MEETING OF THE WELLINGTON GAS COMPANY (LIMITED).

New Zealand Times, Volume XXXIV, Issue 5662, 23 May 1879, Page 7

MEETING OF THE WELLINGTON GAS COMPANY (LIMITED).

An./extraordinary meeting of the shareholders of the Wellington Gas Company was held on Thursday, May Bth, in the Chamber of Commerce. Mr. Kbuli. occupied the chair, and stated the only business before the meeting was to consider the following resolution: — “ That the directors shall be at liberty if they shall think fit-to offer to the present members of the company the whole or any part of the 5000 new shares authorised to be issued by them, and such of the said shares as shall be accepted and taken up shall be deemed to be shares upon which £4 per share has been paid up.” In reference to the resolution, Mr. Krull said that at the last meeting of the shareholders they had given the matter a great deal of consideration. They had liabilities to meet, and they saw no other way of getting over the difficulty except by passing the resolution now before the meeting. The £15,000 the company had borrowed was not a sufficient sum to carry out the necessary requirements of the company. The gas works he considered were getting on at a really marvellous rate. The new works, when completed, would be able to issue 300,000 cubic feet of gas daily. The works as they are at present constructed turn out 170,000 ft. In April, 1878, the consumption of gas was 2,551,700 ft.; in 1879 it was 3,413,500. This consumption had only been increased during the months of July and August, 1878, while Parliament was sitting, by 200,000 ft. During April, 1879, the private accounts amounted to £ll6O, and the Government accounts, £l2O. On Saturday the 26th April, 150,000 feet were consumed, being the largest quantity ever since the establishment of the gas works. It would therefore be seen that from April, 1873, to the corresponding month, 1879, there had been an increase in the consumption by a million feet. Every month they had notices for thirty or forty new applications to have gas laid on. Therefore the directors felt it their duty to press the present resolution so as to carry out the necessary extension in connection with the works. If the company go on in the future as they had in the past they would very shortly be able to reduce the price of gas very considerably. There was no company in New Zealand, Mr. Krull said, that had better prospects before, them. The services in use in December, 1878, were 1235, and in April, 1879, 1370, being an increase during the four months of 135. Of course they were more careful now in laying down new mains than they were formerly on account of the increasing applications for gas. There was , a good stock of mains on hand. ■ He hoped that every shareholder would look at the resolution in the proper light, and take up shares. Mr. Keull then moved the adoption of the resolution. The Hon. J. C. PHAEiZTN seconded the resolution. : The Hon. J. Johnston thought that dunng the present depressed state of affairs it would be inopportune to pass such a resolution. He would move as an amendment that the discussion on the resolution be adjourned for three months. Mr. Levin seconded the amendment pro forma. • , Mr. Kjujlx, again urged upon those present

the desirability of having the resolution carried. Xf Mr. Johnston's amendment was carried, it would be very detrimental to the progress of the gas works. The Hon. Mr. Johnston : What amount of money would it take to pay the 15 per cent, from the shareholders ? The Chairman : £5700. Ultimately the motion was carried almost unanimously. This concluded the business.