GAS COMPANY.

Globe, Volume VI, Issue 643, 11 July 1876, Page 3

GAS COMPANY.

A special general meeting of the shareholders of the Gas Company was held at the offices at 2 p.m. yesterday. Mr W. H. Lane occupied the chair. The first business was the consideration of the following resolution :—“ To distribute among the shareholders the funds to the credit of depreciation and reserve fund.” Also—“ To authorise the payment of an ad interim dividend, as recommended by resolution of the board of directors,” The chairman explained the reason that had induced the directors to recommend the adoption of the resolution, Mr Cowlishaw moved—“ That the amount at credit of the depreciation and reserve fund be distributed amongst the shareholders according to the amount paid up.” Mr T, Molleb seconded the motion, which was carried. In answer to a question, The chairman said that the amount at credit of these funds was £5700, which did not include the earnings of the half-year just concluded. It was usual to allow for this, but in this case it had not been done. The chairman said the next business was the confirmation of the declaration of a dividend, as recommendel by the board of directors. At a meeting held on the 27th of June the directors had recommended the declaration of an ad interim dividend at the rate of 7\ per cent, which required the confirmation of the shareholders to give it effect.

A motion, authorising the directors to declare an ad interim dividend of per cent, was then put and carried unanimously.

A second meeting was held at 2.30 p.m, to consider a special resolution for doubling the capital of the company by the issue of 4000 new shares, The chairman having read the advertisement convening the meeting, said they would all see the importance of doubling the capital of the company under the circumstances of the great advance of the city. The resolution would have to be confirmed at a meeting to be held not less than a month h6QGGi The Rev T. R. Fisher moved—* 1 That the capital of the company be doubled by the issue of four thousand new shares, such new shares to be offered to the present shareholders, share for share ; shares not accepted to bo submitted to public tender, and, in case of an inequality of tender, present shareholders to have the preference.” Mr Tipping seconded the motion. In reply to a question from Mr White, jun,, the chairman said he thought that he was expressing the unanimous opinion of the Board of directors when he said that they would not borrow money, but would rather use their own capital. [Hear, hear.] In reply to another question, The chairman said he did not think that it would be necessary to call up further capital for some time, though of course they did not know what extensions they would be called upon to carry out. In reply to Mr Money, The chairman said that the company intended to carry put extensions as they were required by the publie, and with a view of remunerative returns, whenever it would pay the company would extend their mains. Their policy, had been to move with tbe times, and this they intended to continue. Mr Money said he had heard of several complaints as tq the quality of the gas. Would the chairman say whether this was the case. The chairman said the new manager had tested the gas with the instruments in his possession, ana found that the gas used here was equal in power to the best gas used in London. It was sixteen-candle gas, but their manager had told them that the fault was with the burners. With the old burners now in use, the gas of eixtecn-candle power only gave eight illuminating power, so that the consumers only got half the amount of illuminating power that the gas supplied. The company were in hopes that they would bn able to have the improved gas burners shortly ready for supply throughout the city. The real fault lay with the burners, and the multiplication of burners to small pipes. The company would take care in future that they would not supply gas to houses in which the fittings had not been examined by the mat> ager, and were to his satisfaction. They would also take steps to supply the improved burners throughout the city. The consumers had been blaming the gas, whereas it was the burners, and the multiplication of burners to small pipes, which were the real causes. Mr Money said that he had thought it right to bring the matter forward, so as to enable the chairman to make an explanation.

The motion having been put and agreefi to, the meeting adjourned.