NAPIER GAS COMPANY.

Daily Telegraph (Napier), Issue 2996, 1 February 1881, Page 3

NAPIER GAS COMPANY.

Half-yearly Meeting.

The ordinary half-yearly meeting of this company was held at the Criterion Hotel this morning. Mr H. S. Tiffen in the chair. MINUTES. The minutes of the last meeting were read. Mr J. N.Wilson objected to the last paragraph in the minutes, which stated that the usual vote of thanks was not passed to the chairman. He thought that ought to have been omitted, and moved that it be expunged. The motion was seconded by Mr J. A. Smith. Mr Kaowles moved " That the minutes as read be passed." Seconded by Mr Oliver. The amendment was carried. The secretary then read the following report and financial statement: — Report. Your directors, in submitting the accounts for tbe second half of tho 7th year, have to congratulate shareholders on the financial condition of tbe company. The 36 shares that were allotted at the end of last half-year have been disposed of at a premium. It is recommended that a dividend at the rate of 15 per cent, per annum for the halfyear, ending 31st December last, be declared; payable at the office of the company on and after the 7th February instant; this -will absorb £1125, leaving a balance of £804 4s to be carried forward. Your directors, considering that the returns of the company warrant them in making an additional reduction in the price of gas, intend at an early date to allow a further discount of 5 per cent., which it is trusted will increase the use of gas both for lighting and cooking purposes. Your directors recommend that the capital of the company be increased by £5000, by the issue of 500 new shares to the present shareholders, to be allotted pro rata at par. That £1 per share be paid on allotment, and further calls, not exceeding £1 per share, at intervals of not less that 6 months, with notice of not less than 3 months be made from time to time as there may appear to be openings for profitable extension of the works. Owing to the retirement of Messrs Wardrop and Tuxfovd from tho directorate, Messrs Hitchings and Grubb have been elected to seats on the board. Messrs Knowles and Oliver aro tho retiring directors, and are eligible and offer themselves for re-election. H. S. Tiffen, Acting Chairman of Directors. Napier, 21st January, 1881. Accounts op the above Company for ] Haxf-YeAB ENDING 31ST DECEMBER, 1880. CAPITAL ACCOUNT. Dr. £ s. d. To Capital on 1500 shares at £10 each 15000 0 0 „ Expenditure in excess of Capital 344 1 0 Total ... £15344 1 0 Cr. £ s. d. By Land 323 8 0 „ Plant 14970 12 0 „ Office Furniture 50 1 0 Total ... £15344 1 0 BALANCE SHEET. Liabilities £ s. d. To Sundry Creditors 104 19 11 „ unclaimed Dividends ... 25 0 0 „ Property Tax 53 11 6 „ Profit and Loss Account... 1929 4 o Total ... £2112 15 5 Assets £ s. tl. By Capital Account 344 1 0 „ Coal, Lime, and Oxide in Stock 505 15 0 „ Sundry Debtors including December Gas Accounts 437 3 6 „ Fixed Deposits 700 0 0 „ Colonial Bank of New Zealand 125 15 11 Total ,„ £2U2 IS 5

PROFIT AND IO3S ACCOUNT. Dr. £ a. d To Dividend to 30fch June, at 12! per cent, per annum 915 0 0 „ Cost of Coal & Purifying Materials... £1101 17 5 Less Stock in hand ... 505 15 0 „ Cost Coal Carbonised and Expenses Purifying ... 596 2 5 „ Auditor's Fee .., ... 5 5 0 „ Salaries and Wages ... 6io 18 0 „ General expenses, including Printing, Stationery, Advertising, Stamps, Rents, Rates, Tools, &c. 130 911 „ Property Tax 53 11 6 „ Bad Debts struck off ... 6 3 0 „ Balance 1929 4 0 Total £1276 13 10 Cr. £ s. d. By Balance profit last halfyear 1842 17 9 „ Gas Rates and Meter Rents 2240 18 3 „ Residual Products ... 171 18 7 „ Transfer Pees 2 2 6 „ Premium on 36 shares sold 18 16 9 Total £4276 13 10 J. B, Fielder, Secretary. Audited and found correct, Wm. Smith, Auditor. Napier, 13th January, 1881. Mr J. N. Wilson, refering to the clause in the report recommending an increase of capital wished to know in what time and to what extent it was proposed to call up the new capital. Mr Batham said there was no immediate probability of more than £1 per share being called up. Mr Knowles said the idea originated from the fact of the present capital being exceeded by the cost of plant. The increase would go to clear that off, and if any increase in plant were thought desirable the new capital would be available for that purpose, Mhe report was adopted on the voices. NEW DIRECTORS, The election took place of two directors in place of Messrs Knowles and Oliver who retired by rotation, Dr. Hitchings moved that Messrs Knowles and Oliver be re-elected, (Seconded by Mr Sweetapple, and carried. AUDITOR. The chairman said that the next business was to elect an auditor He had heard complaints of a shareholder being appointed to this office, and he thought it was his duty to mention the matter. Mr Knowles said he had heard similar remarks, and he thought it was reasonable that an outsider should be appointed. He moved that Messrs Banner and Liddle should be appointed as auditors, with tbe ordinary remuneration for one auditor, five guineas, for the half year. If one member of the firm was absent from town the other would be available. The resolution was seconded by Mr Oliver, and carried. HONORARIUM. Mr Knowles said he would like to suggest to the meeting that there should be some recognition of Mr Close's services as chairman of directors during a period of seven years. He had been associated as director with Mr Close for three years, and he knew how assiduously he had attended to the interests of the company, both by constant visits to the works and care for the general welfare of the company. He moved " that an honorarinm of twenty-five guineas be.sent to Mr Close, with a suitable letter from the secretary expressing the thanks of the company for his services during the past seven years." Mr J. A. Smith seconded the motion. The chairman said he believed that Mr Close had never been absent from a meeting during his term of office. The motion was carried unanimously. QUALITY OF GASS. The chairman called attention to a lot of stuff which it was stated had been taken from a valve in the gas-engine at the Herald office. Mr Edwards, the manager of the gas works, who was present, examined the material, and said it was simply unconsamed gas, and that it was quite clear that the engine wanted proper attention and keeping clean. Mr Sweetapple said that they had no trouble with their gas-engine ; it worked beautifully, and they had no difficulty in keeping it clean. Mr J. A. Smith proposed a vote of thanks to the chairman and directors. Seconded by Mr Oliver and carried. The meeting then terminated.