GAS COMPANY.

Globe, Volume III, Issue 227, 2 March 1875, Page 3

GAS COMPANY.

The annual general meeting of the above company was held at the offices, Gloucester street, last evening. Mr W. H. Lane, chairman of directors, occupied the chair. The chairman having read the advertisement convening the meeting, called npon the secretary to read the report and balance sheet. The secretary (Mr C. W. Bishop) then read the following— Beport. "The shareholders will be glad to learn that the operations of the company during the year 1874 have produced a satisfactory result, aided greatly by the laying of the new mains referred to in the previous year's report, and the consequent addition to the number of gas consumers. " Your directors, in order to induce a very much larger consumption of gas, and to give more general satisfaction to the consumers, have reduced the price thereof to thirteen and fourpence (13s 4d) per 1000 feet cash. " Important alterations and improvements are being carried out at the company's works, rendered necessary by the rapidly increasing business of the company. "The usual statement of the company's accounts is attached to this report, showing a sum of £4190 10a 7d profit upon the year's transactions ; the sum of £1557 10s ad interim dividend has been paid, and, with the balance from last year, leaves the sum of £2677 48 5d for appropriation. "Your directors recommend that £I7BO be paid in dividend, £Bl3 7s 7d be placed to depreciation and reserve fund, £B3 16s lOd be carried forward, making a total of £2677 4s sd. " Upon the present occasion two directors retire by rotation, but are eligible for reelection—viz, W. H. Lane, Esq, and George Gould, Esq. "W. H Lane, " Chairman. " Gloucester street, Christchurch, "February 12th, 1875." The statement of accounts was then read by the secretary, showing the receipts from sale of coke, gas, &c, to be £10,660 2s Bd, and the expenditure £6469 12s Id, leaving a balance to credit of profit and loss and from sale of stores of £4190 10s 7d. The b dance sheet was as follows:-*

I)R £ s d £ s d To capital ... 40,000 0 0 Viz, 2000 shares of 810 each, "aid up ...20,000 0 0 2000 shares of £lO each, paid £1 10a 3,000 0 0 Not called up 17,000 0 0 40,000 0 0 ~ Debts due by the company 111 6 3 „ Pills payable, viz, J Roberts 110 0 0 P. Cunningham and Co ... 500 14 6 ■ 610 14 6 „ Deposi sat call 1,800 0 0 „ Depreciat.on & reserve fund . 3,927 8 0 „ Balance ... 2,677 4 5 £49,126 13 2 Cr £ s d £ s d By Immovable property, being freehold ... 1,900,14 5 „ Moveable property, being plant ... 23,387 8 4 „ Cipital available by ca11...17,000 0 0 „ Unpaid call ... 3 0 0 „ Office furniture 80 17 7 „ Funds invested on mortgaee of freehold estate ... 1,700 0 0 ~ Debtsduetothe company ... 464 10 1 „ Remittances against goods ordered and in transitu, viz; George Bower 476 17 6 Laidlaw, Son, and Caine ... 775 0 0 Ashford and Brooks ... 435 3 2 „ Stock on hand: Coal and material ... 1,996 14 10 Gas stoves ... 118 3 4 „ Amount atßank N. S. Wales, Christchurch. 619 1 2 ~ Amountatßank N. S. Wales, London ... 105 3 5 „ Cash in hand... 163 19 4 £49,126 13 2 The Chairman said the accounts spoke for themselves, and gave prospect of such a return as all the shareholders would, he felt sure, be thoroughly satisfied with. If any shareholder wished to ask any question, he would be happy to answer them. If not, he would ask some shareholder to move the adoption of the report and balance sheet. Mr B. C. J. Stevens moved the adoption of the report and balance sheet. He felt sure that all would be thoroughly satisfied with the state of the company. [Hear, hear.J Mr Cowlishaw seconded the motion, which was agreed to. The next business was the election of two directors in the room of Messrs Gould and Lane. Mr Lane moved the re-election of Mr George Gould as one of the directors. Mr Stevens seconded the motion, which was carried. Mr Gould moved that Mr Lane be reelected as director. Mr Blakiston seconded the motion, which was agreed to. The Chairman then declared Messrs Lane and Gould duly elected as directors. On the motion of Mr Stevens, Messrs Alport and R. Walton were re-elected as auditors. Mr Blakiston moved—" That a dividend be declared as recommended by the directors." Mr Joseph Gould seconded the resolution, which was carried. Mr Money wished to ask why there was such a large sum as £1 'BB 14s 2d for wages at the works and lamplighting. Mr Bishop explained that it was necessary to keep the retorts going night and day, and therefore there was a great deal of work to be done. The amounts spoken of by Mr Money were included in the weekly paysheets which'came before the directors every week. Mr Money was perfectly satisfied with the answer, and only wished it to be generally known. The next business was the question of the remuneration of the chairman and Board of directors. Mr Stevens moved —" That the allowance be the same as last year." He did so because the profits did not appear to be larger than last year, and these allowances, he thought, should follow the profits of the company. Mr Money seconded the motion. Mr Cowlishaw would like to see the allowance made larger. The work done by the chairman was very great, and he was always at the call of the secretary and the manager. He therefore thought that the sum of £SO was not too large to vote for the chairman. Mr C. R. Blakiston thought that whoever was chairman next year would find that he had a great deal of work to get through, and he for one thought that the chairman should receive a larger sum. Mr Cowlishaw then moved—" That the allowance to the chairman be raised to £SO per annum." Mr C. R. Blakiston seconded the amendment, which, on a division, was carried. Mr Stevens asked whether the directors had considered the advisableness of investing the depreciation and reserve fund so as to return interest instead of remaining in the company. He thought the present was a very favorable opportunity for investing money, and it therefore occurred to him to ask whether the directors had thought over the matter of investing this amount. The chairman said that they had advertised this money, but were unable to get security they could accept at 7 per cent. They therefore thought that it would be better to lend the money to themselves, and they had therefore arranged to leave over 8 per cent interest for this, which was better than they could get when they offered the money. If, however, the directors saw their way to invest the money at a more favorable rate they would do so.

The meeting terminated with a vote of thanks to the chairman.