LYTTELTON GAS, COAL, AND COKE COMPANY.

Globe, Volume VIII, Issue 1005, 14 September 1877, Page 3

LYTTELTON GAS, COAL, AND COKE COMPANY.

The annual meeting of this Company warheld at the Mitre Hotel, Lyttelton, yesterd y afternoon. Mr Hawkins, chairman of the directors, occupying the chair. That gentleman read the balance-sheet and the following report of the directors : Your directors have to congratulate the shareholders on the progress made by the company during the past twelve months, during which time the consumption of gas has increased from 1,196,210 ft. to 2,317,205 ft. Ey the balancesheet it will be seen that the transactions of the company for the year have produced a profit oi j 2747 4s 3d, out of which the directors recommend that a dividend at the rate of 10 per cent, for the year be paid on the paid up capital, the balance, _£97 ts 3d to be carried forward to the profit and loss now account, and that a general meeting be called for that purpose. Your directors would further propose that the 200 unallotted shares be offered to the shareholders at par, pro rata. The retiring directors are Messrs Wood, Webb, and Hawkins, who are eligible for reelection. The shareholders will also have to elect a director in place of Mr Cunningham, resigned. Two auditors will also have to be appointed. The chairman moved the reception and adopt ion of the balance-sheet. Mr H. E. Webb seconded this, which was carried. The report was also received and adopted. Messrs J. S. Willoox and F. Graham were elected auditors for the ensuing year. Messrs Hawkins, H. E. Webb, E. Wood, and McClatcbio were elected as directors. The Chairman said that before the meeting closed be should like to say a few words about the late proposal oi the Council to putcapee

the company’s works for the ratepayers. The committee appointed by the Council had, m his opinion, made a great mistake in the manner in which they had laid it before the public. Had the matter been clearly and satisfactorily explained, no doubt there would have been a very different result. The impression had got abroad that the Gas Works were bad property, and that the shareholders wished to get rid of them at the expense of the town. He thought that the statement of accounts laid before them that day would show how erroneous such an idea was. The company was in a most flourishing condition, the consumption of gas increasing rapidly, as had been shown in the directors’ report, and he had every reason to suppose that at least an equal dividend would be paid in succeeding years. It has not, owing to the fact that the Gas Company had been unwilling to show their books, that a clear and lucid statement of the state of the company had not been made to the public. On the contrary, he had taken care that every facility should be given in order that the true state of the accounts of the company might he fairly laid before the public. However, this had not been done, and the consequence was the ratepayers had misapprehended the whole matter. Far from wishing to get rid of the works, he and the other shareholders would, he was sure, beonly too glad to keep them. They must recollect that the shareholders had never offered the works to the town; it was the Council that proposed to purchase them. Mr H. R. Webb quite agreed with what had fallen from the chairman. Mr H. N. Naldor said that ho, as one of the directors, should like to say a few words on this matter. He, with Messrs Peacock and Webb, had been appointed a committee to meet three councillors, viz., Messrs J. S. Willcox, F. Graham, and T. A. W. Parsons, and confer on the question as to whether they should dispose of the works to the town. They agreed to dispose of the works for a sum between £II,OOO and £12,000, but the Council would not entertain the proposition, but proposed treating further on the matter. It was said by Mr Willcox at the meeting that his mouth was tied, but this was not so ; everything had been laid clearly before the three councillors who had formed the committee. He believed the whole affair had fallen through owing to the manner in which it had been brought forward, as it had led the ratepayers to suppose that the object of the Gas Company was to get rid of an unprofitable property. Mr Cunningham hoped that at next meeting an estimate of the receipts and expenditure for the ensuing year would be brought forward.

The meeting then adjourned. At a meeting of directors held subsequently, Mr H. N. Nalder was chosen chairman of directors for the ensuing your.