GAS COMPANY'S MEETING.

Daily Telegraph (Napier), Issue 3152, 4 August 1881, Page 2

GAS COMPANY'S MEETING.

The ordinary half-yearly meeting of the above company was held to-day at the Criterion Hotel. Mr Close in the chair. The minutes of the previous meeting were read and confirmed. The Chairman read the following re» port.:— Your directors beg to submit the accounts for the fh'sfc half of the eighth year of the company's operations, and are glad to report its continued success- Of the 500 new issue of shares, 488 have been subscribed, which will participate in future dividends., Three absent shareholders did not avail them* selves of the remaining twelve shares. It will he observed that £1757 17s 5d stands to the credit of the profit and loss account, which your directors recommend he alloted. as follows: —Dividend at the rate of per cent, per annum for the.past half-year, on original capital, £937 lOir? bonus at 2_per cent, on original capital, £375 ; reserve fund, £400; balance forward to next half* year, £45 7s sd; total, £1757 17s sd. The payment of the 2_- per cent, bonus is now recommended to partly recompensal share-" holders for the non-receipt of dividends during the first five years of the company's operations. If the recommendations of your directors meet with the approval of shareholders, the dividend and bonus will he payable at the company's office on and after Monday, the Bth August next. A reduction in the price of gas has been made since the last meeting, and your directors in recommending the allocation of profit do not lose sight of the necessity of a further reduction to consumers.—John Close, Chair* man. Napier, July 19th, 1881. , The following are tha accounts of the company for the half-year ending 30th June, 1881 :— CAPITAL ACCOUNT. Dr. & a. d. To Capital on 1.5000 shares at £10 each 15,000 0 0 „ Capital on new issue 488 0 0 „ Expenditure in excess of capital.. 7 2 3 Tote! .. .. 15,495 2 3 Cr. By Land ... .. 323 8 0 „ Plant and buildings 15,12113 3 „ Office furniture- 50 1 0 Total .. .-. 15,495 2 3 BALANCE SHEET. Dr. To Sundry creditors 160 611 „ Unclaimed dividends .. -. 38 2 8 „ Profit and loss account ... .. 1,757 17 5 Total .. .. 1,956 610 Cr. By Capital account 7 2 3 „ Coal, Lime, and Oxide, in stock „ 190 17 0 „ Sundry debtors, including June gas 726 7 9 „ Fixed deDOSits 400 0 0 „ Colonial Bank of New Zealand .. 631 19 10 Total .. .. 1,956 610 PROFIT AND LOSS ACCOUNT. Dr. To Dividend to 31st December, at 15 per cent per annum .. .. 1,125 0 0 „ Cost coal, &c, used 639 10 8 „ Auditor 5 5 0 „ Salaries and wages 637 10 10 „ Stamp duty on license .. .. 710 0 ~ Fire insurance .. .. ~ 6 5 0 „ Honorarium to Chairman .. .. 26 5 0 „ General expenses, including printing:, stationery, advertising, rates, rent, tools, etc _, 92 5 8 „ Bad debts struck off 3 0 0 ~ Balance 1,757 17 5 Total .. .. 4,300 9 7 Cr. By Balance profit last year .. .. 1,929 4 0 „ Gas rates and metre rents.. .. 2,313 4 0 ~ Residual products '139 ig iq „ Transier Fees... 3 0 0 ~ Interest .. ~ .. .. 913 2 „ Sundries 5 9 7 Total .. .. 4,300 9 7 J. B. Fielder, Secretary. Audited and found correct, J. Liddle, „ . _. , . Auditor. Napier, July 18th, 1881. The Chairman stated that the works were in thoroughly good order, and will require very little outlay for repairs during the next half year. Tbe balance-sheet as laid on the table was accepted as read. • - The Chairman proposed, and Mr N. Williams, seconded, that the report and balance-sheet be adopted. Carried unanimously. In reply to Mr J. Stuart, the Chairman said the directors had under consideration a further reduction in the price of gas. Mr Knowles thought that the directors fully recognised the interests of consumers as well as those of the shareholders. Unless they studied consumers the company would not deserve the popularity of the public. Dr Uitchingß said he hoped to see ttw

tise of gas stoves generally. He thought if their . conveniences and cleanliness were thoroughly well known everybody would use them. Mr Knowles pointed out that the reductions which had been made in the price of gas showed the desire of the company to meet the wishes of consumers, No other company in the polony had made similar concessions, :•- A vote of thanks to tbe directors and to the chairman terminated the proceedings.