HOKITIKA GAS COYLD

Hokitika Guardian, 31 May 1928, Page 1

HOKITIKA GAS COYLD

FIFTY-FOURTH AXXUAL .MEETING The annual nieceting of the above Company was held at the office, Stafford Street, at 5 p.m. yesterday. Mr D. J. Evans, Chairman, of Directors, presided, and a number of directors and shareholders were present.

The Secretary (Mr M. AY. R. Sweney) reported a quorum present, and read the advertisement calling the meeting.

The minutes of the previous annual general meeting were confirmed. The statement of accounts with the auditor’s certificate was laid «n the table. DIRECTORS’ REPORT.

The Directors in presenting this report, append the usual statement of audited accounts for the year.

The balance sheet reveals the transactions for the year including the pay. ments on account of the new holder and the arrangements to finance same. Shareholders were advised a year ago that a Hew and larger gas holder had been ordered from the makers at Leeds, England. The plant arrived in due course well up to time, and the erection was undertaken by the Despatch Foundry Coy. of Groyhiotlth, under contract. 'The erection is now well advanced, the main structure at flie time of writing being completed and the necessary connections being in hand. T he new holder is expected to he ready tor use next month. The Works Manager has expressed his satisfaction with the new plant, and there appears to be every reason to believe it will assist both materially and economically the operations of the Company. The Company has been indebted very greatly to Mr J. Kennedy of the Greymouth Gas Works for his advice and direction in regard to the plant, and for the assistance given in reference to the general undertaking of the erection of the holder. The payments to date have been £3475, with a liability of £650. With the assistance of the reserve fund which had been accumulated in advance for the purpose, and the raising of a moderate- loan on reasonable terms from the Hokitika Savings Rank, the undertaking has been financed without any inconvenience.

The Company’s business has been conducted during the year very satisfactorily. The consumption of gas exceeded the eight million mark, which is a record in output. There has been a very steady increase since 1923 when the first effect of the electric light competition was experienced. During the year it was decided to place. the whole of the tar produced at the disposal of the Rorough Council for town improvements, a step greatly appreciated by the Mayor and Councillors. The Works Manager reports the plant is working in quite a satisfactory manner. The improvements carried out by Mr Heinz in the manufacture of gas are hearing fruit, and in conjunction with the use of the new holder shortly, should show even improved results.

In response to it request, it is intended to again hold gas cooking demonstrations under the charge of Mrs Heinz. The now regulated cooker will he used to demonstrate its special value in homes, and the business results should be satisfactory. The demand for gas appliances has been well sustained and it is hoped to increase the sliow space at Air Shannon’s in Revoll Street.

The staff as heretofore gave loyal support, and manifested a personal interest in the welfare of .the Company. With the enlarged plant giving striking evidence of the progress made, the staff will he further encouraged to take the same close attention to their duties, and retain the confidence and approbation of tho Directors.

Owing to the new works in hand, an interim dividend was not- declared for the half year. It is now recommended that a dividend of 4s 6d per £0 share for the year be declared, and made payable on June next. It is hoped in the future to revert to the former practice of half yearly dividends, and with the present prospects of the Company this should be- possible. The shareholders are therefore to he congratulated on this prospect, which seems to he well justified by the outlook for the Company. One Director, Mr S. J. Preston, retires in order of rotation and is eligible for re-election. The retiring Auditor, Air J. King, also is eligible for reelection. The Chairman moved the adoption of the report and balance sheet, and 10ferred to tho satisfactory year which had passed. He mentioned the new gas holder was now almost completed md had been tested that day with air. Further tests were to he made and it was likely tlie new holder would he in commission next month. Their AAoiks Manager (Air Heinz) had reported favourably on the works goneiully ami Air Jas. Kennedy had reported satisfactorily on the erection of the holder. Mr Williams seconded the motion, which was carried. The dividend for the year as proposed in the report was approved and will he payable on the 12th June. A very cordial vote of thanks was passed to the stall, special praise being gi.en to Air Heinz for Ids loyalty and mil Ims,asm to the Company and its interests. The dose attention to duty of the Secretary and other employees was also praised. AG S J Preston frothing Director) was re-elected, and Mr A. B. King was ,-e-appointed Auditor at the usual fee. Following a general discussion on the affairs of the Company, a vote ot thanks was passed to the Chairman, who was thanked for the attention lie had given to the general admimstraThe meeting then concluded.