CHRISTCHURCH GAS, COAL, AND COKE COMPANY (LIMITED.)

Globe, Volume IX, Issue 1244, 2 March 1878, Page 3

CHRISTCHURCH GAS, COAL, AND COKE COMPANY (LIMITED.)

The annual general meeting of this company was held yesterday afternoon at the company’s offices, Gloucester street. Mr E. G. Wright, chairman of the company, presided. The meeting at its commencement represented 2116 shares The Chairman having read the advertisement convening the meeting, called upon the secretary to read the report As it hid been circulated amongst the members it was taken as read. It was as follows : 1. Tour directors are pleased at being’ able to place before the shareholders upon this occasion a more satisfactory report than that of last year. This improvement is attributable to a nioro extended use of gas, consequent upon the extension of gas mains throughout the city audits neighborhood, and to the superior quality of the coal used. T.-ie company having made experiments with the Grey Elver coal, finds it can be used with great advantage. 2. During the past year the new holder and tank were completed; this holder is of a capacity of 101,000 cubic feet, and was brought into use in the early part of June, and is working satisfactorily. 3. The mains have been extended along Armagh street, St. Asaph street, Tnam street, Hereford street, Antigua street, Worcester street, Park terrace. South town belt, Cathedral square, &c., and to Avonside, covering new ground of more than throe miles in length; and the necessary mains are fast coming to hand for still furtner extensions of about four miles and a half. New beds of retorts have also been fitted up with satisfactory results. ... 4. The company has imported a photometer, and ■witii it many tests have been made, showing that ±he illuminating power of the gas supplied to the jmblie is of an average of 17) standard candles, or of :22 Belmont -perm candles. JL Tour directors place before you the usual statement of accounts, by which it will he seen that there remains for appropriation a balance of £3518 ;3s 4d ;,out Qf this sum your directors recommend ■that a. dividend be paid at the rate of 8 per cent, per -annuiß ,op the paid up capital, wh.ch will absorb 4232W1, 'that the balance be carried forward. 6. it is proposed to make a farther redaction in the price of gas, so as to make the nett cash price to consumers 11s 8d per thousand feet. 7. By rotation this year the retiring directors are George Gould, Esq., and W. H. Lane, Esq. Both these gentlemen are eligible for re-election. E. G. W KidHT, Chairman. The balance sheet showed a profit of £5043 10s Ud. , „ _ ~ ~. The Chairman, in moving the adoption of the report, congratulated the shareholders on the favourable result of the year’s proceedings. The coal formerly used product d only 9000 teet per ton ; the pres nt co-1 produced about 12,000 feet per ton. The Grey coal was found to be very rich in gas, and the directors hoped to largely increase the quantity used. A call was about to bo made. This had been sanctioned, in compliance with the wish of new shareholders, But he id not think the call was necessary, as money could be borrowed by the company on very favourable terms. _ Mr Cowlishaw seconded the motion. With regard to the call, he thought it was against the interests of the company to make it. It was, in his judgment, absurd to make a call simply to pieuis e an infinitesimal proportion of shareholders. He had understood that the call would not be sanctioned till after the present meetinghad been held. He hoped the directjrs would rescind the resolution. _ T , n T In answer to questions from Mr li. C. J. Stevens, the Chairman stated that the proposed reduction in the price of gas was- lOd per thousand. In the balance-sheet for the year appeared an item of credit for depreciation: this was the commencement of a policy of making an annual allowance for depreciation ef plant, °&c. Sixteen shares in the Investment and Loan Association had been purchased as the commencement of an insurance fund. The average rate of interest allowed on deposits was 6to 7 per cent.: the bulk 7 per cent. Mr atevens remarked that the Permanent Investment Society had reduced its rates to 5 per cent., and, for fixed deposits, 6 per cent. Mr Gould and several other sha eholders disagreed with the remarks of the chairman and Mr Cowlishaw relative to the call. The Ctoirman stated that the largest number of new shai-BS had been taken up by holders of old shares. , . , The report was then adopted. The Ch irman moved—” he payment ot jg32i.ro as a dividend of 8 per cent, per annum. The balance to be carried forward.” Mr Cowlishaw seconded the motion, which was aß Meßsrs G. Gould and E. C. J. Stevens were then elected directors for the ensuing three JC Both gentlemen briefly returned thanks. Messrs H. E. Alport and R. Walton were reelected auditors, on the motion of Mr Anderson, seconded by Mr Tipping. „„ A The usual honor ri -in to the directors, £oo o the chairman and £llsO to be divided among the remainder in proportion to their attendances, was voted. The meeting then separated.