residuals... 467 14 9 — £5,417 1 0 Rents receivable ... 43 2 0 Interest . ... 35 6 5 Gas fittings,- engines, fitting, fireclay goods, etc ... ... ... 655 0 0 Total receipts : ... £36,201 14 2 EXPENDITURE. Manufacture of gas— £ E. d. Coals. ■ ... ... ... 10,238 19 i Purification 38/ .a 5 Salaries, engineer, olUcers, and clerks, :■•"„,:'/.,•, at works 537 4 10 Wages (carbonising) ... 2,333 811 Repairs aisd muiuten- . I since works and nlant 1.842 8 7 I,MUt - . : £15,789 17 1 Distribution of gasRepair, maintenance, and , renewal mains __ aixl service pipes 354 18 1 ■Salaries of ollicers and rental clerks... 872 9 3 Distribution labour... 712 19 4 Repairs to meters ... 132 16 2 . Repairs to stoves ... 232 17 11 Pipes tor gas range, _ 116 17 7 Public lamps „_ 806 10 7 Rents payable ... (4 5 0 Rates and taxes 1 moietv ... ... 1.376 10 2 moltlJ _J — £1,450 15 2 Managemeiift— ■ "< Directors' allowance 22a 0 0 Salaries, secretary. etc - - 759 7 10 ' Salaries, collectors ... 254 7. 5 Stationery, etc. ... 2.37 13 1 Auditors ■ . ... ••• 25 0 0 General charges ... 410 14 1 g g Total expenditure ... £22.432 3 7 Balance ... £13,829 10.7 Total receipts ... ... 36.261 14 2 Total expenditure .. _____- Balance ' ... - - "••• 13,829 10 7 Dividend at the usual rate ... ... 13 l Carried to profit and loss new -■■ account ... .- £j - 2 ° 4 17 ' Tlve Chairman moved, "That a dividend "of 7s 6d per share be paid on the paid-up shares, and a proportionate amount on the partly paid-up shares." ' Mr. Joseph Raynes seconded. The motion was unanimously carried, ami the Chairman intimated that the dividend 1 would be payable at the ofilce next day. I Mr. P. H. Mason moved, in accordance ! with notice, "That tho previous resolution i as to the honorarium of the Board be resi cinded, and in lieu thereof the annuol I amount bo £100 for each director, and £100 additional for the chairman." The mover referred to the ability with which the business of the company had been conducted, stating that he did not believe there was ! any company in New Zealand more satisfac- { torily carried on. He pointed to the inI crease in the company's business and profits j since the honorarium was fixed, and claimed that the directors were entitled to a larger honorarium than at present. Mr. Frank Henderson seconded, stating that none of the 12 gas companies in the suburbs of London paid a dividend equal to that of the Auckland (las Company. Yet none of them- paid so little to their directors as the Auckland Gas Company. The Auckland Gas Company in 1900 sold 235,521,000 cubic feet of gas, and paid its directors £450; the Mitcham Gas Company,' in 1898, • sold 227,627,000 cubic feet of -gas, and paid its directors £1060: the Richmond Gas Company, in 1898, sold 223.071,000 cubic feet of gas, and paid its directors £1600. . Mr. J. W. James asked what was the amount at present paid to directors, and i what would be the amount under Mr. ! Mason's motion. I The ; Chairman said the present amount ! was £450, and the amount under Mr. Mason's motion, including the extra honorarium ' to the chairman, would bo £800. Mr. J. M. McLachlan thought the shareholders should have a fuller opportunity of discussing the matter. He thought the directors had done very well, but he questioned if the time was opportune for almost doubling- their honorarium. There was large expenditure going on in connection with the company, and there were indications that electric light, would soop be a competitor with gas. He moved, That the question bo deferred till a future meeting of shareholders." Mr. James seconded, stating that as electricity was in the air he thought it would be as well to defer this matter till the annual meeting. ■ Mr. Mason pointed out *, that :he brought the question before the last annual meeting, but could not submit a motion without notice.- He had not since mentioned tho matter to any of the directors, nor . had any director mentioned it to :>.im. Mi. G. A. Buttle slated that this question had been simmering in the minds of

many shareholders for a long time, and as it was brought forward by Mr. Mason at the annual meeting, he did not see how any shareholder could say he had been taken by surprise. Mr. James said he was not aware that the subject was brought forward at the annual meeting, and in the circumstances, he preferred to withdraw his seconding of Me. McLachlan's amendment. There being no seconder for the amendment, the motion, as submitted by Mr. Mason, was put to the meeting and carried. i The Chairman said the directors had in ! no way approached Mr. Mason, nor anyone else in' this matter.' It had come spontaneously from tho shareholders, and on that account the directors appreciated it all the more. The directors quite recognised the magnitude of the interests committed to their care, and. that a large amount of thought and time had to be devoted to the company's business in order to render it a success. On behalf of the directors he thanked the shareholders for their action. Mr. James asked "how many more new

shares could the directors issue? The Chairman said , there was no special amount aimed at. Shares were issued only as the interests of the company required. Mi. James thought the directors, in issuing new shares, should fix a minimum price. That would be more satisfactory to those who desired to take up shares than calling for tenders. The Chairman said that matter would require careful consideration. Mr. J. H. Upton said Mr. McLaclilan and Mr. -James had both referred to electric light in a tone which perfectly appalled him, seeing the remarks came from gas shareholders. The Gas Company had nothing to fear from electric light. Their light, candle light for candle light, was at least one-tenth of the cost of the cheapest electric light that could.be produced. A great effort wat. now being made to light Berlin by electric light; the greatest scientific geniuses in Europo had been cmployed upon it. and their declaration was, that the cost of electric light, as compared with the incandescent gas, was from 11 to 12 timo?. It was a. most undesirable thing for gentlemen to como to a gas meeting and xpress any sort of fear about a competitor 1 like electric light. If they were to maintain their business they muse advance its interests.by advocating it and showing that their product was the cheapest. ;(, -, Mr. McLachlan said if what Mr. Upton had stated wa6 correct, then the-share- ! holders should thank him ior having brought the matter up. To. a certain extent Mr. ' Upton's remarks had relieved his mind, 1 though he: could have quoted opposite 1 opinions. ' On the motion of Mr. G. A. Butt.e ; a 1 vote of thanks was accorded to the chair- ? man, and the meeting closed. r