HOKITIKA GAS COY LTD

Hokitika Guardian, 29 May 1924, Page 1

HOKITIKA GAS COY LTD

FIFTIETH ANNUAL -MEETING. Tho statutory annual meeting of the above Company was held at tho Company’s Office, Stafford St. at 5 o’clock yesterday evening. Mr D. J. Evans, Chairman of Directors, presided over the meeting which was attended by tho shareholders, and an adequate number of shares represented personally'and by proxy.

After the preliminary formal matters were disposed of the Chairman presented the statement of accounts, together with the certificate of the auditor relating to the correctness of same. The directors in presenting the fiftieth annual .statement submitted also the following general report on the affairs and the position of tlie Company:—

DIRECTORS’ REPORT. The Directors, in presenting this rep irt append the usual .statements of audited accounts for the year. The year which closed on the 30th. iili., may be considered a very satisfactory one. Tho Cuinpaiiy has more than held its owit, and is now deriving tho benefit of tho renewed plant and the generally improved condition of the service mains, livery credit is duo to the Works Manager on whoso advice various economics have been attained without impairing tho efficiency of the plant or service to consumers. Tho gas is of high quality, and there was an increased make for the year of over 509.000 feet. There were savings in both wages nnd coal, together with an increase in revenue. This, despito the competition of electric light and power, is very gratlyiiig. It is satisfactory to know that in the many new buildings now being erected, gas is invariably installed chiefly for domestic purposes and partial lighting. A concession in price was libido to largo consumer's of gas for power purposes. The Company had a notable stand at tin* late successful Exhibition which was a popular rendezvous for the pubic. Cooking demonstrations were given. and a lino display of heating and lighting appliances made. .The advertisement lias proved of great value in extending the use of gas in the homes for cooking and heating purposes. The total cost of tho exhibit was upwards of £IOO, but there were recoveries against this by extra consumption. as well as it permanently increasing consumption in many homes. As indicated last year £lO9 was added to the reserve fund, which now stands at CSOO. It is proposed to appropriate immediately another £IOO to that fund, and to recommend a dividend ol -Is per share, payable bit and alter the 12th. day of June next. The balance at the Bank will be devoted to paving outstanding accounts, and willleave available £7O to carry forward after discharging all liabilities. It is proposed to add a further sum to the reserve fund at the interim half-yearly

balance in six months’ time. It will he noticed that the present is the fiftieth annual report and balance sheet of the Company. After 50 years tho Company continues to prosper, in fact appears to have taken oil a new lease of life. The plant and buildings, and the town service generally are in good order reflecting every credit on the Wroks Manager and his assistants for the evident pride taken in their work. The secretarial work has been faithfully eariied out, the interests ol the Company l>eing watched closely. The outlook at the moment- is very promising, and a very satisfactory luture should be immediately in store for the

Company. One Director. Mr W. Wilson, •etoe.in order of irtation and is eligible lor re-election. The retiring Auditor. Mr A if. King, is also eligible for rei lection.

Tiu> (I,airman moved tho reception and adoption of tin* t court and st a torn c 1 n L of accounts, and in doing so tr:i\ersed tlio position of tin* Company, expressing satisfaction at the progress made, and the outlook immediately ahead. Mr W. E. Williams seconded Ihe inothin. eulogising the stall' for the faithful services rendered, and expressing satisfaet'on at the increase in the reserve, fund, which it was Imped to add to from tilin' to time to prepare tor anv untoward contingency, as also giving the Company greater .stability.

The motion was agreed to. The Chairman moved that the dividend of ts per share a s recommended he .struck and made payable on the 12th. dune. The Chairman stated tho liuancial posit the Company was (piito c(|ttal to tho prap ised payment, which would lie made out of cash sit credit. Mr W. Wilson seconded. Agreed to. Mr W. Wilson lining the nnlv candidate nominated for the position ol director. lie was re-elected oil the motion of Air S. d. Preston, seconded by Air W. Shannon. The Chairman moved tho re-election of Air A. li. King as auditor at a fee of £l!l IPs. Air Williams seconded. — Carried. A special tribute was paid to .lie staff ami it was agreed to authorise the distribution of sixty paid up £1 shares by way of bonus to the staff (including the auditor). The motion was supported by Air das Wilson as a step in the right direction.

The Chairman. Air .Shannon. Air Preston, Dr Teiehelmann and others referred to the progress of tho Company. and its value to the town. Mr Shannon stated the action ol the directors in dvertising through the stand at the late-Exhibition was an excellent method, the benefits of which would he felt for a lung lime to come. Afr 11. W. U. Sweney on behalf <>l

the staff thanked the meeting for the vote of appreciation, and expressed pleasure that the work performed had given such satisfaction. All had clone their best, and the business of tho year had run most smoothily. The annual meeting for the next year was fixed for tho fourth Wednesday in May, at 5 p.tn. A vote of thanks to the eliair terminated tho p recced ii i gs,, ( .