HOKITIKA GAS CO. LD

Hokitika Guardian, 26 May 1932, Page 2

HOKITIKA GAS CO. LD

ANNUAL MEETING

The 58th. annual meeting of the above Company was held at the Company’s office, Stafford Street, at 5 o’clock last evening. Mr D. J. Evans, Chairman of Directors, occupied the chair, and there were several shareholders present, with proxies constituting a quorum. The report and statement of accounts had been circulated among the shai ehoh.ers. The Directors’ Report as follows, was taken ns read: DIRECTORS’ REPORT.

The Directors in presenting the accompanying report, append the annual balance-sheet of the Company, duly audited and certified correct. ft is possible again, despite the period of depression through which we are passing, to report what must be regarded on the whole, .as a satisfactory year. It will be remembered that in the latter half of the year ended April 30th., 1931, a reduction was made in the price of gas. This year is therefore the first full year in which the reduced rates prevailed. The consumption of gas was not equal to last year which was the record year for the Company, but the decline was Hot so very great. However, compared with the last ful'l year, at the old rates 'Charged, the revenue from gas fell about £360, and the returns from the products about £2O. While there was the fall in income, it was possible to make savings in expenditure. As advised in the previous report,, the plant was in. good order, and this is borne out by the fact that there was a saving of over £4OO in plant upkeep. By using reserve coal, £l2O was saved in the year’s expenditure. There were also savings in general expenses, and other miscellaneous out-

goings, so that the Company was able to show a surplus for the year. This result reflects to tho credit of the general management. As usual the Works Manager was very thorough in the discharge of his duty, and there was nothing lacking in careful control. Ready service was given promtly as required, and the supply and pressure of ga,? was well maintained. As

indicated above, the plant is in good order, and careful attention was given to all requirements. Gas appliances are in steady demand, and as heretofore, Mr W. H. Shannon has given this side of the business close attention. The gas cooking instructor, likewise, was very attentive, and this branch of the service given by the Company is very helpful in holding more contented consumers.

1 The mortgage loan was reduced by £2OO during the year, and a further reduction is now possible. The financial position for the year is such that, in addition, your directors recommend a dividend of the same rate as ,the previous two yeans, namely 6s' 6d per £6 share for the year, 2s 6d of which was paid in October last. It is proposed to pay 4s next month, and the annual meeting will be recoin* mended to that effect.

The Directors desire to place on record, their appreciation of the work !of the staff as a whole, including the j Secretary, who has carried out hi-s I duties with credit. The loyal serI vices of the staff are to be commendI ed, assisting a s they have done to maintain the Ihisines and prestige of this old established Company, which I for 58 years now has been of continuous service to the town and the residents.

One Director, Air D. J. Evans, retires by rotation, but is eligible for re-election. The retiring Auditor, Air R. AVild, is eligible, also, for reelection.

T'he Chairman in moving the reI ception and adoption of the state ments said they had come through a year in this period of difficulty, satisfactorily. The statement of accounts disclosed as sound position and after providing for loan reduction, they could pay the usual half-yearly dividend. He regretted the Works Manager (Air G. Heinz) wa.s laid aside temporarily, hut they were glad to know lie was recovering, and would shortly be about his duties. Mr Heinz ha f j proved a very capable Alannger, and the state of the plant, and the economical management in connection with the works testified to his efficiency. The Chairman referred to tile internal economies and to the fact that when threatened with a short-

age of coal through a strike by the miners, their stock of coal had been speedily replenished, and any risk of a shortage of fuel was now very remote.

Air AY. E. AAhlliams seconded the motion, expressing pleasure with the genera] position of the Company. The motion was then adopted on the voices.

Air AY. AVilson moved that the usual dividend he struck n.s recommended in the report. This was seconded by Air S. J. lVoston, and carried.

.Air !). J. Evanr, retiring director, was re-elected to that office, aml Mr It. Wild, the retiring auditor, was reelected, at the usual fee. Tho Chairman moved a vote of thanks to the staff referring to the faithful sendee rendered over many years and mentioned the Secretary's careful attention to the business of the Company. Air Williams seconded, endorsing the remarks, and associating the outside stall’ in the commendatory remarks. This was carried nnanimous-

The next annual meeting was fixed for the fourth AYednosdav in Afay, tim

The meeting closed with a vote of thanks to the, oliair.

At a. meeling of Directors subso(lUcnflv, Air 0. .1. Kvans was re elected Chairman, and Air 8. •!. I’roslon, !>opuly Chairman.