TIMARU GAS COMPANY.

South Canterbury Times, Issue 2166, 26 February 1880, Page 2

TIMARU GAS COMPANY.

TOWN EDITION.

The fifth annual meeting of shareholders of the Tinmrn Gas, Coal, and Coke Company (Limited), was held lastevening. Present Air F. LeCren, Chairmnn'of Directors, (in the Chair), Alessrs J. R. Stansell, Jonas, Sutter, Gibson, and Cain (Directors), and Alessrs Kirby, Gedyc, AVoollcombe, Dimcan, Evans, Eraser, Cullman, Hart, and Air Ziesler, Secretary.

The Chairman read the Directors’ report for the year 187 D, as follows : “ In .submitting the animal statement of accounts, the Directors have to report that satisfactory progress has been made during the past year. In accordance with a resolution passed by the shareholders, the capital of the Company was increased by 2000 new shares of £5 all of which were applied for and allotted to original shareholders. "With a view of extending the mains of the Company to such parts of the town where snl’iicient inducement should be offered, the Directors have taken advantage of the low prices ruling in the iron market in England, and have imported a sufficient quantity of mains, retorts, and other requisites for this purpose, and these goods arc just to hand. The profit on the year’s transactions amount to £1725 4s 2d, and an interim dividend of 74 per cent was paid in September last. The Directors would recommend the payment of a dividend of 74 per cent for the last half-year, payable on March ffl. Tl ic number of consumers in December was 257, showing an increase of 25 during the year. Messrs Cain, Stansell, and Maclean retire from the J3oard by rotation, also the Auditors, Messrs Granger and Tate, who being eligible, offer themselves for re-clection.'’

The audited balance-sheet for 1879 ■was then taken as road. It showed the paid up capital of the Company to be £II,OOO, and the value of the Company’s property, £12,723 Its 3d. The total working expenses for the year were £2351 7s 9d, and the receipts from all sources £l2ll Its lOd. Dividends amounting to £1750 were paid during the year, and the balance of the profit and loss account on December 31st was £2191 7s -Id (a balance of £1876 3s 2d having been brought forward from 1878), from which the Directors recommended the payment of a dividend of 71 per cent on the 31st March next.

The Chairman remarked, that considering the badness of the times, he thought the Directors might congratulate themselves on being able to present to the shareholders such a satisfactory balance-sheet. About £I3OO worth of new plant had just been imported. The recent fall in the price of iron at Home, had been taken advantage of, and an additional lot of pipes secured. They were not immediately wanted but a saving must be effected, even if the extra stock had to remain on hand some time. The cost of these pipes did not appear on the balance-sheet as it was an item of the present] year’s expenditure.

After some discussion, the Report and balance-sheet were adopted, and the electiou of three Directors proceeded with. Messrs Cain, Stanscll, Maclean, Woollcotnbe, Bowers, and Evans, were duly proposed and seconded, and the three retiring Directors were re-elected, by ballot. The retiring auditors, Messrs Taitand Granger, were also re-elected. The Directors fees were fixed at one guinea for each monthly meeting, the same as last year, the Auditors fee being fixed at seven guineas instead of five, as former]}". A vote of thanks to the Directors Auditors, and oUlcers of the Company, and also to the Chairman,terminated the proceedings.