Anextraordinary general meeting of this Company was held on Wednesday at the offices, 69, Kiangse Road. There wore present: Messrs. A, MeLood (Chairman) J. Cooper, W. D. Little, W. H. Poate (Directors), W. A. ©. Platt (Legal Adviser), N.E. Bryant, A. J. H. Carlill, V. Dent, J. N. Jameson, W. E. Leveson, Sanders, J. M. Young, and F. B. Pitcairn (Acting Secretary).
The notice convening the meeting was read.
The Chairman—I think you are all familiar with the negotiations, the somewhat prolonged negotiations I may say, that have been entered into between the Council and the Waterworks Company with regard to the new Agreement which was necessary for the reason that the original Agreement, dated as far back as 1881, bad become obsolete, and in many of its clauses practically unworkable, You have, I have no doubt, read the now Agreement entered into, and I think it is a subject for congratulation both by the Municipal Council and by the shareholders of this Gompany that this Agreement appears to have given satisfaction both to the Council and to the Company, J think you will all know that up to the present time the Waterworks Company has been working on its original capital. - We doomed that the most economical way of carrying on the business, and when the necessity of incrossing the capital arose we have worked on debentures which we have been able to place at five or six per cent, and have also employed all our The time has arrived, however, when it is impossible to go on on our very small capital of £144,000, and as our new Agreement: calls for the issue of 975 shares to the Municipal Council in lien of a. free water supply, it was necessary to call this extraordinary meeting to authorise an increase of our capital. At present, as I have said, our capital consists of 7,200 shares of £20 each, £144,000. In consequence of' our new Agreement with the Council we have to issue them 975 new shares and we propose -to issue altogether 9,150 new shares bringing the capital of the Company up to £327,000. It is proposed to issue to every shareholder, who wishes it, one new share for every share held: at present, at par. It will not be necessary to call up the whole amount at once, and as far us we can see, we shall have to make the following calls: on the allotment of the share, £5 on the Sist of March next or ther ire another £5 per share at about six months later, say the 31st of September, we shall ask for another £5; and' during the year 1907 final call "of "another £5 will be made, making a total of £20. We assume those as-about the times we-shal]
Text read from the printed page and cleaned; old type leaves the occasional error.