GAS COMPANY.

Dominion, Volume 6, Issue 1675, 15 February 1913, Page 8

GAS COMPANY.

AMNUAL nEETINC. THE TREK TO MMAMAPv. Tho forty-third nnnual mcetiug of the Wellington Gas Company was held in tho company's ofiico, Courtenay Place, yesterday afternoon. Tho chair was occupied by Mr. David Nathan (chairman of directors), and there was a large attendance of shareholders. Mr. Nathan said:— "Ladies and gentlemen,—l have pleasure in presiding at the forty-third annual meeting of. tho company, which wo are holding in our own ofiico building, in a room wlilch has been specially fitted up for tho purpose of demonstrating cooking by gas. I trust that on tho conclusion of the meeting tho shareholders will be able to accompany tho directors to inspect tho now works at Jliramar, which have been in use since July 20, with good results both in tho quality and quantity of gas obtained. Owing to the various labour difficulties in Great Britain tho arrival of tho plant was greatly delayed, which postponed the completion of tho Miraraar works for several months, and provented their being brought into operation at the beginning of last winter! Tho management had consequently a very anxious time, and, for moro than a month before the mako of gas at the new works gavo relief, the works in the city were pushed to their utmost capacity. Tho now works consist, as you aro aware, of a unit designod to supply three-quarters of a million feet of gas in twenty-four hours, as compared with tho max'mum capacity of tho old works of about 1,125,000 feet per day; or, In other words, tho new works aro two-thirds the size of the'old ones.

"Tour directors will shortly havo to de-1 cfdo, from the results obtained from tho working of tho vertical retorts, whether it will not be moro economical to eroct a second carbonising unit at Miramar than to replace the city horizontal retorts as they wear out. If there were any immediate demand for tho purchaso of the Courtqnay Place works, such as for city, markets' (for which the buildings and situation aro suitable), or for warehouses, it undoubtedly would be the right polloy U> concentrate tho manufacturing on the new premises, and to dismantle the old works and dispose of the land. At tho value of tho land thus set free for disposal would moro'than cover the cost of the chango to Miramar, thero would not bo any call on the shareholders for fresh capital, ias the expenditure could bo easily met, by temporary loans. During tho past-year addi-tional-trunk mains havo been arranged for through the city to give ' larger supplies to those districts where the continued increase in demand has outgrown the capacity of tho old mains. The reticulation of tho Wadestown district is practically completed, and, as the Borough Councils of and Karori do not seem to be anxious to obtain tho advantages of gas for their outlying' districts, it would appear that thero is not likely to bo any large expenditure for main-lay-ing for--some..yearsr to come, except in respect to tho duplication of tho supply main from Miramar to' 'Wellington, which it may be deemed prudent and desirablo to 'ay when tho works are entirely removed to Miramar.

"I think 1 may congratulate the shareholders upon the fact that, when tho shares are fully paid up next month, a considerable timo will elapse before any demands are made on them for the raising of fresh 'capital. Though tho new works havo led to considerable economies in the amount of labour emp'oyed, these economies are to a large extent counterbalanced by tho increase in dividond that has to bo paid to you as representing tho expenditure on the plant requisite to-enable them .to bo made. The growth in the gas sales was, during tho past year,l's.B .per cent—bolng slightly greater than tho inereaso in the previous year. Tho.number of now connections made was 670, and over 800 gas cookers, woro fixed. The directors havo issued 72,401 . preforchco shares of '£1 each,. of which, I am pleased to state, employees took,up 1688, and, on the expiration-of the payment of calls by those employees, the directors agreed to issuo at par. to employees 677 more, preference shares, to be paid in instalments up to or before April 1914. Your directors are satisfied that it is to the benefit of tho company that its employees should have a personal finanoial interest in tho concern, and they proposo to hold tho unissued balance of the authorised 75.CC0 shares at the disposal of any employee desiring to take them up. The debentures issned in London in 1887 to tho extent, of £50,000 matured-on June 14 last, and woro duly repaid, thus relieving your properties of any liability, and ronilcring easier the disposal of tho proporty Hying between Oourtenay Place, Tory Street and Wakefield Street. '

. "Tho value of tho lands, buildings, plant, mains, meters, etc., appears this year as £421,408, as compared with £366,936 last year—the. increaee being £54,422, of which the sum of £42,512 is due to Miramar works, and tho balance to now mains, etc. A,-sum of £6264 has been expended out of revenuo on extensions and > rop'airs, and the usual allowances havo been made for depreciation of stocks.-' Tho cost of tho works and gas-holder at Miramar, as existing at,present, is about £116,000, inclusive of land. The directors have,placed a sum of £1250 as this year's contribution to a reserve for providing for the: resetting of carbonising plant, and for tho replacement of portibnsi of tho plant at Miramar that aro known to havo only a limited life; and have carried the sum of £SCCO to.tho, works extension reserve, which now stands in the balancesheet at £40,000. On the erection of tho second unit of tho plant at Miramar a largo portion of the city works, will becomo obsolete and valueless, and will havo to be written off, but the existence of tho worlt3 extension reserve will enable this obsolcscenco to bo provided' for without disturbing the company's finance. "The half-yearly dividend on the ordinary shares ihat is recommended to be paid will absorb £10,953, leaving a •■> sum of £21,277 to bo carried forward, bb compared with £21,266 last year. Though the amount carried forward is practically.' tho samo as last year, tho directors adhero to their previous policy—which has been several times placed before you at tho annual meetings— that the amount carried. forward should, if possible, bo increased until it is not less than ono year's dividend. This is desirable, -in their opinion, so as to provide funds to enable tho standard dividend of 10 per cent, per annum'to be paid oven if, through labour difficulties affecting tho coal supplies, that dividend should not be earned in any ono year. The amount of tho dividend on tho five per cent.preference shares, and on tho ' ordinary shares at ten per cent, per annum will, whon the ordinary shares arc fully paid up, absorb each year nearly £27,2501 Tho fact that a large sum'has been .carried ' forward towards meeting the annual dividend must have the effect of continuing the company's sharos in. future as a very eofo and steady form of investment that ought not to bo liable to serious Stock Exchange fluctuations. . "I desire to place on record," said Mr. Nathan; in concluding, "on behalf of the directors, their appreciation of the manner in which.tho cnginer (Mr. Daugall) with tho foreman (Mr. Ingerton) has e.irricd out the erection of the JHraa'nr work?. Tho bonrd. feeb certain that lb? shareholders will bo pleased to hear thnt the directors havo suitably recognised th?ir services." After reading tho auditors' certificate, Mr, Nathan moved tho adoption 'of tho report and balance-sheet, confirming the action of the directors in paving nn interim dividend of 5 per cent., and providing that a further dividend of 5 per cent, be made on tho paid-up ordinary share capital. The motion was passed without discussion.

Mr. A. B. Pearco and Dr. 0. P. Knight were rc-eloctcd directors without opposition. Dr. Knight, in returning thanks, said that when passing through Christrhnrch on Thursday ho had seen Mr. Bishop, of tho Christchurch Gas Company, who wished him (Dr. Knight) to congratulate the company on ita now works, and to wish them all success. ■

On the motion of Mr. J. Mowatt, MeseiN. Wilbcrfoss and Watkino wcro rc-clcotcd auditors at a remuneration of £60 each;

WOOL.HIDE & TALLOW SALES. Tha fortnightly wool,'hide, and tallow sales were held in Wellington yesterday, and the various brokers' reports are subjoined:— , , • Messrs...Dainty and Go., Ltd., report:Wc offcroi nn exceptionally largo ■■ catalogue of all clnsEes. Tlioro was a larger attendance of buyers than nrsual, and competition, especially for hides, was very animated.' Woo! and sheepskins fold at prjees on a. par with lost rale's rates, ond hides, owing to the .scarcity at present cxislinff, cold at exceptionally high prices'. Wool (fridges and bags): Halfbrcd, 10? d.; Crossbred. M. to 9*d.;, lambs, Cd. to led.; pieces, inferior, <Jd. to 6d.: pieces, good, 73d.; bellies, 6d. to 63d.; locks, 3Jd. to 4"d. ShcM-pGkine: Oro=sbreu. 7?d. to 8»d.; crossbred, damaged and inferior. M.'to 7<1.; lamb', 63d. to B<1.; hoggets. 6»d. to 73d.; half-wools. 7M.: aua.rter-wools, 6}d- to 7Jd.: pelts, 55d. to 6!d.; dead, 6M. to 7d.; salted skins, Is! sd. to 3s. each. Hide?: Ox. heavy, 9?d.i ox, medium, 9Jd. to 93d.; ox, Hunt, Bid. to 9.1(1.: ox, cut. and sljppy, 7Jd. to 7i!d.; cow. heavy, BJd. to 9!d.; cow, light, 7\il. to E3d.; cow, cut/ and slippy, 7Jd. to' yearling, 8 3-Bd. to 85d.: calf, good, Hid. to 123 d.; calf, Inferior, 6?d. to injd.; ho'rrs hldos. 5?. M. to 9s. each. Tallow: In tine.. 2te. 6<l. to 24=. 9d. per cwt.; in casks, 255. to 275. 9d. per owt.

Messrs. Abraham and Williams, Ltd., report as follows:—At our EOlo yesterday tlierc was a largo attendance of buyors. Wo offered a good oatnlpguo of oil closees of produce, for which competition was very keen. Hides met with n specially strong demand, reaching during the Ealos to tho high price of 10 3-Bd. per II). for a, nice lino of lioavv ox hides. Skins and wool also sold well, the former being about a, farthing higher than last sales. Bag wool: Fine crossbred, lCd.; rough croesbrcdj' Ed. to 83d.; dead wool and pieces, 7}d. to Bd.; pieces, 6d. to 6Jd.; lambs, Bd. to 81d.; locks, <3d. to 5d.; crutehings, 75d. Skins: Pino crossbred, 9d.; medium crossbred, Sid.; coarse orosßbred, Bd.; r.rocsbrodj, damaged, 7£d.; loaiba. 7&d. to 7»d.; inferior lambs,

6}d.; first, doadi 7d.: second, dead, 6d. to 6»d. : halt-woole. 71d.; quartor-woote, 6d.; short, inferior, 4d. to 6id.; salted pelts, 3s. Id is 4d., to 3s. lOd. Hides: Heavy ox, lOd*. to 101 d.; medium ox, 9Zd.; light ox, S 3-Bd. to 9gd.: decoloured ox, BJd. to 8W.,. sli-nnv ox. 7id.; medium cows, Bid.; (liseXurcd° wwl, fad. to Ml, dry hide*.. 7tf. to 73d.; yoarl ngs, 7d. to Bd.; best calf, lid. to 113a -damaged, 7Jd. to 91d. . Tallow: In shipnmg order, good, £27 10s. to £27 165.; In tC gooci; £24 10s. to £24'155.; inferior, £22; rough fat, £19.

Messrc Murray, Roberts and Co. roport: -Wo offered a catalogue of 7500 sheepskins 900 hides, and calfskins, besides a considerable quantity of wool in fadges and bags. There was a very largo ftt, tendance of buyers at the eale, and keen competition for ovcrything. Priora for hides wero higher than at any salo prcvioSlyrwliile sheepskins advanced fully >d per lb. Wo cleared everything in our cataloßue at prices which ehould bo very satisfactory to clients. Wool: Crossbred, medium to fine, 9d. to MM. per lh.rc.-oßS-bred, rough, boaree, Ed. to 9Jd. per lb.; crossbred, inferior, seedy, 7id Vj to Bd. per lb° latate, clean, 9d, to fb.; dinVy and seedy lambs, 7d. to.Bd. per lb.; fi and bellies,'4}d. to 7d. per !b. SheepK: Fine crossbred* and ha»breds, M. to Old ocr lb.; crossbrods. medium, 84. to 8 d pot lb.; crossbreds, coarse, 7Jd. to BJd. rir Tb! ; croc-sbreds. dead .and damaged, s?d. to 7d. per lb.; crossbreds quartcrir.inln 5Jd to 63d. per lb -: lambs, Cd. to d per ft ; pcltl (shorn), 4d to; Hd.'por lb.'; (salted), ls.'lOd. to 2s Od each: raited quarter-wools, 2s. lOd. to to. d. each. Hides: Heavy stout ox, 9Jd. to 9ju. ntr b -heavy 01. 9Jd. to 9 d. per lb.; ox Fmedium), 9d. to 9 3-Bd. per lb.: ox (light). 8?d to 9d per lb.; com, medium and heavy 83d to 9Sd. per lb.; cows, light, 8&T0 83d per lb.iTulls and stags, 6Jd.to'63d. per lb.; damaged and cut hides, 6>d to 8 3-Bd. per lb.; calfskins, best, Is. to Is 03d per lb.; calfskins, medium to mod lid to USd. W lb.: calfskins, dams' SW to m. per lb. Tallow: Casks, 27s to 2te. per cwt.; .tins, 245. to 255. per cwt. The New Zealand' Loan and Mercantile Awncy Co., Ltd., and Eoduced,' report as follows :-At yesterday's sale wo offered a fairlv large cataloguo. of, dump 7 and bag wool/ shoepskins- and hides, lluyers wero present from South Island, and also from Auckland. Wo have to report a good Eale, especially for hides, which sold- aV from ; ld. to.Jd. por'lb. bettor than at last sale. Sheepskins, were higher Id. per lb. Thero was a good demand for tallow and fat at Into Tatcs. Wool (dumps and bags): Crossbred, fleece, 81d. t0.92<1. per lb.; lambs, BSd. to 103 d.; lambs, seedy, 4d. to 7id., pieces and-bellies,-53d. to 7Jd.; locks and nieces, 43d..t0 5Jd.; orutohings,_6sd, tp..61f1.;, dead wool,-7d. to 9Jd.--. Shoepskma: Moriuo, 7d. to 85d.; halfbred,<and -.ftaa- crossbred, Bid. to 9d.; 'coarse orosebred,'73d. to Bd.; lambs, 7id. to 73d.; brokon and dead,,fuUwoolled, 5Jd. to 7}d.:' jolts, «d; to 7d.; medium crossbred, Bid. to ,83d". Hides: Ox, moclium, 9d. to 91d.; ox, o light, Bid to HA.; cow, medium, 81d. to 9d.; cow, light, 7id. to Bid.; cow, damaged, 6Jd. to, Bd.; calf, best, 12d. to 13Jd.: calf, medium, 9d. to 10d.; cilf, damaged,-65<h to BJd. TaUow: Good mixed, in casks, 275. 6d. to Zte. por owl.; medium, 255. to 265. 6d. per owt. lat; In tins and, boxes, 12c. to 255.,. ,' ,

Tho United Farmers' Co-operative Association, Ltd., and the Walrerapa I'flrmors Co-operativa Association, Ltd., .report an follow:— Fortnightly sales of wool, sheepskins, hides, calfskins, tallow, etc., wore held yesterday. Vfool: Medium crossbred, 9id. to IOJd.: inferior crossbred, sjd. to 91d.;'lambs, good, 9Jd. • to 1013.; lambs, soedy, 7d. to 7id. .-Sheepskins: OroESbrod, full-woollcd, BSd. to 9id.; crossbred,, shortwoollcd, 73d. to BW.; dead,. 6Jd. to> 7*d.i inferior and torn,' Ed. to 6d.;'pelts, 3jd, to 6id. Hides: Ox, heavy, Bd. to 9d.; ox, me--diura, 7Jd. to Bd.: cow, 7d. to Bid.i calfskins, 10d..t0 Is.; calfskins, out and slippy, 6d. to Bd. ■■■'!, Messrs. Levin and Co., Ltd., roport:-Wo offered 4500.sheepskins, 600 hides and calfskins; and a. auantily of tallow and horsehair. Wool sold at.lest quotations. Skim?: ■ The skin market advanced all round to tho extent of a halfpenny per lb. on best sorts. Halfbrcds and fine orossbreds. Bid. to 9id.; 'medium-, and. coarse crossbrcds, Bid.'to 85d.;- quarter to half-wools, 6d., to 7id.i dead ,skins, 51d. to 7|d. ; lamb skins, 6d. to 7}d.;. green pelts, 35.. 6d. to 4s. 3d.; Rrcen lamta? 3s.'. «.'.to 3s.' 9d. Tallow; Firm. Parcels, in'shipping order, £28 10s.; .tins, '£20 to £23 55.: rough fat, £18. Horsehair. Is. to Is. 10Jd. nor lb. _ Horns; js. to 16s. per hundred. Tails, Is. B|d. per dozen. Hides: Tho hide market showed an. advance of a penny on heavies, whilst medium and other weights showed an improvement of a-halfpenny to three-farth-ings per lb: We quote: Ox hides- (heavy), 9id to 10 3-Bd.i ox hides (medium), 9d. to 9 3-B™, ox hides (light), Bd. to 9ld.i cow hides, Bd. to 9Jd. : 'cut and dippy Ud«s, 64d. to 8Jd:; etas, and bull: hides, 6d. to 6Jd; yearlings, Bd. to 10|d.i cal , best, 12d to 131 d.; calf, medium, 101- to .120., calf, cut ani slippy. 6d. to Id.; hor e hides (heavy), Bs. 6d. to 12s. 6d.Khor£e hides (light), 6s. to 9s. ; , '.

The'report 0f... "The-Daily-'Telegraph NewspaporlCompany (Sydnoy) for 1912 shows a'flet profit'dfcloso uponi'.£6o,CCO, and an, available balance of £60,337. Thecal dividend of 121 per cent, has bonjdedared, but the bonus in-now sharos is-raised, to rather'over 133 por cent. -'The bonus will inereaso the pafld-up capital to£2SO,CCO. The assets include £233,570 in bank deposits, Government stock, sinking fund, caEh, and sharos in other "companies. Powers aro lobe taken to increase the nominal capital from £250,000 to £500,000, so as to bo ablo to continue the issuo of bonus sharos.i The directors have decided to erect now buildings upon the company's freehold at : the co'rnor of - King and. Chstlcroagn Streets, and it is proposed to occupy the now premises in anticipation of tho expiration of tho lea so of the. existing premises on ' March 31, 1916. .'■,'•

During the last eighteen months the South Australian Government produce,export department has - been negotiating, through the Trades Commissioner in Loudon,, to open- up.-a market .for South Australian frozen-meat, in Germany. Arrangements, havo now -been.' made,, for tho shipment of 1500, selected >hecp carcasses to be. sent to Germany by. tho produce department. Tho sample secured by the department is good, and it is expected to act capitally as an introduction .to tho German people. The half-yearly accounts of the Commercial Bank of Australia ehow:-Nct profit, £66,893: balance brought forward, £6226; total, £73,119. A dividend of 3 per cent was doclared on preference shares, £30,000 opproprlated for reinstatement of capital, £5000 in reduction of premises, and £6359 carried forward. _^__,

LAKESIDE Stud Farm, the home of Johanna 'Beauty Bell Piebe (imported), whose 20 nearest dams average 22 201b.' butter per 'week (officially). Sho gave between 1000 and 1200-gallons with Ist naif. /Her second calf (a very, flno bull) now weaned, is for sale. He is by Canary Paul Pobes Oak (imp.), the record butter bull, and is tho highest bred butter strain procurable in New Zealand to-day. Apply sharp. Car meets trains by nppointnicnt. Address A. J. Gallichan, Tiakitahuno.

THE NATIONAL , MUTUAL LIFE ASSOCIATION: OF AUS- '■•'■' TRALASIA.'-LIMiTEI);''p