AUCKLAND GAS COMPANY.

Auckland Star, Volume XXXVI, Issue 31, 6 February 1905, Page 2

AUCKLAND GAS COMPANY.

The annual meeting of shareholders in the Auckland Gas Company was held to> day in the office of the company, Wyndham street. Mr. T. Buddie, chairman of directors, presided, and twenty-five shareholders were present. The annual report and balance-sheet were presented to shareholders as follows: The profit for the year is £31,925 16/, which leaves, after payment of the usual dividend, a balance of £6,254 1/. A sale of shares was made in March last, when 1097 shares were sold at an average of £13 15/3, and yielded £5485 paid-up capital, and £9611 12/4 premium capital. Professor Brown and Mr. John Brown retire from the board by rotation, and offer themselves for re-election. STATEMENTS OF ACCOUNT FOR THE YEAIt ENDED Slist DECEMBER, 1904. Capital Account.—To general expenditure to islst December, 1903, 0/2; freehold lands, unencumbered, j£l3,bOO ls/ti; expenditure during the yea* ended 31st December, ItKH, viz., new buildings and machinery iv extension of works, £21,193 10/; new and additional mains and services, £Bt>9s 'J./; new and additional meters, £2943 10/ i); land, Total, £387,067 1/5. By paid-up capital on shares at £5 each, £171,1-15; premium, capital, not carrying dividend, £Htj,blD 17/4; balance, £70,100 4/1. Total, £387,0G7 1/3. ltevouuc Account.—To manufacture of gas: Coals, £i!9,45S IS/0; purification, lncluding £1487 iy/7 for labour, £18U6 8/7; salaries of engineer, omcers, and clerks at works, £2281 19/8; wages (carbonizing), £658:2 9/1; repairs and maintenance of works aud plant, including £3031 10/5 for labour, £5491 10/3. To distribution of gas: liepair, maintenance, and renewal of mains auu service pipes, including £1067 19/8 for labour. £24l'U 1/9; salailes and wages ot officers uud rental clerks, including £1712 15/4 for labour, £4208 14/2; repairs and .renewals of meters .including labour, £357 5/J; repairs aud renewals of stoves, including labour, £591 12/7; pipes for gas ranges, Including labour, £2oti 19/10. To public lamps: Labour and material, £2448 O/lU. To rents, retea, and taxes, £3540 15/7. To management: Directors, £800; salaries of secretary, cashier, accountant and clerks, £2657 14/6; stationery, printing, advertising, and stamps, £716 ltJ/7; general cluugee, £1393 7/10; company's auditors, £62 10/; to law charges, £149 19/11; to bad debts. 10/8; to interest, £604 8/2. Total expenditure, £66,117 3/10. Balance carried to net revenue account, £32,925 16/. Totai, £98,042 19/10. By sale of gas, £77.294 17/6; public lighting (including gas supplied, extinguishing, cleaning, repairing, renewing, etc., lamps in city and suburus), £5164 6/11; residual products, £13,104 4/11; gas fittings, gas engines, gas ranges, nttings, etc., £2380 S»/2; rents receivable, £99 1/4. Total receipts, £98, 042 19/10.

Profit and Loss (.Net Uevenue Account). —Additions and alterations: Head office, Wyudhain-street. £2554 0/7; and dwelling hcuee at the wroks, Devonport, £232 1/3; removing portion of plant, etc., to the newworks, £952 18/10; balance of net proj*fs 31st December, 1904, £57,618 8/9. ToTal £61,337 15/6. Balance of net profits 31st December. 1903, £54,670 15/5; less dividend for half year ended 31st December, 11X13, £12,422 18/ti; less dividend for half year ended 30th June, 1904. £12,835 17/6; balance from revenue account No. 4, £31,----025 16/. Total, £61,337 10/0.

Reserve Fund. —Balance at credit of fund, £:»0,000.

Balance-sheet —'To reserve fund per account No. 7, depreciation fund per account Xo. C, £IU,WO; net revenue account for balance per account Xo. 5, £57,018 S/9: sundry tradesmen -aud others, £3872 7/11; deposits by consumers, £1243 2/1; temporary loans, £2b",355. Total, £119,058 1/89. By cash at bankers, £914 2/11;, debentures, pc raceount No. 7, £8500. Stores in hand: Coal, £S(SH> 7/7; residual products, £1731 S/6; fireclay goods, £ittl 9/11; gas fittings, gas ranges, and gas eugiuee, £6327 17/9; horses and carts, £448 8/; fHtlng department, £984 IS/6; sundry stores, £4247 5/. Accounts due to the company, £10.049 15/6; acrued Interest on debentures, £161; capital, balance per account No. 3, £79,106 4/L Total. £119,088 18/9. The accounts were audited by Messrs J. F. Buddie *nd A. W. Thomson, auditors. In moving the adoption of the report and balance-sheet the chairman said: "In bringing before the shareholders the forty-third annual report and bal-ance-sheet of the company, the directors have the pleasure of again calling attention to the continued growth of the company's business. The balance-sheet exhibits this in such detail and with such clearness that it is not necessary to dwell upon it at any length. The revenue, or working account, shows a balance of £31,925 16/. The items of expenditure under different headings are in some-cases more than last year, and. in others less—the total expenditure being £66,117 3/10, or £7009 2/5 in excess of last year. On the other hand, the revenue from sale of gas, public lighting and residual products, has been £6140 in excess of last year. The quantity of coal carbonized was 29,387 tons, being an increase of 2424 tons. Nearly twelve miles of new mains have been laid—the total length of mains now being over 185 miles. The increase in quantity of gas sold was 23,066,000 cubic feet, the total sale of gas for the year being 323,----584,000, while the sale of coke was increased by nearly 2000 tons. The cost of manufacture shows a slight increase, but this is to be accounted for by the fact that the work is being carried on partly at the old works arid partly at the new, and until we get altogether into the new works there will not be the saving in the cost , of manufacture which, no doubt, will then be attained.

"The new works are progressing very satisfactorily. Five settings of retorts are now completed, of which three are now in use, and eleven settinge are in conree of construction. We have every prospect of being able to remove into the new works in time for the winter of next year. The coal breaker and elevator have now been completed and are in operation, and it is intended to introduce stoking machinery. By these and similar methods we expect there will be a saving in the cost of manufacture of gas.

"I may inform you that for about two years gas has been supplied to consumers of 40,000 c.f. feet and upwards per month at 4/6 per 1000 cf, The directors anticipate being able to make further reductions in the near future.

"The item of £2534 for additions and alterations at head office represents the cost of the new building and alterations to the old one in Wyndham-street, which now constitute a very complete warehouse for the company's stock of goods, offices and show room in which gas fittings can be exhibited to advantage. "Re public lighting: There has been an increase of 123 lamps. There are now 1100 lamps in the city and suburbs. The amount charged for public lighting has been reduced to a very low price. "With reference to the subject of gas lighting, the superiority of incandescent gas Mghting over every competitor is being constantly demonstrated in the larger cities of the world. It was at one -finvs 'thought that the electric light would supersede every other. That expectation has not been realised, and, owing to the invention of the incandescent mantle, gas more than holds its own in the large cities of the world. In London, for instance, it is found that the use of gas light as compared with electric light is ub twelve to one, there being 74,938 gas to 6159 electric lamps. Berlin anil Paris show results even more favourahlo to gas, Berlin having only 088 electric and 23,215 gas. In Paris there are 1919 electric and 51,840 gas lamps. The proportion of gas to electrio in Berlin in as 83 to 1, and Paris 27 to 1, and the renson g<ven by those in authority in three of the greatest cities in the world is because gas is more economical in cost and more diffu-

sive and efficient in effect; in other words, both cheaper and better. "Devonport.—The growth of this district durinsj the past five years has •been so much beyond the most sanguine expectations that during last winter the Company's engineer found it extremely difficult to supply the demand for gas with satisfaction to the consumers. By means, however, of increasing the size of the mains the difficulty was remedied to'some extent temporarily, but the directors have found it necessary to face the necessity of providing a larger holder to meet the wants of this important and increasing suburb, and this work will be accomplished iv time for next winter's supply. The question of extending the mains to Lake Takapuna has occupied the attention of your Board, but no decision has vet been arrived at.

"Incandescent Lighting.—The sale of Welsbach Burners has reached 25,297, being an increase of 4772. Other patterns of incandescent mantles are also supplied by tradesmen in the town.

"On capital account the expenditure has been: New buildings and machinery, £21,193 10/; new mains, £8695 2/; new and additional meters, £2943 10/9. "In March last tenders were invited for shares, and 1097 were allotted to tenderers at an average price of £13 15/3.

"The directors contemplate raising more capital shortly.

"The share capital has been increased by £5455 by sale of shares, and now stands at £171,145. The premium capital stands at £116,815, showing an increase of £9611. The amount expended beyond the proceeds of shares was £ 17.930.

"The loyal interest in the welfare of the Company constantly displayed by the whole staff has contributed largely to its success, and the thanks of the shareholders are due to them."

Mr J. McLachlan seconded, and the motion was unanimously adopted without discussion.

Mr Buddie next moved the re-election of Professor F. D. Brown and Mr John Brown to the directorate, no other shareholders having been nominated. This was seconded by Mr J. Calnan, and carried unanimously. The chairman next moved that a dividend of 7/6 for the half-year ended December 31, 1904, be declared. Mr Peacock seconded, and the motion was carried, the chairman announcing that the dividend would be payable to-morrow. Professor Brown returned thanks for the confidence displayed in him, and trusted that during the next three years the company would be.as successful as during the past three years. He had very little doubt indeed that that would be the case.

Mr John Brown also returned thanks for his re-election. So far as could, he would do his best to advance th e interests of the company. Mr Calnan moved, and Mr Dingwall seconded, the reappointment of Messrs J. F. Buddie and A. W. Thompson as auditors at the same remuneration as last year. This was unanimously agreed to. Mr Wm. Culpan moved a hearty vote of thanks to the directors. This was carried unanimously, and a vote of thanks was carried to the staff of the company for their services during the past year. Mr Buddie returned thajiks on behalf of the directors, and Mr Parsons on behalf of the staff.