CHRISTCHURCH GAS COMPANY.

Globe, Volume XXII, Issue 2024, 19 August 1880, Page 2

CHRISTCHURCH GAS COMPANY.

A special meeting of the shareholders of the above company was held at 2.30 p.m. today. In the absence of Mr E. G. Wright, chairman of directors, Ur John Anderson took the chair.

The Chairman then called upon the secretary to read the advertisement convening the meeting. Mr C. W. Bishop, the secretary of the company, then read the advertisement convening the meeting. The Chairman said as they would gather from the advertisement their duties that day were light, and also of an agreeable nature. He would ask some gentleman to move a resolution.

Mr Lewis moved—“ That the directors be authorised to declare a dividend of 7 per cent, on the paid up capital for the half-ye-»r.” Mr Graham seconded the motion, and asked whether the chairman would state the amount of money on deposit with the company. He desired to point out that the effect of this was that the £2 shareholders had hanging over them the liability of the deposits, whilst only participating in a small degree in the dividend. The £lO shareholder, though taking the dividend, did not participate in that liability, and he thought another call or calls should be made.

The Chairman raid that the meeting had been specially calied for a certain purpose, viz., declaring a dividend, and he did not think that ho was entitled, whilst wishing to afford every information to the shareholders at that meeting, to give the information required by Mr Graham. Mr Tancred thought that it was perhaps necessary for the meeting to declare a dividend to know what the company had on deposit. After some remarks, Ur Bishop stated that approximately the company had £2-1,000 on deposit, inclusive of the £15,000 borrowed from the Permanent Investment Association. Mr Graham trusted the directors would consider at an early date the propriety of making other calls. The Chairman said the matter would no doubt receive the early attention of the directors.

The motion was then put and carried unanimously. The Chairman said he had to congratulate the shareholders on the success of the company, and the pleasant fact that they were enabled to call them together that day to receive a dividend of 7 per cent, on the half year. The proceedings terminated with a vote of thanks to the chairman.