EMPIRE GAS COMPANY.

New Zealand Times, Volume XXXI, Issue 4824, 7 September 1876, Page 2

EMPIRE GAS COMPANY.

A meeting of the shareholders of the Empire Gas Company was held last evening in the sideroom of the Odd Fellows' Hall. There was a large attendance, Mr. Thompson being elected to the chair, on the motion of Mr. J. Stewart. Mr. Best, assistant-secretary, having read the advertisement calling the meeting, the minutes of last meeting were read and confirmed. The Chairman directed the report of the provisional directors to be read. It was as follows : In accordance with the resolutions appointing us, and passed at your last meeting, we have now to report to you as follows : 1. That we carefully examined the statements prepared by the promoters of the company, and found that the estimates given as to cost of works, etc., were correct, and that great care appeared to have been exercised by them in the preparation of such statements. 2. That we issued the following prospectus to the public—[the prospectus has been already published]— the result of which has been that over 10,000 shares have been taken up, and we are decidedly of opinion that an active canvass of the city would result in the disposal of the balance of the first issue. 3. We would recommend that immediate steps be taken to obtain during the present session of Parliament the passing of a general Gas Act, whereby the local authority, viz., the Corporation of the city, or, if they should refuse, the Governor in Council, might authorise the construction of' gasworks by any person or persons, corporation or company, and that no final action as to ordering plant or material be taken by the directors until they have obtained the usual powers granted to gas companies by Act of Parliament. 4. We would recommend that the company be immediately incerporated UDder the provisions of the Joint Stock Companies Act, 1860, with the provisoes as to capital, &c, detailed hi the prospectus of the company. 6. We would recommend that the articles of association bo prepared forthwith, and that they should provide among other matters that the number of directors be nine, and that the qualification be not less than 100 shares in his own right. 6. We would further recommend that the officers of the company be as follows for the first year:—Directors— Messrs. J. E. Cattell.J. Danks, J. E. Hayes, J. Lockie, R. Miller, T. K. Maodonald, J. Pctford. W. S. M. Thompson, and James Stewart. Auditors —Messrs. S. Carroll and S. Waters. Solicitors—Messrs. Moorhouse and Stafford. Bankers—The Bank of New Zealand. In conclusion, we have to express our satisfaction at the very cordial support the matter has received from the public, and our conviction that energetic action alone is wanted to make the company not only a great boon to the citizens of Wellington, but a financial success to the shareholders. The Chairman thought it might be as well that the report should not be passed in its entirety at once, but that the clauses should be considered separately, as they contained several important matters that would be binding on the shareholders hereafter.

Mr. Chapman, in order to give rise to discission, formally moved that the report be received and its recommendations adopted. Seconded by Mr. T. K. Macdonald. Mr. Best then read the clauses seriatim. The Chairman thought the capital of the company too small, because in the event of the town largely increasing in extent it would be more difficult to make a new issue. It did not matter what the original capital was, it was simply a question of calling up the capital. Mr. lidßEiiT MILLAtt said the directors had thought it wise to allow the capital to remain as it had been brought before the public in the prospectus. If more capital were required, they could easily call a meeting of the shareholders and make arrangements for a new issue of shares.

Mr. Gbet thought the provisional directors should have afforded the shareholders more complete information aa to the probability of the Corporation taking over the Wellington Company's works, because he did not believe there was scope for two gas companies in Wellington. Mr. STEWABT waa of a totally contrary opinion ; the provisional directors had been appointed to do a certain work, which they had performed to the best of their ability. The Chairman pointed out that Mr. Grey could not justly look for explanation from the directorate on a matter outside the question they had been elected to consider and report upon. Mr. Machonald reminded Mr. Grey that by getting rid ef the report first, he would afterwards have an opportunity of addressing himself to the subject to which he had referred, and in regard to which he sought to obtain information. , In reply to a question, Mr. Macdonald stated that all the gentlemen whose names.his had read from a list as being eligible for office as directors were willing to be directors of the company. The motion of Mr. Chapman that the recommendations contained in the report be adopted was then put to the meeting, and carried nem. con. Mr. Hunt said that at first he had declined to have any connection with the present company, but having seen that the Corparation were attempting to burk private enterprise by taking over a declining business, to tlie detriment of the gas consumers of the city, he and his friends had determined to take shares

in the Empire Gas Consumers' Company. He> himself should take 100 shares. Some discussion ensued on a statement said to have been made by Mr. Mills in the City Council, to the effect that the estimates prepared by the promoters of this company had been made up from a table which he (Mr. Mills) had been possessed of. Air. Danes said that Mr. Mills had never seen the estimates until they were published, unless they were shown to him by Mr. Macdonald.

Mr. Macdonamj denied having shown Mr. Mills any papers in connection with the company, and took occasion to remark that ths persons who regarded this movement with disfavor contented themselves with stating that the estimates were "wrong," but did not go into details to show how they were wrong, though challenged to do so, thus showing themselves inoapable of proving their assertions to bo based on a groundwork of fact.

This concluded the business, and after a voteof thanks had been passed to the provisional directors and to the chairman, the meeting dispersed.