ASHBURTON GAS, COAL AND COKE COMPANY, LIMITED.

Ashburton Guardian, Volume VII, Issue VII, 20 November 1889, Page 2

ASHBURTON GAS, COAL AND COKE COMPANY, LIMITED.

Tbe annual general moating of the Aahburton Gas, Coal and Oolce Oompany was held at the Arcade Chambers yeatetday afternoon, the Chairman ot the Board of Directors, Mr T. Bullock, presiding. BEPORT AND BALANCE EHEET. The repori and balauoa aheet were taken as rend, The report was as follows ; — The lowering of the prloe of gas, which was roferred to at the loat general meetIng, baa cauoed » considerable falling off m receipts. It was thought there would have been an inoreasa m tbe ooDßumpilon, bat this has not bean realised; In maintaining the efficiency of the plan*, and buildings, rather more than usual ha • boon expended m renewal of retorts, robu iding wklls around same, and othor ro,<ilra. Tbe profit and loss aooount abows a c-odit balance of £650 110 3d, wh'ci your dictators recommend shall be appropriated as follows : — The payment of * dividend of 6 per oont on the paid up capital, whioh' will absorb £480, and the bata&oe, £170 110 3d carried forward. Messrs li. Ftiediander and T. Bullook are the Directors who now retire by rotation, In aooordanoe with tbe articles of association, and the/ offer tbemi«lvea for re-eleotion, Tno auditor, Me G. Jameson, rotirea, and also offers himself fov re-eieotlon. Tbe Ohalrmin moved the adop ion of the report aud balance sheet. He waa sorry that the dividend was not groat r khan 6 per oent. They would renumber thftt at tbe last annual meeting it had been decided to reduce tha prioe of gas, and It had been hoped that a lacge increase In the oonsumptlou wonld be the result, but he was sorry to hava to say that thli expectation hid not been realised. Daring the year alao a larger expenditure than usual had been entailed by repairs, the retorts had to be renewed A' JL-haftVy— expense, but, iLit wan »q outlay whioh might reasonably be expected not to reouc for some time, From onreful oonßlderttlon he bad come *to tbe conolualon that the abarehjldsM Deed not expect In the future each high dividends Bfl bad been paid them la years gone past. He bed notlood that iv other towns determined efforts to lower tho prloa of gfts had boon made, the companies being threateaod with opposition by tho eleotrlo light. They bad not Buffered to the same extent aa thece companies, bat there was one matter m whioh they were at a disadvantage* B*ing situated so far Inland the cost of carriage of con's- was very heavy, and they had to pay muoh more under this bond than any other Oompany In New Zealand, Me It, Friedlander uooonded the adoption of the report and balance-sheet. The motion was carried. •IVIDEND. Mr H. Frlodluuder formally moved that tha dividend ric^moiendod by tho dlrea tors m thole report ba p*id a*; the duo date, He regretted that tbe dividend was so small, aa he did not think that G per oent wan an adequate return to the shareholders for the Investment of their money It would ba for the directors to cUvlae some means by whioh the dividend might ba Increased next year, as it was only fair that thoie who invested their money should get a fair rotqrn for it). The price of gas had been reduood last year m the expectation of m inoreasa;! consumption, and aoalng that their hope had not been realised, he thought thrro was ample justification for ravartlng to tho old tariff. &> was only speaking for himself, he did □ot know what the views of the other shareholders were, but he would urge the matter on tha directors consideration. Mr Oawsey seconded the motion for the payment of tho dividend, if a thought that liqw tha piloe liad Wen seduced U would bo a pity to revert to tho oldohargolf If It oould boavolded. He would undertake that there would be at least an Increase of one per oent m the dividend next year, He found that tha raduotfon of price had resulted ia a loss of £190, aqual to about 2$ per oeat. There had'been an, increase lu-' tbo oouaumptjon of 30,000, foet during the year, but' one of 'theic largaat oqatoraora ha^d eqonoxnttied, to the extent of 35,Q0Q feet, or Jnoroase woqld have been more ptonouqocd. By cutting off a number of no* unused ee'vloes, setting the retorts on an entirely now ""'ncipie ™ l ™ 2 b*^r 6laa« of coal, and'effeotlng sther economies In management, he expootoi to make ft Baying on the ooat of working this year, and fio w,as prepared to guarantee that the dividend woqld be looreaaed by at leapt one per qsnt. recently they had bad toput up with m inferior class of coal, and this had rendered tholr Urns aoopant alone qi very aonslderable Item, They were now mlng Ooal Pit Heath coul, which was n muob inperior coal for gas maklnfl! D«>- nnHfl - th«n khecoal they had psovionalVu^T & -h M ?™U Ug f B fi? lm ,f. d oat lhttt lt wm not it' i ° f J ho d » ro °'ora that inferior '?»! had sometimes been need. They had il ways paid the highest price ; but a bod trtiqle w»p notf then palmtd off on ihem. The motion was adopted. nrifIOTOBS. Mesera K. Friedlander and T. Bullock, he retiring directors, wore re-eleoted. AUDITOB, Mr G. Jameson waa re-elected auditor. COMPLIMENTARY. ; Votoa of thauke to tfco directors, «he Qanager (Mr Oawsoy), the secretary (Mr i Yard), and the chair oonoluded the < irocoedlngi* j