DUNEDIN GASLIGHT AND COKE COMPANY.

Otago Daily Times, Issue 181, 14 June 1862, Page 5

DUNEDIN GASLIGHT AND COKE COMPANY.

PANY. The provisional directors of this company met at their offices yesterday, to receive the report of progress in the undertaking. Messrs. John Cargill, chairman, Thomas Dick, J. Hyde Harris, Edwin Jones, and E. Be Carle, were present. Mr. Hutchison, the engineer, laid before the meeting detailed statements of the expenditure necessary for carrying out the intended works, and also an average account of !the income and expenditure to be derived from the operations of ths company. We extract the following items: — The construction account shows that the cost of the whole works, to enable the Company to commeuce their supply to the town, will be £14,523 los. 5.1. ; including the cost of land, necessary machinery, pipes, &s. The revenue is estip-iated as follows : From the sale of gas to 444 consumers, at an annual werage'bf £25 each, and fifty public lamps, and the sale of coke and other residual products, £14,26'S Os. 6d. yielding, after'deducting expenses, a dividend of 15 per rent., allowing in addition, upwards of £1000 to be applied either as a reserve fund or bonus. The reports of the Engineer and Secretary were read, aud- the following orders were made upon them:—

" That offices be taken for the Company's use in Switzer's Buildings, and furnished." " That a letter be addressed to the Town Board, requesting them to give the Company the sole right of opening the roads and footpaths for laying gas pipes, for the purposes of the Company, for the term of seven years." "That instructions be given to the Company's Solicitor to prepare the necessary deed of settlement, and to register the Company when necessary." And the Engineer was authorised to obtain forthwith a supply of gas pipes for immediate laying. The first allotment of shares was then made/and the directors resolved that a meeting for the second allotment should take place in the course of a few days.