GISBORNE GAS COMPANY.

Poverty Bay Standard, Volume I, Issue 45, 21 January 1884, Page 2

GISBORNE GAS COMPANY.

The first general meeting of the members of the above Company was held at the office, Lowe street, on Saturday evening. Present: Captain Porter (in the chair), and Messrs. S. M. Wilson, Andrews, Croll, Ferris, Chrisp, Hall, Veal, Smail, Harvey, and Adair. On Captain Porter being called to the chair, he briefly stated that the meeting had been called in, compliance with the 15th section of the Articles of Association, and also for the purpose of erecting seven provisional directors for the ensuing year, and also two auditors. The directors’ report and balance-sheet had been printed and published, and, as now laid before the meeting, left him little to say. He must, however, congratulate the shareholders and the town upon the progress made, and the near prospect of having a safe illuminating power before the middle—or at least the latter end—of next winter. This would do away with much of the risk of fire which attended the use of kerosene lamps, the extreme danger of which was forcibly demonstrated by the narrow escape from destruction which the Argyll Hotel had the other day. 1,450 shares had already been disposed of, and he had no doubt whatever

butthat, as soon as the t?lant arrived and active operations were commenced, the de- i mand for shares would be great; and the i remainder would speedily be disposed of at a premium. Of course, all the hard work and ' trouble devolved upon the present pioneers of the Company, but no doubt they would also ■ derive a proportionate benefit. In the present stage of the Company the directors had not ; made any exhaustive report, but had laid the printed one on the table. The introduction of gas into the town could not fail to be beneficial to all alike. The special business of the evening was the election of seven directors. The out-going directors were all eligible for re-election, provided they had complied with the necessary rules mentioned in section 37 of the Articles of Association. He would now take the nominations, but, for ths guidance of members, would first ask the Secretary to read over the names of eligible candidates. Mr. Chrisp wished to know whether it would not be advisable to first adopt the report. The Chairman concurring, wished to know whether any member had any remarks to make on the report end balance-sheet, H.BFOIW AND UALANCJK-SHMM'V. In presenting the First Report; in accordance with No. 15 of the Articles of Association, your directors have much pleasure in congratulating the members on the successful floating of the Company. Out of 2,000 shares into Which the capital of the Company is divided, 1,450 shares have been allotted, while another 100 are retained for the firm supplying the plant, making a total of 1,550 disposed of. Your directors think there will be no difficulty in disposing of the balance, probably at a premium. A capital site, combining all the most desirable conditions of navigable water frontage and low-lying situation, has been purchased, with the dwelling thereon, for £950. Of this amount, £450 has already been paid off, and ■ the balance will be considerably more than met by the call falling due this month and arrears outstanding. The Rite conßlntß of three sections at the foot of Grey Street, containing about | of an acre, and from its situation will become a very valuable property in the odurse of time. The whole of the Company’s works will occupy but one of the sections at present, so that there is ample ! space to extend to meet the growing require--1 ments of the town for some years to come. The dwelling is let to C. W. Ferris, Esq., for > £6O a year. ) The plans of whtft is said will be one of the ■ most complete small plants in the Colony have been prepared by Mr. H. Atkinson, the engineer and manager of the Auckland Gas Company. ! The plant has been ordered from the old > country through Messrs. T. S. Morrin and ' Co., with instructions that it be shipped by j steamer direct to Auckland. Your directors i have adopted this course with the view of i having the works erected in time to supply • the town during the ensuing winter, which 3 they fully believe will be accomplished should ’ no unforeseen accident occur.

The Company was incorporated on the 24th September, 1888, and the accounts have been brought up to the close of last year. The item of’unpaid calls in the balance-sheet appended then stood at a rather large amount, but the bulk is represented by the third call due on the 21st of this month. Members would greatly assist the directors in successfully financing for the Company in the future by promptly paying the calls as they are made. The whole of the directors retire at this meeting, but are eligible for re-election. The meeting must also elect two auditors. For the'directors, Thomas Chrisp, Chairman. Gisborne, 3rd January, 1884.

STATEMENT OF ACCOUNTS, MADE UP TO DECEMBER 31st, 1883. Dr. Receipts, 1388.

F. J. Piesse, Secretary. Examined and found correct. Chabibs W. Febris ) Auaitorß . Wm. Hatchite Gisborne, 3rd January, 1884.

Mr. Harvey proposed, and Mr. Hall seconded, “ That the report and balance-sheet be adopted.” On the motion being put it was unanimously carried.

election of directors. The Secretary having read over the eligible names, Mr. Chrisp moved, and Mr. Croll seconded, “ That Messrs. Maud, Wilson, Croft, Adair, and Porter be elected directors.” Mr. Adair moved, and Mr. Croll seconded, “ That Messrs. Chrisp and Ferris be also elected directors.”

Several other gentlemen were also nominated, but were either found ineligible or else their sanction had not been obtained, consequently their names were scratched. The Chairman then put the two resolutions to the meeting, and the before-named gentlemen vere duly elected.

AUDITORS. Mr. Adair moved, and Mr. Croll seconded, “ That Mr. Quigley be elected auditor.”

Mr. S, M. Wilson moved, and Mr. Jferril seconded, "Ihat Mr. Harvey Be elected auditor;" Mr. Fei'ris moved, and Mr, Croll seconddd; h That Mr. Batcliffe be elected auditor;" On the votes being takeii the numbers were for Quigley, 56: Harvey, 161; Ratcliffe; 197. The two latter gentlemen were consequently declared to be duly elected; An unanimous vote of thanks to the secretary and retiring directors, moved by Mr; Croll and seconded by Mr. Ferris, cldsed the proceedings of the first general meeting of the Gisborne Gas Company.

Deo. 31. To Amount received on shares allotted., 1,450 11 * 6. d. 2 6 £708 2 6 Cu. Expenditubb. 1883. Dec. 31. £ By Freehold property— Si d. £ S. d. Paid on account 450 0 0 ,, Charges— Office expenses 3 15 0 Account-books 5 18 0 Interest ., 27 0 1 Insurance ., 2 Advertising and 3 9 printing ., 28 Begistratian of 0 10 Company ,. 18 0 10 Brokerage .. 8 17 6 Plane .. 6 8 0 Office tablet ,, Preliminary 10 0 2 expenses .. 18 3 108 15 8 ,,-Managament— Secretary’s salary ,, Office furniture— 27 4 0 Safe and cash-box 20 0 6 „ Balance m Bank of Zealand New 88 8 4 „ Cash in hand ,, 12 10 0 £708 2 6 PROFIT - AND LOSS Dll. Receii-ts 1883. d, Deo. 31. £ B. 108 15 To Chargee .. „ Management 8 • • 27 4 0 £185 19 8 Cm. HxMKirtTOBB. 1883. Deo. 31. £ d. By Rent of dwelling ., I . 27 10 0 „ Balance .. 108 9 8 £183 19 8 BALANCE SHEET. Dr. Receipts, 1883. Deo. 81. £ S d £ fl. d. Capital 2,000 shares at £5 each. To Amount called up on 1,450 shares allotted, at SI per share 1,450 Less unpaid 0 0 calls .. 741 17 6 708 2 6 „ Bills payable 400 0 0 £1,108 2 6 Cr. Extbsditvbe. 1883. Dec. 81. £ s. d. By Freehold propertv.. 850 0 0 ,, Rent due .. 27 10 0 „ Office furniture 26 9 6 ,, Profit and loss 108 9 8 ,, Cash in bank and hand 95 18 4 £1,108 2 8