GAS COMPANY.

Globe, Volume XXIII, Issue 2307, 26 August 1881, Page 3

GAS COMPANY.

A special meeting of the shareholders of the above was held at 2 30 p.m. yesterday, for the purpose of authorising the directors to declare an interim dividend of 7 per cent, for the half-year. Mr J. Anderson occupied the chair.—The secretary (Mr C. W. Bishop) read the advertisement convening the meeting.— Mr Thomson moved —“ That the directors be authorised to pay an interim dividend of 7 per cent, on the paid-up capital of the company, payable on the Ist October.”—Mr Graham said he desired to ask as to the ways and means, so as to know out of what funds the dividend was to be paid.—The Chairman said that he had a resolution before the meeting which must be passed first. The directors had no desire to withhold any information from the shareholders at all, but the meeting had been called for a special purpose, which had been duly given notice of.—Mr J. B. Hill said that the eh arebolders were asked to authorise the director to declare a dividend of 7 per cent., but they should first know upon what figures the dividend was to be declared. — The Chairman be id that the accounts of the company had been before the shareholders only six months before, and it was usual, in declaring an interim dividend like this, to place confidence in the directors. However, he had nothing to conceal, and he would read the statement asked for by Mr Graham. It was as follows :—Credit balance in Bank, £1849 6s Id ; b''ls payable 27th September, £721 Is 2d ; 19th October, £lB6 11s 3d; total, £907 12s sd. Deposits withdrawable, 30th September, £IOCO ; 7th October, £200; 14th January, 1882, £SOO. Mr Graham asked whether it wrs the Intention of the directors so make a call on the unpaid capital.—The Chairman said that the directors would meet at the close of the present meeting, when the business of the company would be discussed, end the directors would decide upon the call.—Mr Graham asked whether ho should be allowed to move his resolution as given notice of by him, for a call of £1 per share on the unpaid capital.— Mr Oowlishaw objected to Mr Graham’s resolution being taken whilst another was before the meeting.—Mr Graham said ho should desire to ask the chairman whether his motion could be put.—Mr Oowlishaw contended that the motion of Mr Graham could not be put, as the rules of the company had not been complied with.—Mr Graham said he had given notice on the 15th August of his resolution to the manager of the company, Mr Bishop, before the meeting was called. Besides this, under the articles of association the shareholders had power to make spy call.—Mr Oowlishaw said, under rule 27 the regular notice of Mr Giaham had not been given. Mr Graham contended that, as on the 18th August he had given notice of his intention to move the resolutions mentioned in his circular, ha was entitled to move them now.—The Chairman ssid that tbc_ shareholders declared the dividends and the directors made the calls.—Mr Graham said the converse was the case under their rules. — Mr Oowlishaw asked the ruling of the chairman on the point whether the notice of the resolutions of Mr Graham, not having been given in the advertisement,under rule 27, could be entertained. —Mr R D. Thomas suggested that the meeting should be adjourned in order that due notice of the resolutions m ; ght be given. He should oppose any dividend being paid until they bad before them the full state of the company.—Mr Hill said that in his opinion it was the duty of the manager of the company to call his directors together, and inform them of the notice he had received. —Mr Oowlishaw said that it was the duty of any shareholder requiring a resolution or resolutions to be carried to advertise the same. (Oh, oh.) —Mr J. Qaald submitted that it was a most unusual course for shareholders to he obliged to advertise those resolutions of which notice had been given.—Mr R. D. Thomas moved —“That the meeting be adjourned until the resolutions given notice of by Mr Graham can be properly advertised.”—Mr G. Gould seconded the amendment. Mr Oowlishaw raid that this would not effect the object in view, asnothi _g but the original business could b taken —Mr Thomas spoke at some length on the matter, urging that.the directors should call up the capital.—Mr Blakiston said that he feu. one was in favor of calling up the capital.-—Mr Graham expressed his surprise at. the e:»r d taken by the directors in this matter. i.r>e Chairman said that the directors had kens every promise that they had made. Ho hit this, though not pledging the directors the- it was likely that a call would bo made. ; AtU-r some discussion, Mr Thomas withdrew b:e amendment, and simply moved the adjournment of the meeting till next day at 2.30 p.m., which was carried, and the meeting adjourned.