COLLINGWOOD AND FITZROY GAS AND COKE COMPANY.

New Zealander, Volume XVIII, Issue 1718, 27 August 1862, Page 6

COLLINGWOOD AND FITZROY GAS AND COKE COMPANY.

(Prom the “ Melbourne Herald," July 30.)

Tho half-yearly general meeting of the Colling wood, Fitzroy, ami District Gas and Coke Company, was held at noon yesterday, at tho offices of the company, Collins-strect west. There was a largo attendance of shareholders present, Mr, A. Kyto (chairman) presiding. The Chairman opened tho proceedings by informing the meeting that the grant of the company’s premises, tho issue of which had been delayed since August, 1860, had been received by the directors from tho present Government, and referred to the fact that tho company’s act of incorporation was equal to a grant of perpetuity. He congratulated tho shareholders on the position and prospects of the company. A now gasholder had recently been erected at an expense of £6OOO, which enabled tho manufacture of gtis to bo carried on with greater facility and economy. Tho report of tho directors for the half-year ending 30th Juno last, which had been previously distributed amongst the shareholders, was submitted, and stated, amongst other things, that—“ The result of tho company’s operations, your directors flatter themselves, will be considered highly satisfactory, when they state that a profit has been realised during tho half-year, amounting to .£4558 4s, 6d., after making a liberal allowance for wear and tear. Your directors recommend that a dividend be declared at tho rate of twelve per cent, per annum for tho past half year, leaving a balance to be added to .the reserve fund of £2131 12s. j In reviewing tho present prospects of tho company, it j will ho satisfactory to you to ho informed that tho (

increase in the number of the consumers during the half-year just terminated has been at the rate of twenty per cent, per annum, and that m the absence of extended mains. Your directors did not consider it prudent to increase the facilities for the distribution of gas until the completion of the new gasholder, and the subsequent rains have, up to the present time, prevented their intentipns being carried out. So soon, however,, as the weather becomes sufficiently settled, they purpose laying the mains they have on hand, amounting to several miles. According to the financial statement presented, the paid up capital of the company amounted to £40,443 155. ; and debentures. £15,000. The liabilities of the company, including acceptances which had been given by the company previous to their bonds becoming valuable in the market, amounted to the sum of £15,227 11s. 6d. The wear and tear of machinery during the six months was estimated at £431 13s. 9d.; and there was a sura of £IOB6 7s. Sd. to be added to the reserve fund of the company. The sum of £53,132 6s. Bd. had been expended on works and apparatus; and there was a balance at the bank to the credit or the company of £4989 12s. lid., exclusive of £lB3 cash in hand. . The company’s engineer, in his report; states— ‘ The whole of your works are in gootf order, with the exception of some of the furnaces that are now undergoing repair; and I may mention that since the commencement of operations in May, 1861, the average weight of coal carbonised by each retort at work is 114 tons —equal to 1,026,000 cubic feet of gas, and, judging from their present state, I have no hesitation in saying they will continue to carbonise satisfactorily for a similiar period, A large number of meters have lately come to hand, per Roxburgh Castle, which will not only enable me to supply them to those customers hitherto burning by contract, but will also prove amply sufficient for the additional consumers which we are daily obtaining. The consumption of your company’s gas has steadily increased during the past half year, and I am daily laying on services to the premises of new consumers.” The Chairman having commented upon the several items in the balance sheet, and congratulated the shareholders upon the favourable prospects before them, Mr. Chaplin moved that the report of the directors and financial statement before them be taken as read and adopted by the meeting. Mr, Cunningham seconded this motion, which was carried. The Chairman remarked that, in reference to the next question before the meeting, it was competent for the shareholders to declare what dividend they thought proper, either larger than was recommended by the directors or smaller. He might mention that, in recomending the declaration of a dividend of 12 per cent., the directors had previously made themselves aware that the financial position of the company justified it, Mr. Watts then moved—“ That a dividend of 12 per cent., per annum be declared for the half-year ending 30th June last, payable on and after 4th August ensuing.” Dr. Knaggs seconded. The meeting terminated with a vote of thanks to the Chairman.