LYTTELTON GAS, COAL, AND COKE COMPANY.

Globe, Volume I, Issue 95, 19 September 1874, Page 4

LYTTELTON GAS, COAL, AND COKE COMPANY.

The second annual meeting of shareholders in association, was held at. the Mitre , Lyltelton, on Thursday evening, 17th i, '.Mi Hawkins, chaiiiu.'U of the lireetot'B, occupying the chair. I'he minutes of the last general meeting havi g been read and confirmed, Mr Hawkins stated that he had not any elaborate report to lay before them, but would endeavor to state clearly the position and prospects of the company. Since the commencempnt of the company the capital raised had been £1505 10s, and £134 was still unpaid of the calls made in July. They had paid £750 for land, and had a cash balance in the bank, of £661 6s 6d. As to their liabilities, a bill at ninety days sight had been accepted for the plant, the greater portion of which was on board the Endymion, though some had arrived in the Cathcart and Taunton, and was now 'in harbour. He thought arrangements had better be made for taking up the bill on the arrival of the plant. The printing and advertising accounts amounting to £53 3s 6d had not yet been paid. The capital available on the 643 shares allotted up to date was £1575 10s, atd it would be necessary for the company to increase their capital, either by borrowing money or issuing new shares. The directors wished to increase the number of shares from 643 to 1000; but it was for the meeting to decide whether more shares should be issued, or money borrowed to meet the necessary expenses ; they had authority to issue 1500 shares, which, at £5 per share, would give them a capital of £7500, but if the meeting declined the borrowing, they must of course decide what number should be issued. In the Hokitika Company 2000 £5 shares had been issued, calls had been made up to £2 per share, and the balance required borrowed from the bank at the current rate of interest. He would explain presently why an addition to the site had been purchased. They had great obstacles to contend against, but the Bill, thanks to Mr Webb, had passed through the House. He must congratulate them on having procured a site for,their buildings so near the town, as they would be put at little expense in laying' down the mains. The additional site had been purchased of Mr Allen for £2OO, and their object in buying it had been to save the cost of excavation, as by having additional frontage, they avoided going so far back into the hill to excavate, and therefore reduced the cost of that part of the work by £3OO, making a clear profit, after paying £2OO for the additional land, of £IOO to the company. Some delay had occurred owing to the prevalent impression that there were certain patent gases cheaper than coal gas, and before ordering the plant, they had communicated with England, and of course had to wait for replies, which were decidedly unfavorably to patent gas, and were therefore set aside. The plant was ordered in February, so they could see no time had been lost in shipping it. Mr P. Cunningham had taken home an order for the fittings for houses in the town. The inventory of those things required had been made by a gentleman in Christchurch, of great experience in these matters, and in ordering the meter they had takencaretohave it procured on the cheapest and best principle possible. They had invited tenders for the necessary excavations, but had only received one, and that was for £660, which the directors thought exorbitant, so they had recommended that it should be left to the new directory. He thought that now they had purchased an additional site the excavations might be done by day labor for a sum not exceeding £2OO or £250. All possible expense had been avoided ; no permanent officers appointed ; and only the actually necessary outlay for printing and advertising incurred. £SO had been paid to Mr Eoss for plans, and there had been £8 8s expended in professional fees. No steps had yet been taken to call for tenders for the buildings, as they thought it unadvisable till the plant arrived, when the contract would be speedily let. They wanted no engineer to draw plans, as a gentleman in Christchurch had kindly come forward and given them the necessary information. The articles of association were not yet returned from Wellington, and it was not known what expense had been exactly incurred in getting the Bill passed, so that account could not be laid before them, but all others would be. It was their duty now to elect a fresh directory, onethird of the members of that body having to retire, according to their articles at that meeting. He might mention that when Mr Cunningham went home he sent in his resignation, and as there were seven directors only one other gentleman had to retire. He would now read them a statement of the accounts of the Company. It was then determined that a ballot should be taken to decide which director should retire, and resulted in the retirement of Dr Bouse. The meeting then proceeded to elect two directors, and re-elected Messrs Bouse and Cunningham unanimously. Mr Hawkins, the chairman, then said that the probable liabilities would be—For plant, £1879 7s 4d ; for freight, £175 ; for excavation, £300; and for new land, £2OO. The buildings they proposed to erect would probably cost about £IOOO. By using balance of 1000 shares, there would still be a deficiency of some £7OO. He himself would like to see shareholders double their present shares; this would make 1286 shares, and would give ample capital to the company. Mr Willcox thought the shares would have to be thrown open to the public if shareholders did not take up double the number at present issued. He did not think it wise to do so. Mr Allwright moved that shares up to 1000 be issued. He thought this amply sufficient, as only £7OO would be left as a debt. If the shares were offered to the public, it should be at a premium to be fixed by the directors. Dr Bouse seconded the resolution. Mr Nalder moved as an amendment —"That 1300 shares be issued only." A certain amount, 20 per cent, was allowed to be accepted as profit on the shares, and if only a small number were issued and all paid up they would be limited to that amount, whereas if they had more shares not paid up they could get per centage on them. Captain Wood seconded the amendment. It was eventually resolved that 1300 shares should be issued, but that no shareholder was to exceed double the number of present shares. The shares to be offered for one month before being thrown open to the public. It was stated that the land in

Dampier's Bay had been sold to Mr Allwright. A letter was read from Mr Wilkin resigning his appointment as auditor. Messrs Wilcox and A. J. Rogers were then dented auditors foi the ensuing year. Mr Carder moved, and Mr Atkinson seconded, " That the balance-sheet as read be adopted." Carried. Mr Carder moved, and Mr Hobbs seconded, a vote of thanks to Mr Hawkins for his lucid explanation from the chair. Carried. That gentleman, in returning thanks, stated that he hoped soon to see the time when Lyttelton would be lighted with gas. He thanked them for their confidence in him. Dr McDonald moved, and Mr Allwright seconded, a hearty vote of thanks to Mr Webb for his trouble in getting the Bill passed through the House. The vote having been carried without a dissentient, the meeting adjourned.