THE WATERWORKS COMPANY.

Evening Star, Issue 3743, 20 February 1875, Page 2

THE WATERWORKS COMPANY.

The annual, and it may be presumed the final meeting of the company was held yesterday afternoon, when, in accordance with the report of the directors, a dividend was sanctioned of 6 per cent, for the half year ending Decetpber 31st on the original shaves, and of 5 per cent on the shares under the .Vet of 1871making in all 12 per cent, for the' year on the original shares, and 10 percent, on the othe.s. The sum of LIOO was voted to Mr Dick, the secretary, for winding up the company. It appeared that after payment of dividends, there would probably ho between L4OO and” LSOO available for distribution. A portion of this will be required to cover the expense of tvanferring the works to the Corporation, and three modes of distributing the balance were proposed. Archdeacon Edwards moved that it should be handed over to the Beuevo ! ent Institution, but Mr Strode pointed out that doubt-, had been raised as to the legal power of the company to so appropriate . money. Mr Gillies’s proposition that the balance should he distributed as far as it would go towards paving 5 per cent, interest to those shareholders whose money, so far as could be ascertained, had been lying idle through faults of their own, was negatived, and the directors’ suggestion to divide any remaining balance among the shareholders in proportion to their shares'adopted. On a motion being proposed by the CHAIRVAN (Mr Cuttcn) that the thanks of the company should be awarded to Mr R. Gillies “ for his many and valuable services both as a director and a chairman of the Board of Directors,” Mr Gillies said he would only accept such a’ vote if given in real good faith, hut he knew it was anything but that. The Chairman then went on to explain that the directors really thought Mr Gillies entitled to the vote, as he deserved tlie principal credit of having worked the com pany during the later years of its existence. His retirement fiom the directory at the last moment which was ill - advised and had resulted from warmth of temper was very much regretted; and it was five minutes before the first meeting of the directors with Hie Corporation th.t they accepted it, as they were in hopes all along that be would go back to them. Messrs STRODE, Rennie, and the Hon. James Paterson having endorsed the remark of the Chairman, MiGillies said that after such an expression of opinion he would accept the vote. His resignation was not a matter of temper, but because the Board of Directors ignored an arrangement which he (Mr Gillies) made with tho Mayor for. the determination of *lic matter. Attempts were made to raise a difficulty between th<> Corporation and tjre Compmiy~-(“ No’O—

a letter was sent to the Corporation threatening to withdraw, which showed clearly the spirit in wmca the negotiations were carried out bv certain partied. It was i esolved that a silver key, bearing a suitaole inscription, should be presented to tae Mayor in commemoration of the transfer of the works to the Corporation.