WELLINGTON GAS COMPANY

Dominion, Volume 9, Issue 2697, 17 February 1916, Page 8

WELLINGTON GAS COMPANY

EXa*RAOi;DINAEY MEETING. The annual meeting of the Wellington Gas Company on Tuesday -woe adjourned until Tuesday next without the annual re- - -t and balance-sheet having been adopt-

Ed, ..iter tho adjournment, an extraordinary meeting was held to discuss and adopt a new memorandum and articles of association for the company. The chairman explained that since ite inception tho company had been working under a memoran-dum-reading: "The objects for which the company, is established are the manufacture and supply of gas for the city of Wellington and vicinity," but with the development of the industry, and particularly in consequence of acute competition in various directions, the Wellington company, as. also the Auckland and iChristchurch companies, had' had to undertake matters of trading, and it was doubtful if such trading could be included under tho heading of "manufacture and supply of gas." As a. "manufacturing" company there was no annual license fee payable to tho Government, whilst as a "trading" company that fee—in the case of the Wellington company £200 per annum—has to bo paid. Recently the Commissioner of Stamps notified the large gas companies that tho license fee must be paid if tho companies act other than as manufacturers. The board accepted the position, and paid the annual licence fee an « trading company, and now asked shareholders to amend the memorandum of association so as to include the usual powers that gas companies generally possess, in place of the limited power 6 this company hitherto has had. The opportunity had also been taken of amending tho articles in some directions where weakness had been shown during the past few years. The most important change was in respect to the voting value of the shares. At the present time each share has a vote up to ICQ shares, with one additional vote far every five, shares between ICO and 250 shares, and beyond that number an additional vote for every ten shares. In practice it was found that this provision; was of little or no use to protect the small holder, es tho large holder distributes his Ehares in parcels of 100 "among relatives and friends, and thereby secures the maximum voting power. It has been deemed advisable to recommend shareholders to give one vote to each share. Another important change proposed was in the method of electing directors. Many companies of late years had arranged for an election by means of voting papers distributed by post to' shareholders, in- place of leaving the election to members able to 'attend a general meeting, and hold proxies for others unable to I attend. It was proposed to adopt this system. The number of .directors is fixed under present articles at not fewer than five or more than seven, including the managing director, if there should be one. It Is proposed to definitely fix tho number at five, with the addition of a managing director, if required, and that special notice of motion must be given to vary that number.

The chairman then moTed the proposed alteration in the memorandum, which aroused no comment, and next—"That the articles ■of association contained in tho printed document submitted to the meeting, and for tho purpose of identification subscribed by the chairman thereof, be and the same are hereby approved; and that such articles of association be and they are hereby adopted as the articles of association -»f the company, to the exclusion of all existing articles of association of the company." Mr. Fitzgerald moved as an amendment that the present value of the voting power be maintained. The motion was carried on a. show of hands, after a full discussion. The articles referring tu the number, and the length of notice required to lie given to the board (four months), of tho candidates for election as directors were submitted to a poll, the results of which will be declared at the adjourned meeting next week. There was much discussion on the proposed length of notice for candidates for the directorate and other matters in the new articles. The meeting then adjourned.

MINING NEWS WELLINGTON SEA BE MARKET In . the mining market yesterday there were several bids for shares, but no business was done. The Quotations wero as follow:— Buyers. Sellers. £s. d. . £i. d. Murray Creek (old) Z 2 6 — Waihi 116 0 — Grand Junction — 10 0 Dominion Developing .... IIS 8 — STOCK EXCHANGE. By Telegraph.—Press Association. Duncdln, February 16. Sale on 'Change—WcstportStockton, ss. sd. BOSS GOLDFIELDS. The mine superintendent of the Ross Goldfields reports as follows on the work at the mine for the week ending February 10:—No. 19. north drive has boon extended 29ft, making; a total progress of 101 ft. from the main cost drive. The underlying sand lias given plate to the regular brown terraco bottom, which has a tendency to rise at the present face. The blue overlying wash is fine and rather loose, prospecting only a few light colours. Blocking is proceeding off Nos. 7 and 11 north drivsf>aud Nos. 12 and 14 south drives.