GAS COMPANY.

Globe, Volume XXII, Issue 1879, 2 March 1880, Page 3

GAS COMPANY.

The fifteenth annual general meeting of shareholders in the Christchurch Gas, Coal, and Coke Company was hold yesterday at four o’clock.

Mr E. G. Wright, the chairman of the Board of Directors, occupied the chair. The report and balance-sheet were taken as read.

The report of the directors was as follows :

In submitting the fifteenth annual statement of accounts, your directors congratulate you upon the satisfactory result of the year’s working. The private consumption during 1878 was 25,272,000 feet, and during 1879, 30,951,000 feet, while the public lamps have been increased from 152 to 202.

The directors, in their last report, informed the shareholders that they had contemplated extensive additions to the works, but they had delayed the same, pending further information as to how far the electric light was likely to supersede coal gas. Although this question still remains unsettled, your directors felt convinced that it would not he conclusively determined for some years, and that the public would have just cause for complaint if they failed to meet the public requirements; and, after careful consideration, your directors decided to proceed with the works daring the past year. The arterial main has been enlarged from ten to eighteen inches in diameter, and the total mileage of street mains has been increased from 15. V miles in 1878 to 28i miles in December, 1879. The company is also building a new retort house, new purifiers and condensers, and a gasholder of a capacity of 300,000 feet, to supply the estimated demand consequent upon the extended area of the Company’s operations. To avoid making heavy demands upon the shareholders during a period of general depression, your directors have borrowed a sum of .£15,000 from the Australian Mutual Provident Society, for a term of years. The amount to the credit of profit and loss, including the balance brought forward from last year, is .£BlOl 17s Gel, of which £3,33G 13s 4d was paid as an ad interim dividend, and the directors now propose that a sum of £4320 bo paid as a further dividend, leaving a balance of £445 4s 2d to he carried forward. The retiring directors are Messrs Blakiston, Cowliahaw, and Wright, who, being eligible, offer themselves for re-election. Edward Q. Wbioht, Chairman. Gloucester street, Christchurch, IGth February, 1830.

The balance sheet to 31st December showed as follows: —Dr. To capital, £BO,OOO ; loan from A.M.P. Society, £15,000 j interest on

loan to date, £7O 5s 5d ; deposits at interest, £3265; bills payable, 3223 13s 6d ; debts due by the company, £397 2s 8d; insurance fund, £261 4j 8d ; unclaimed dividends, £203 2s sd; reserve fund, £4788 14s sd; balance, £4765 4a 2d—£111,974 7s 3d. Or. By freehold property and buildings, £6138 6a 5d ; working plant, mains, meters, &c., £60,028 Os 8d; office furniture, £ll6 10s 7d ; capital available by calls, £32,000 ; unpaid calls, £139 ; shares in P.I. Association, £190; funds invested, £4000; debts duo to the company, £4004 Os Id ; stock on hand, coals, &0., £1493 10s 4d ; stock on hand, gas stoves, £25 6s; cash at Bank of Hew South Wales, £3636 19s 2d ; cash in hand, £202 145—£111,974 7s 3d. The Chairman said that as shareholders were doubtless aware, the directors had intended to make considerable extensions and additions to their mains and plant, but they had, under the circumstances which developed themselves, held their hands for a while. They were met on the one hand by reports respecting the Edison electric light, and on the other by demands for increased extensions. The directors had decided to take the bolder step, and though they had risked some large amount of money they hoped to have the approval of that meeting. It was time that they had a monopoly, but still they looked at it in this light: that the difficulty with regard to the electric light would be met with by any company. With regard to No. 3 tank, they had met with a quicksand in the foundations, and so soon as this was repaired the No. 2 tank collapsed. Fortunately the No. 3 was repaired before No. 2 collapsed, or else the town would have been in darkness. The accident happened at a very fortunate season, as it was in the summer time and nearly full moon. The No. 4 tank had been riveted, so that now there was no fear of any further accident. He would now move the adoption of the report and balance-sheet. Mr J. Anderson, sen., seconded the adoption of the report and balance-sheet. Mr Joseph Gould moved—“ That the directors be authorised to pay a dividend in accordance with the recommendation contained in the report.” Mr J. J. Thomson seconded the motion, which was agreed to.

The next business was the election of three directors in the room of Messrs Wright, Blakiston, and Cowlishaw. There being no other candidates, these gentlemen were declared re-elected for the ensuing year. The Chairman said that he thanked the shareholders for their continued expression of confidence in them. He could assure them that his colleagues and himself would continue, as before, to devote their best energies to the office and the interests of the shareholders. The next business was the election of auditors.

Mr J. J. Thomson said that he thought it was advisable to have a change of auditors, and he would propose Messrs E. S. Harley and Alport.

Mr Lewis asked who was the senior auditor of Messrs Alport and Walton. He thought the senior auditor should retire.

Mr Anderson thought that when they had men who had served them as well as the gentlemen who had been in office during the past year, there -was no reason for a change. He should move as an amendment: —That Messrs Alport and Walton be re-elected as auditors of the Company.” Mr Tipping seconded Mr Thomson’s motion. Mr Cowlishaw seconded the amendment.

Mr Stevens suggested that the whole three candidates should be ballotted for. The Chairman said he would take the ballot for the three names now before the shareholders.

Mr Cowlishaw raised the question of voting by proxy as guardian of infants. The Chairman decided that proxies might be used in the case referred to by Mr Stevens. The chairman and secretary were appointed as scrutineers of the ballot.

On the ballot, Messrs E. S. Harley and H. E. Alport were declared duly elected as auditors for the ensuing year. The Chairman said that this concluded the business, and be hoped on the next occasion of their meeting together they would meet in a more airy chamber, as tbe directors had decided to proceed with tbe erection of the new offices as speedily as possible. [Hear, hear.] The meeting then terminated.