HOKITIKA GAS COY., LTD..

Hokitika Guardian, 31 May 1923, Page 1

HOKITIKA GAS COY., LTD..

ANNUAL MEETING. The annual meeting of the Company was held at the office, Stafford Street, at 5 p.m. yesterday. Air 1). J. Evans, Chairman of Directors, occupied the chair, and there was a fair attendance of shareholders, and tho requisite number of proxies to constitute more than a quorum. Apology was made for the-absence of Mr AV. E. AVilliams who had gone south. The Secretary (Mr H. A\ . R. Sweneyi presented the audited statement of accounts, which bad been printed and circulated in advance, also the following:— DIRECTORS’ REPORT.

The Directors, in presenting this report, append the usual Statement of audited accounts for the year. The Shareholders were advised by the interim report at the end of the six monthly period that £IOO had been added to the reserve fund on Rank deposit. The reserve fund now stands at L’-100, which remains on Bank deposit. During the year the extensive overhaul and repairs to the plant were completed, including the painting of the premises and works buildings. The AVorks Manager reports that the plant isQiow in very good order, and that with ordinary care and attention, will continue so for some years. There has been a substantial expenditure on account of the overhaul and repairs, the whole of which has been paid out of revenue. The Directors now recommend a dividend of 3s per share, payable on and after the 12th day of June next.

Tt is pleasing' to report that the consumption of gas, despite tho rivalry of electric light and power, is well maintained at the pre-war standard, and there is every reason to believe that the consumption will he increased in the future by the extension of gas for domestic purposes in particular. The stock of coal, etc. on hand is substantial, as also the supply of fittings and appliances. It is not, proposed at this period, to make a further addition to the reserve fund, but in the coming six months, it is hoped to set aside a. further sum of £IOO for addition to the reserve fund.

With the co-operation of the staff, various economies have been introduced, and Shareholders are assured that the works are being conducted very economically and can look forward with confidence to tho continued success of the Company. Special thanks are due to the AVorks Alanager and the Secretary for their close attention to their duties and the interests of the Company.

Il is interesting to recall that it is IH’ty years since the Company was established in Hokitika, and the Directors desire to pay a tribute to all who have assisted in the management in the past, and have maintained the works so efficiently. The Company has served the local community well, and its record is a most satisfactory one. The Founders of the Company laid their plans well and installed a plant which has proved most serviceable for the purpose and for the requirements of the community. Ihe indications are that there is every need for the Company to remain in active operation, and that it will continue for many years to supply a useful service to the town of Hokitika. (Inc: Director, -Mr S. ,1. Preston, retires in order of rotation and is elie;ih!e for re-election, dim retiring Auditor, Air A. li. King, is also eligible for re-election. The Chairman moved the reception and adoption oi' the report, and congratulated the shareholders on the position of the Company. Reference was made to the improvements carried out, and the increase of the reserve fund. After fifty years the Company was in good standing, and entered upon a fresh future with every prospect of continued success. The Company was indebted greatly to the enthusiasm and interest shown by the staff in the welfare of the institution, and the official management had been all that could he desired. Air AY. Wilson seconded the motion, and expressed satislaction at the position of the Company and also for its prospects. Air Preston and Ri Teichelinann also spoke of the position of the Company in terms of satisfaction. Air A. !!. King (auditor), stated the position of the Company as revealed to him hy the hooks was a very pleasant surprise. He tributed also the careful work of the .Secretary (Mr Swc-ney). The motion was carried.

The dividend of 3* nor share as recommended hy the directors was confirmed, and INTr S. *J. Vreslon, "the retiring director, was elected unopposed, and Mr King was reappointed auditor at the usual fee.

The Chairman moved a vote of thanks to the staff and suggested that the directors should recognise the good work of the members of Ihc staff in a practical way. This was approved. in speaking of the prospects of the Company, Mr Shannon and Mr Preston both referred to tlm increased demand for gas for household purposes, and the suggestion was made th'iL appliances for cooking, heating, etc. should lie oflcrcd to prospective consumers on reasonable terms. Mi Heinz (Works Manager) supported the proposal, and said the stock could he readily imported as the demands warranted. The people were recognising the convenience of the gas service for various household requirements, apart from lighting, and from now on tlicie would he more • demand for gas. In referring to the plant, he stated it was equal to present requirements, hut the Company should look forward to the time when a larger gas holder would he required, and the occasion should he prepared for in advance. The Company had derived considerable benefit from the step taken with regard to advertising, and the policy should he continued. A vote of thanks to the Chairman and Directors concluded the meeting.