PHOENIX WATER COMPANY.

Tuapeka Times, Volume III, Issue 199, 23 November 1871, Page 4

PHOENIX WATER COMPANY.

The annual meeting of the Phoenix Water Company was held on Monday last in the Secretary's office. Peel-street The attendance was small. Mr. Chalmers occupied the chair. The minutes were read and confirmed. The financial statement and report were also read and adopted. The following ia the report : — To the Subscribers of the Phoenix Water Itace Company, G-enrlemen , — We have the honour to submit our annual report on the affairs of this Company for the past twelve months, One dividend of four shillings per share liaß been declared durhg the year, and, by reference to thefinamiil report of last year it 'will be found that the balance then due the Company for water has been reduced by £31. The supply of wafer has been good, but we regret to say that the demand has been very limited, and for the past six months has seemed still lessening. — so much so, that. wo considered it advisable to advertise for tenders from parties willing to lease the property from the Company for a term of years ; but we have refrained from taking any definite steps until the scheme should be submitted to the shareholders. Tlio financial statement shows a balance to the creiit of the Company at the Band of New South Wales of £112 18s. 2d. ; and the amount due for water, £52 18a. 6d., making a total credit of £165 16s. Bd. The manager reports the races, &c., in good repair, with a depth of 31ft. 7tn. of water in the reservoir at date. Horace Basting 3, ChairmaD, On behalf of the Directors. Lawrence, Nov. 18:h, 187 1From the financial statement we find that the amount received for water during the year, including the £50 from the Lawrence Corporation, waa £573 Is. Gd. The expensa of management, Ac, war, £267 16s. 2d., leaving the sum of £200 as a dividend.. The tenders for the leasing of the reservoir, &c, were then read as fqk

lows;— "W. Hayes. £250} "W. Oarr, £6 per week; W. Gascoigne, £470 for three year» ; W. Goldsmith, £200 a year. In reply to a question asked by Mr. Jamison, it was stated that the annual rent from the .Corporation was not included in these sums.

Mr. Jamison enquired if it would not be advisable to- vedu ce rate charged for water. By doing bo, some parties might be induced to work the cement.

Dr. Stewart said there was not as much water altogether as would keep one cement claim going. Mr. G-oldsmith, the manager, thought that at present it would not be advisable ; but about the new year time, he was of opinion, it would pay to do so, as several parties who were now tunnelling would then require a good supply.

Dr. Stewart said, the Company now had an income of £400 of an income, and the expenses amounted to £200. The question for the meeting to decide was whether it would not be better, under the circumstances, to lease the work, seeing they had an offer of £300 of an annual rent.

Mr. Bastings thought the present management could be considerably reduced. He was afraid, that by leasing the works a monopoly might be given to 0110 or two parties, to the prejudice of others.

In reply to a question, it was stated that the directors were allowed five shillings for each meeting. Mr. Jamison suggested giving it a three months' trial at a lower rate. The water would do more good if used thaii running to waste, as at present Mr. Bastings moved, "That the matter of letting the water be left with the directors, with the expressed wish of the retiring directors that if the present system of management can be carried on as cheaply as by letting the works, the same be done."

Seconded by Mr. O'Leary, and carried nem. con.

It was then proposed, seconded, and carried, ' That t'se retiring directors be re-elected." A vote of. thanks to the chairman closed the proceedings.