ASHBURTON GAS COMPANY.

Ashburton Guardian, Volume IV, Issue 786, 6 November 1882, Page 2

ASHBURTON GAS COMPANY.

The Annual General Meeting of shareholders'in the above Company* Was held this afternoon at the Arcade Burnett street ; Mr Thos. Bullock in the chair.

The following is the report:—

Report for the year ending 30th Scptemer, 1882.—The directors congratulate the shareholders on the result of the operations for thepast year, and the continued financial success •f the Company, and recommend a reduction in the price of gas by allowing a further discount of lod per I,oooft, and by this means anticipate an increased consumption. The annexed statement of accounts show the profits to be Li,096 18s yd, which the directors recommend to be appropriated as follows:—Dividend of 10 per cent, per annum on paid-up capital ; LIOO to be added to reserve fund; Lsl 16s gd in liquidation of preliminary expenses ; LSO to be written off on account of depreciation ; balance, L 195 is lod to be carried forward. The retiring directors arc :• Messrs Quill, Friedlander, and Bullock, but are eligible for re-election. The auditors, Messrs Jameson and Zouch, retire in terms of Articles of Association, but are also eligible for re-election.' —T, Bullock, Chairman of Directors.

The following Balance-sheet was read:-! To Capital, 2,000 shares at £5 each (less uncalled, £3.000) £7,003 o o ~ Debts due by Company ... 407 4 • I ~ Bills payable ... ... " 108 11 8 ~ Reserve fund ... ... 15° O o ~ Profit and loss ... 1,096 18 7 £8,762 14 4 By Freehold property ... ... £BO2 14 'O ~ Plant and building ... ... 6,649 16 IO ~ Meters ... ... ... 653 7 6 ■ Office furniture ...' , r ; ;ir 10 6 ~ Preliminary expenses ... 151 Ip 9 “ Debts due to Company (less estimated discount for September, £lB 105... ... • 210 1 9 ~ Union Bank of Australia ... 109 7 o ~ Coals in stock ... ... 140 o o „ Coke and tar ... ... 34 0 0 rr ; . .£8,762.14 ,4 BALANCE-SHEET. To Coals £332 12 . 3 ~ Lime ... ... ... 28 12 :0 ~ Salaries and wages 5 10 7 < 4 „ Interest 53 12 ii „ Office expenses and petty cash ... ... ... 26 9 7 ~ Printing qnd advertising, ... ~i2 3 3 ~ Rate# and taxes ’ ■2B 1 2 ~ Balance 1,096 x 8 7 ' ■.) ■. —— £2,088 16 1 By Balance £*3s *3 j 7 „ rents for year . •.) ,e 5 j- t *54 9 \ 3 1 „ Residuals, (tar, etc.) ...” ‘7* 2 : 8 ~ Transfer fees ... O 18 O ~ Gas ... ... ... ... 1,818 3 6 ~ Sundries ... ... ... Ito o £2,088 17 1 RESERVE FUND. By Balance ... ... ... £l5O 0 0 The Chairman, in moving the adoption of the report and balance-sheet, said that he had to congratulate the shareholders on the flourishing condition of the Company, and he thought that the ten per cent, dividend was a. very, satisfactory one indeed, seeing that money had ‘ only been worth,seven until,vpry recently. During the past ’ year ’SO chains of three-inch mains had been laid, and 20 chains of service pipe, wfiile the consumption of gas was steadily increasing. . All things considered, he thought the price charged for gas was a reasonable one, and should the number of consumers increase at the rate they had been doing lately they would be able to further reduce the price of gas. The number of consumers was 92. He could not sit down without complimenting the manager bn tiHe energy and ability displayed by him in conducting the business of the company during the past-year,-and ihe secretary for the manner in which the books had been kept for the same period. He begged to move—“ That the report and balance-sheet as submitted be adopted.” Mr Thos. Quill seconded the motion, and in doing so endorsed the remarks that had fallen from the chairrpsm with reference 10 the manager and the secretary. The motion was carried unanimously. The retiring directors, Messrs Bullock, Friedlander, and Quill, were re-elected on the motion of Mr Douglas, seconded by Mr Orr.

The next business was the election of two auditors. A ballot was taken, there being four candidates, namely, Messrs Jameson, Zouch, Gundry, and J. 0. Duncan., The result of the ballot was that Messrs Jameson and Gundry were appointed. Mr Bullock proposed a vote of thanks to the secretary for his services during the past year; This was not a formal vote. Mr Ward had taken a deep interest in the affairs of the Company ever since it had been established.

The motion was seconded by Mr A. Orr.

Mr Ward briefly replied.

Mr R. Friedlander had pleasure in moving a vote of thanks to the manager, and, in doing so, paid that gentleman a high compliment. Mr Causey very briefly responded.

Mr Ward proposed a vote of thanks to the directors, which was also carried, and Mr Bullock having replied, a vote of thanks to the retiring auditors, and another -to the chair, terminated the proceedings.