CHRISTCHURCH GAS COMPANY

Press, Volume LX, Issue 11501, 6 February 1903, Page 5

CHRISTCHURCH GAS COMPANY

ANNUAL MEETING.

The thirty-ninth, annual general meeting of the Chrietehurch Gas, Coal and Uoke Company, Limited, tv held yesterday afternoon. There were seventeen shareholders present, and Mr G. G. Stead, chairman of directors, presided. The annual report stated that the directors announced with regret the death of the late chairman, Mr E. G. Wright, who had been connected with the Company from its inception, and who had occupied the position of chairman of directors for twenty-five years. Hfs experience and. practical knowledge were of great service to the Company, and the shareholders lost in him a valuable director. Mr G. U. Stead had been elected to succeed him ac chairman. The accounts for" 1902 continued to show a steady progress. There were 94± miles of mains in use, being an increase during the year of miles. All the suburban municipalities had entered into new contracts for tiie public lighting and Liverpool lanterns, fitted with Welebach burners, had replaced mwst of the old lamps with satisfactory results. The use of Welsbach burners continued to increase, 3200 having been fixed by the Company during the year. The new holder was completed in time for the winter consumption, and was working (satisfactorily. The completion of the Company's new offices and show rooms had enabled the directors to concentrate the business, to dispose of the Gloucester street property, and to dispense with the Colombo street show room. The erection of new workshops would be proceeded with shortly, and these, when completed, would be most convenient, both for the public and the Company's operations. Further capital had had to be provided consequent on the expansion of the Company's business, and £25,000 of 5 per cent, debentures (less income or land tax) had been issued. These iiad been offered to shareholders only, ancrhad been subscribed for three times over. The balance to the credit of the profit and loss account for the year, including the sum of £1652 5s 3d brought forward, amounted to £14,120 5s Bd. In July an interim dividend of 5 per cent, had been declared, and the directors recommended the payment oi a further dividend of 5 per cent., making 10 per cent, for the year, and leaving a balance of £2120 5s 8d to be carried forward. Mr Joseph Gould W been appointed a director in the place of the late Mr E. G. Wright, and the retiring directors, who offered themselves for re-election, were Messrs J. Gould and G. G. Stead. The report and balance-sheet were taken as read. The Chairman said: — " Since the last annual meeting the hand of death has pressed heavily upon the Company, as two old and valued directors, in the late Messrs E. G. Wright and W. H. Lane, have gone to their long rest. Mr Wright was associated with the Company from its inception, as he .was appointed engineer in 1863, which position he retained until he became a director in 3871. In 1877 he was elected chairman, a position he held until his d«»th in August last. Mr Lane became r director in 1866, and in the following year was elected chairman, and he retained this position until 1877. He subsequently left for England, and after his return rejoined the Board, of which he waa a member until his lamented death this week. The death of two euch experienced directors ip an almost irreparable loss, and I am sure that shareholders will join in sympathising with the families in their cad bereavement.

"Before moving the adoption of the report and balance-sheet, I desire to congratulate the shareholders on being able tc meet in their new premieee. It may interest you to learn that the total cost of the cite, offices, show rooms and workshop will be some £9500, but aa the old premises in Gloucester street have been sold for £3200, the net cost will be £6300. Against this, however, we save the rent of £200 per annum, <whkh we recently paid for the show Tooma in Colombo etreet, and as we now have ample office accommodation, together with epacious show rooms and an excellent workshop, all conveniently situated on one site, and under the control of the secretary, I feel sure that the shareholders will ap-

predate the advantages of this comparatively speaking, small outlay. "It may further interest the shareholders if I quote a few figures as an indication of the progress of the Company during the past twenty years: — ha . ■S "J? la •s&go. o ,_ „ o ass 1882 ... 44,926,500 41 1749 243 1892 ... 64,644,000 62. 2841 670 1902 ... 120,687,900 94* 4940 725 "The rapidity with which the Welshach system has heen adopted of late for lighting shops and residences in Christchurch

and the suburbe is very marked. Between 1894 and 1897 only 1371 Welsbach burners ■were fixed, but by the 31ut December of last year thte number has increased to 14,642, and when the price of mantles falls end the durability is increased, -which "w* are confidently looking forward to in the near future, there can be little doubt that the use of theee excellent burners will become universal. The city of Christchurch and all the neighbouring municipalities have contracts current with us for public lighting. In each case in consideration of a eeven years' contract, we undertook to replace tho old pattern lanterns with Bellamy's patent Liverpool lanterns at the Company's cost, with the result that the city of Christchurch and the suburban Boroughs, as ie now universally acknowledged, and especially by visitors from Wellington, are better lighted than any other towne in the colony. " Shareholders are aware that during last year the Company iseued £23,000 of 5 per cent, debenture's (less income or land tax). This additional capital was required to pay for the extensive additions to the public mains, etc., and to pay for the new gas-holder recently erected at the works. The whole of this £25,000 for additions and improvements wae spent for labour and material during the past year, and the bulk of it was distributed locally. On looking through the wages sheet I note the following sums have been disbureed for wapes and salaries: —1882, £4725 I7e; 1892, £6646 14e Sd; 1902, £13,077 13s sd, and the coal carbonized has been ac follows:—1882, 4425 tons; 1892, 6150 tone; 1902. 11,512 tons. j " But what perbapaws of greater interest is the steady reduction in the price of gas, as shown by the following figures: — 1882, net rate for lighting and for power purposes, lie 8d per 1000 feet; 1892, net rate for lighting and for power purposes, 7s 6d per 1000 feet; 1902, net rate tor lighting purposes, 6a 3d per 1000 feet; net rate for power purpoees, 4s 6d per 1000 feet. It is true that the price of gas in Auckland and Wellington is somewhat lower than in Chriatcuuroh, but it must not be forgotten that these towns are practically seaport*, and consequently the Gas Companies there have no inland railage to pay on the coal they consume. The Christchurch Gas Company pays rather over £2000 per annum for rail oharges. -We frequently hear the cost of gas lighting for domestic purposea compered with the cost of electric lighting for the same purpose. It is, therefore, interesting to compare the cost of the incandescent gas lamps used in Christchurch with the cost of the incandescent electric lamps used in Wellington, based upon the current rates of 6e 3d per 1000 feet of gas and for a Board of Trade unit of electricity: — Christohuroh—2so incandescent gas lamps with W«i*bach burner* each giving a light equal to 70 candle* and each* consuming 4ft of gas, or a total of 1000 ft, cost per hour with gas at 6s 3d per 1000 ft, 6s 3d. Wellington—2so jncMMieecent electric lampe each giving a light of 32 candle*, and each consuming 128 Watte of electricity,'or a total of 32 unite, cost jwr hour vith

candesotat gas lamps in Chratchurcb cost 6s 3d per hour, and give double tbe light as compared with 250 incandescent 32 candle power electric lamps which cost 17e 4d per bour in Wellington. These figures speak for themselves, and clearly prove that' gas ie a cheaper illuminant than electricity, on current prices. "Before concluding, I may mention that the gas engineers in England and Europe are making constant improvements in the quality and light producing power of gae burners, with the result that we may confidently look forward to progress in the future in gas lighting appliances, at least jquiil to the progress in the pu«t. "I now beg to move the adoption of tihe report and ibalance-dieet." Mr P. Campbell seconded 'the motion, w-hich was unanimously agreed to. On tbe motion of Mr P. Campbell, seconded by Mr H. Forward, the directors were authorised to pay a dividend in accordance with the recommendation in the report.

Mr R. F. Holderness moved, Mr T. Ker seconded, and rt woe agreed—'That Messrs J. Gould and G. G. Steed be elected directors. ,.

Messrs B. H. Burns ajid W. J. Moore were auditors. Mr A. Oarrick moved, and Mr J. J. Thomson seconded, a vote of thanks to the directors and the etaif. The Chairman, on behalf of the directors and the btaff, expressed their thanks for the confidence in them expressed by t<h« shareholders. He could assure them that

all the directors had the interest of the Company at heart, and the efforts of the staff, perhaps even more than those of the directors, had been displayed in the interests of sharehoiilders. He was connected with several companies in Canterbury, and he had never had to work with a staff more earnest in their endeavours to serve the shareholders' interest in every way. The results, as shown by the balance -sheet, must indicate that tlieix efforts had been succeraful. Their secretary, in particular, had been more than usually energetic. The work in connection with ■the new premises and the removal into them had entailed extra. work upon him, but despite extra work he had kept the current work up to date, and had never been an hour behind. He was sure 01.l appreciated Mr Bishop's services, and he took the opportunity of mentioning thatfls he was about to be married, the directors had arranged to give liim a well-earned , holiday. He was sure all would wish him "God speed." Mr Bishop thanked the Chairman for his kindly references to the staff, and expressed his appreciation of his kind remarks respecting himself. This concluded the business. After the meeting a number of the shareholders looked over the Company's new show-rooms.