TIMARU GAS COMPANY.

South Canterbury Times, Issue 2471, 18 February 1881, Page 2

TIMARU GAS COMPANY.

The sixth annual mooting of the Timaru Gas Company was hold last night at the Company’s ofliees, Mr LeCren, Chairman of Directors, occupying the chair. The Secretary, Mr Zeislnr, referred to the skilful management of the works, the uniformly good quality of the gas produced and the satisfaction given to consumers. There was plenty of material for extending the supply, but it had been considered premature to pro ceed with any extensions at present. The proposal to nm a main along Elizabeth street and Wai-iti road was abandoned as the engineer considered the number of consumers insufficient.

The annual report was as follows : "The directors are pleased to meet the shareholders, after another year’s operations, with a satisfactory balancesheet. "It will be observed from a statement of accounts submitted that after writing oil: a sufficient amount for de preciation in plant, as well as making' provision for bad and doubtful debts, there remains a balance of £225)6 15s 7d, out of which your Directors would recommend a payment of 71- per cent for the half year (that, with the interim dividend declared in September last, making the usual 15 per cent per annum on paid-up capital), leaving the sum of £1321 15s 7d to be carried forward.

“ As intimated in last year’s balancesheet, the Directors have taken advantage of the low prices for iron ruling in England, and have imported a quantity of material for gas extensions which, no doubt, will be required shortly. Having the necessary stock in hand, the Company are in a position to extend their operations, where required, without making further calls on the shareholders. “The number of consumers has increased during the year to 278, and the Compares mains have been extended along High street to the Hospital. “ This year the following gentlemen retire from the Board by rotation : Messrs LcCr.m, Jonas, Gibson and Sutter ; also the Auditors, Messrs Granger and Tate ; all of whom, being eligible, offer themselves for re-elec-tion.” The attached balance-sheet showed the cost of coals, lime, wages and salaries, for the year to be £2228 12s lid, and general expenses £209 15s Id ; and the gas rates and meter rent and products accounts £4318 IDs 7d.

Some comments were made on the expenditure for coal, &c., being lumped together with wages and salaries, and it was promised that in future these items should be shown separately. Mr Bower considered the profits were too large, and that the price of gas should have been reduced in view of the hard times. He also commented on the scant courtesy which the Corporation had received when they applied for a slight abatement.

Mr Jonas contended that a substantial balance was necessary to provide against accidents or contingencies. Mr Gibson and Mr Sutter also pointed out that the streets were lighted in Timaru for less money than in any other town in New Zealand. Those who desired more lamps should pay for them.

After some further discussion, the report and balance sheet were adopted, the retiring directors were elected, and votes of thanks were passed to the manager of the works, Mr Courtis, the directors, Secretary, and Chairman.