PHCENIX WATER COMPANY.

Tuapeka Times, Volume 1, Issue 41, 21 November 1868, Page 2

PHCENIX WATER COMPANY.

MEETING OF SHABEHOLDEBg. JSneeting of in the above Xfbinpany was held on Friday in the Secre^taiy's office, Lawrence. On the motfpnjof Dr.. Stewart, Mri Bastings was IcaUed1 caUed tqxm 1 to occupy the chair. 'Owing l^Jhe^want of accqmmpoation, the nieetadjourned to Commercial Assembly Rooms. The|Chairman then read the following :—: — " To theshareholders ' in the Phoenix Company,— We have the honour to report) that^Aer «iwep*rs durufg the last twelve months nas been most satisfactory, the demand for water having far exceeded the supply. During -ttarjtour, "dividends of 4b. each. "per. share were declared. T The "Lawrence" Directors, however, -Have to" regfetHhat the^tom^directQrjj. saw fit to. declare a . .dividend, as an immediate expenditure of JSBOO or £900 is required to bring a sufficient supply from Waipori. Until this : isdone, the income, of tile' Company must always be fluctuating; but when the propoßed^upply is obtained, we have no ( doubt this Company will own one o£~* the finest properties in the Province. Norwill the shareholders.alvne be benefitted, as a lasting boon will be conferred on the wh6le district, by keeping in employment a large number of .miners who, owing to the present deficient supply, aro kept idle half their time. " We have entered into an arrangement with the Corporation of Lawrence to furnish for a period of twenty-one yeara a stated quantity of water. "In conclusion, we suggest to the shareholders the desirability of impressing on the future Directors the necessity of taking immediate steps to procure a permanent supply of water from Waipori, for upon this depends the future success or failure of the Company. " We have the honour, &c, " Horace Bastings. (For self and the other Directors.)" BALANCE SHEET. NOV. 14, 1868. Total amount of water sold to date £1066 6 6 By Burvey expenses to date 580 18 7 „ Two dividens of 4s. each 400 0 0 £85 1 6 IINANCIAL STATEMENT. Oct. 21. To amount on hand 297 12 11 „ Owing for water 130 17 0 £428 9 11 By M. Mansfield 100 0 0 „ Dividend 200 0 0 „ Balance on laot dividend 2 16 0 „ Expenses 40 12 6 „ Balance 85 1 5 £428 9 11 We, the undersigned, having audited tho books of the above Company, hereby certify to the correctness of the statement. Alex. Abmtbong ) . ... C. H. Russell | A «ditort. Mr. M^oll asked what would be th© expense of bringing water from Waipori. Mr- Goldsmith stated the distance would, he believed, be about fifteen miles, and the Government would survey 4 the ground for nothing. The usual cost of such undertakings was from £40 to £50 per chain. It was agreed unanimously that the report and balance sheet should be adopted, leaving the new Directors to carry out the water scheme. Mr. Smith asked what were the amounts of the officials' salaries. His reason for asking this was because two Directors in Dunedin had taken it upon themselves to raise the Secretary's salary to £50. He considered Mr. Hayes art excellent and skilful Secretary, but he could not help thinking his services were rather dear. The Secretary asked permission from the Chairman to make a few remarks ; and the minutes of the Directors meeting at which the salary was raised having been read, he stated that he had undertaken the duties of Secretary only from a desire to benefit the Company, and with an express understanding that his salary should be raised as soon as possible. If it were the desire of the shareholders, he would return their books at once. Mr. Smith thought that if tenders were called for the performance of the work it might be done for £20. He would move — " In the opinion of the shareholders the Secretary's salary should not exceed £30 per annum." — Seconded by Dr. Stewart. Dr. Stewart asked on what authority the meetings were changed, from Dunodin to Lawrence. The minutes bearing on this point were * read, and the Doctor professed, himself satisfied. The following Board of Directors was. then elected : — Dr. Stewart, Messrs. Bastings, M'Coll, Jack (Dunedin), De Carle (Dunedin); and Messrs. Armstrong and Twigge were appointed Auditors for the ensuing year. With the usual vote of thanks to the Chairman the meeting broke up. ___^_____^_____