LYTTELTON GAS COMPANY.

Globe, Volume XXII, Issue 2048, 16 September 1880, Page 3

LYTTELTON GAS COMPANY.

The annual meeting of shareholders in this company was hold on Wednesday afternoon, in the Colonists’ Hall. The chairman of directors, Mr H. N. Nalder, presided, and read the annual report as follows : Eighth Annual Report of the Directors of the Lyttelton Gas, Coal, and Coke Company, Limited.—The Directors have much pleasure in being able to congratulate the shareholders on the successful results of the operations of the company for the past twelve months, as shown in the balance-sheet and accounts annexed. Although the area over which the gas mains can be extended is very limited, yet the accounts show that there has been quite as largo an increase in the consumption of gas as could reasonably be expected. The amount received for gas and meter rents during the past year is .£2601, as against £2379 for the preceding year. An application has been received by the directors to supply gas beyond the reach of their present mains; they have taken the matter into consideration, and think it will be advisable to extend tba mains up Oxford street and also along Voelas road at an early dale. For some considerable time tbo company have had a largo stock of unsuitable sized meters, but during the past year they have, through the kind services of Messrs P. Cunningham and Co. returned these meters to tte makers in England, and exchanged them for others of a smaller size, and they think that the thanks of the shareholders are due to Messrs Cunningham and Co. for the trouble they have kindly taken in the matter.

The profit and loss account shows a balance to the credit of the company of £1535 7a 6d on the operations of the last year, in_ addition to this there is a balance from the previous year of £328 4s 7d, making a total of £1863 12a Id for disposal. Out of this your directors suggest that a dividend of £lO per cent, for the past year, and £5 per cent, for the year ending Augn-t, 1878, should be declared—amounting to £1125, that £250 should bo added to the reserve fund, and the balance carried forward to the credit of next year's account. Three of your directors, Messrs Nalder, Webb, and Macdonald, retire according to the rules of the company, but being eligible offer themselves for re-election. There is also another vacancy on the directory to he filled, caused by the retirement of Mr B. Wood, who has disposed of his interest in the company. Two auditors will have to he elected. Henry N. Nalder, Chairman of Directors. The report was adopted, on the motion of the Chairman, seconded by Mr Fyfe. The Chairman stated that a large sum was at present sunk in the plant belonging to the company beyond that represented by the capital, and that this amount should be capitalised. Mr Harvey Hawkins concurred in this view, and further suggested that a depreciation fund should be instituted.

The Chairman replied that tho directors had that matter under consideration.

Messrs. Nalder, Macdonald and H.R. Webb wore re-elected directors ; Mr Fyfe was also elected on the directory ; Messrs. J. S. Willcox and J. E. Ward, auditors. The efficiency of the secretary, Mr W. H. Lance, and of the other officers was acknowledged by the shareholders, several of whom spoke in complimentary terms of the manner in which their respective duties had been performed. A vote of thanks to the chairman and directors having been passed, the mooting dispersed. Mr H. N. Nalder was subsequently reelected chairman of directors for the ensuing year.