GISBORNE GAS COMPANY

Gisborne Times, Volume XVII, Issue 1389, 25 February 1905, Page 3

GISBORNE GAS COMPANY

ANNUAL MEETING.

A MOST SUCCESSFUL YEAR. Co^n C “ nnnal “£»=tin g of the Gisborne Gas Company was hold at tho Comnanv’s offlco, Groy-street, last evening. Captain holds? prEßlded > aud tho following shareholders were present Messrs J.T. Evans G G°ra?i° T mt' B “, hno11 - A. Cuthborti | E J Ch-i™ Wo , Ij ° u e hhn . G. Matthewson, •“S ' Gh.isp and Captam Kennedy. RESOLUTIONS. fir^ h ?-H s 5,, t bns!nes3 ' takon was the eon •nT thn r ° f SOI “ t,onß - °°° inoreas pit ot tho oompany fron £L>,OOO to£|i|3 000. and the seoond fixing the romunjy *n of direotors. Tho lattoi of dlr U an? n 4.>, f0110 ' V3 •*—“ Tho numbot Sont n- L be Baven > all to be rosidents m Gisborne or Cook County; the shal? bf’ adiD B the managing director, mn!'b ?n ' ed to reoeivo annually, as remuneration for their services paid out of ° f ‘h® company, suoh sum not fir. f£2oO as tho direotors may from time to time determine, and suoh remunoration shall be divided amongst the direotors f?r,f UC .^- LU . aat i. 8r 88 th °y may from time to confirmed* ***" Botb resolutions wero ~ •^• ko following report was submitted by e directors:—“It is with pleasure your directors place before you the accounts for the past year. The consumption of gas for all purposes is steadily growing, the increase for last year being 17.45 par cent, over 1903, and 30.91 per cent, over 1902. i J.he above inorease is expected, with contracts just entered into, to bo materially , exceeded this year, and shows that your Hoard have acted wisely in re modelling and enlarging your plant. The growth and .expansion of Gisborne also necessitates a considerable amount of mains being laid, and this work is now occupying the atten- : tion of your directors. The year’s profit amounts to L3OBI 7s Id, out of which an interim dividend was paid to 30th June last, absorbing L 720. The kalauco, adding amount carried forward from last year, leaves L 3853 11s 6d available for distribution. Your directors now reaommend the payment of a further dividend of Is per share and the placing of L9OO to reserve, which will then stand at L3OOO, and the carrying forward of tho balance of L 2226 Is 6d. Messrs Thomas Chrisp, Patrick McLoughlin and John To wnley retire from the Board by rotation, but are eligible and offer themselves for re-election. Two auditors will also require to be elected. The statement of accounts was as follows : Liabilities:—To oapital’— Authorised 15,000 shares at 20s, 1115,000; unissued 450 shares at 20s, £450 ; paid up 14,550 shares at 20s, £14,550; reserve fund, 112,100; sundry creditors, 11223 7s 3d; I deposits for gas accounts, £7 8s 3d; contractors’ deposits, £7O 12s ; Bank of New Zealand, £756 6s sd; cheques outstanding, £147 Is ; balance profit and loss, £3,853 11s 6d; total, £21,708 6s sd. Assets :—Freehold property and manager’s house, £1,307 6s lid: working plant, mains, meters, etc., £17,621 9s 9d : gas applianoes, £374 2s 6d; office furniture and private Aot, £ll2 13s 3d ; stocks of oxide, coal, shale, oil, residuals, etc, £734 7s lid ; sundry debtors—gas, £652 0s 5d ; residuals, £142 3s 7d ; gas appliances,£677 4s Id ; sundries, £B6 18s 0d ; total, £21,708 6s sd. Profit and loss:—To dividend to 30th June, 1904, £720; materials used in the manufacture of gas, etc, £I9BO 3s lid; wages for manufacture and distribution of gas, etc., and salaries, £1093 18s 6d; income tax, insurance, license fee,advertising and printing, interest, auditors’" and direotors’ fees, and miscellaneous accounts, £391 10s 3d ; repairs of works, £290 lls 8d ; bad debts! £l4 14s 6d ; balance, £3853 lie 63 ; total, £8344 10s 4d. By balance 31st Deoember, 1903 (£2617 4s 5d ; less appropriations authorised last annual meeting, £1125), £1492 4s sd; Sales of gas, coke, tar, etc.,and rents,£6ols 15s 5d ; premium on sale of shares, £836 10s 6d; total, £8344 10s 4d.

In moving the adoption of .the report and, balance-sheet, the Chairman, Captain- Chrisp, said ; I have again to congratulate the shareholders on the somewhat improved prospects of the Company;, Curing the year the revenue from the sale* of gas and residuals has 'Considerably! .increased. For the year, ending 1902 this amounted to £5066 } - or year ending 1903 to £5437, and for the year ending 1904 to .£6015- This year the increase will be found much larger, as your Company; have made, a contract for an extra, million feet outside the ordinary; increased consumption* Which reached 17£ per cent, over that of last year, and 31 per cent, over, that of ’ 1902, One thousand and ninety-one tons of coal •has been carbonised for manufacture Which profdnced 12,764*700 feet, or 11,700 feer per ton,--a good result, evidencing the value of an up.-to-date method of working.. Since last annual . meeting, considerable additions to plant have been made, dn-

eluding the erection of a new, holder of 60,000 feet capacity, in the completion. of which some difficulties have been met and finally; overcome. It may now, be pronounced finished* and in good working order. Several additional new lines of mains have been;' laid, and others are in course of completion; arrangements; have been made for a river crossing, ito supply, the Kaiti side of‘the Borough, In this connection I hold a document granting a concession to the Company to go through the pri.vate section of Mr Poulson for 21 years at a nominal sum annually. New purifying arrangements (rendered necessary, from the expansion Of output); have been made, I‘a.nd would have been completed but for an unforeseen accident to the steamer bringing out the plant. !A.t ‘a special meeting held in 'JanUlary last, resolutions favoring an extension of the Company’s capital were unanimously carried, and have been since confirmed, .which will enable your Directors to carry, on the the necessary, extensions. The profits for the year’s working amount to £3OBI 7s Id. The usual dividend of Is per share is now> recommended, and to carry £OOO ten the reserve fund, ! .which will then stand at £3OOO. This will enable us to carry forward £2226.- iThia amount (apparently large) ia required for further necessary improvements, and may enable yours Directors" to still further reduce the pri'eo of illuminating gas, as was done both last year and the previous year. Concerted action with all the gas companies throughout New Zealand have boon taken to, counteract the attempted legislation last session for the compulsory acquisition of Can Companies by arbitration. .Your interests therefore in this direction have been carefully studied. I have carefully scrutin-. ised every item in the balance-sheet,.' and see no reason to take exception fto a single figure. The prospects of the Company, were never better. The whole of the manufacturing plant is as good as new. The loyal interest in the welfare of the Company constantly displayed by the employees of the Company generally, and of Mr W. S. Lunn (Secretary) in particular, has contributed largely to its

success, and the thanks of the shareholders are due to them.” ”In conclusion,” said 'Captain Chrisp, ~ I may; add £E never had more confidence in moving the adoption of tho report and balancesheet, which I do now with every, satisfaction in the future of the pany."Mr C’. Grant seconded tho adop Sion of tho report,, and in' doing so expressed pleasure at the satisfactory state of the Company’s atfairs.

The motion was unanimously, adopted.

Or* motion of Captain) Konnedy, the retiring directors. Captain Chrisp and Messrs McLauglin and 'J, Townley, were re-clccted. Tlio retiring auditors were also re-appointed. Captain Chrisp moved a hearty vote of thanks to the officers of the Company for tlio unremitting attention; to the business during the' year. No staff could have worked better. Me Hatthewsph! seebpded the mo-

ffclonV, Heartily, endorsing the remark a passed by, Captain Chrisp. .The motion was carried with' hppiause. Mr Hunn thanked the meeting for rfclio vote of thanks,, stating that it ■would give him great pleasure to communicate it to the other members of tho staff. This concluded tho business.

At a meeting oG Directors Held afterwards* Captain Chrisp, was reelected chairman..