AUCKLAND GAS COMPANY.

Thames Guardian and Mining Record, Volume I, Issue 95, 29 January 1872, Page 3

AUCKLAND GAS COMPANY.

Tiie half-yearly meeting of shareholders in the Auckland Gas Company was held yesterday, in the Board-room. F. Whitaker, Esq., occupied the chair, and stated that the half-yearly meetings were usually held simply for the purpose of showing, by a statement of accounts, the ability of the company to pay a dividend out of the profits of the half-year. It was not customary to bring up a report at these meetings, but, as the directors on this occasion did not feel justified, from the state of accounts, in paying so large a dividend as usual, they thought it better to explain by a short report their reasons for not doing so. He hoped that at their next meeting they would he able to pay a larger dividend, and believed such would be the case. The company’s business had always been carried out upon thoroughly safe principles, and the directors did not care to pay more than the profits would justify them in doing, leaving the company in a good position to meet current expenses. He then called upon the secretary to read the directors’ report, which was as follows :—“ The directors submit to the shareholders a statement showing the result of the company’s business during the half-year ended 31st December, 1871. With the balance of £2,079 Is lOd. brought on from the last half-year, there is available the sum of £1,794 18s lid for dividend, which will leave a balance of £309 10s lid to bo carried on to the next half-year. It will be observed that there has been a considerable falling off in the company’s income, arising for the most part from the reduction in the price of gas. The consumption also has not maintained its prior steady increase. In the months of November and December, 1871, as compared with November and December, 1870, there has been a failing off of nearly 4 per cent. Under the circumstances, the directors do not feel justified in recommending a larger interim dividend than 5 per cent, for the half-year, but they hope at the annual meeting in July next to be able to show such a state of affairs as will enable them to excuse the rate of dividend for the year. The Interim balance-sheet was also read.—On the motion of the Chairman, seconded by Mr T. Macifarkme, the report and balance-sheet were adopted.— This was all the business.—' ros-s.