AUCKLAND GAS COMPANY.

Auckland Star, Volume I, Issue 173, 29 July 1870, Page 2

AUCKLAND GAS COMPANY.

MEETING THIS DAY.

The annual general meeting of the above Company was held at the Company's office, Nelson-street, at 2 o'clock this afternoon, Mr. C. J. Stone in the chair. Tho minutes of the last meeting having been read and confirmed, the Secretary read the fol-

lowing

Report of the Directors of the Auckland Gas Company (Limited), to the eighth annual meeting of the Shareholders.

The accounts for the last year, now laid before the Shareholders, shows that very satisfactory progress has been made in the Company's business. The incomo for the year ending 30th June, 1869, was £6,949 7s. lid., and the expenditure £4,016 12s. lid., which left a profit of £2,932155. For the last year the income has been £9,545 9s. 5d., and the expenditure (allowing for bad and doubtful debts, and £500 for wear and tear) £4,965 ss. lid., leaving a profit balance of £4780 3s. 6d. The Directors propose to pay a dividend of 15 per cent, for the year. In January last 7i per cent was paid on account, leaving 7k per cent to be now paid. This will absorb £4,275, giving a balance of £823 Bs. 7d, to be carried forward to the credit of the current year's account. The Directors also propose to give to the consumers the benefit of the Company's increased prosperity by a reduction in the price of gas. The liberal deduction of 2s. 6d. per 1,000 feet for prompt payment has answered so well that it is proposed to extend the principle ; and for all gas consumed after tho first week in September next, the Directors intend to allow a discount of 5s per 1,000 feet, on compliance with certain conditions as to prompt payment; so that although the nominal price of gas will still be £1 per 1,000 feet, the price will, in reality, be then reduced to 15s. per 1,000 feet. Messrs. Dignan, Mackelvie, and Wilson are the three directors who retire by rotation ; they are eligible for re-election. Two auditors must also be elected for the current year.

The dividend will be payable at the Company's office, Nelson-street, on the 30th inst. FEEDE. WniTAKEB, Chairman of Directors.

The balance sheet and profit and loss account was then read, after which the meeting proceeded to elect directors, &c, for the ensuing year.