Timaru Gas Company.

South Canterbury Times, Issue 7072, 18 February 1893, Page 2

Timaru Gas Company.

The annual meeting of shareholders of the Timaru Qae Company was held at their offices, the gasworks, last evening. There was a good attendance of shareholders, and Captain Sutter, chairman of directors, presided : The annual report was aa follows ; “ The board of directors do themselves the pleasure of submitting the eighteenth report and balance sheet of the company. The main feature of the past year has been the signal success which has attended the reduced prices of lighting, cooking, and heating gas. f ighting - Consumption 1891, 5 0 4,800 ; 1892, 5,457,100 feet. Cooking and heating— Consumption 1891, 560,700 j 1893, 1 426,500 feet. ; a stride of 22 per cent, or one million two hundred and forty seven feet, at an extra cost of £265, which leaves a margin for profit on the increase al me of £234, notwithstanding the low rates, or in other words stove gss already represents one quarter of total output. Gas stoves are in stock for next winter’s supply, and arc now on view at company’s show room, and are already adding to list of consumers The returns for last year warrant your directors anticipating a largely increased con* sumption in the near future. The extension of mains and erection of new purifiers must also add to the demand and quality. Three directors now retire by rotation, and Messrs H. if and F. LeOren stand for re-election An auditor in place of Mr Allan, who is eligible for re-election, must also be chosen. An interim dividend of 4 per cent was paid in August, and after writing off £637 10s for depreciation of works, as per profit and loss sheet, a balance of £745 2s 10d remains for distribution. The directors propose to pay u dividend of 4 per cent on February 17th, for half year, leaving £215 2s lOd to carry forward. Dividend warrants will be paid to j shareholders at the close of general meeting," I The balance sheet showed that the works were valued at £13,501 7* 64, the site at £970, motors at £1276 19> 9d, gno fittines and stove* £915 4- mid stock of retort-*, coal, bricks, etc. at £869 19$ Bd. The cost of coal carbonised hud been £1240 10a lOd. wages, fees, etc. £965 19c Bd, interest on deposits £i76 14s lOd, and general expenses £135 Os 41. Gis ra'es, motor and stove rents hod brought in on income of £3750 13s 7d, tar and coke £334 Os lOd. weighing and transfer fees £UOa 2d, and gas fittings and stoves £46 18- 6d. The chairman said that at last annual meeting thev had made up their mind to reduce the cost of the gas and ex ppet-d a considerable increase iu the consumption in o He was glad now to tell them that these expectations bad been fully realised. The ‘‘increase"in theoonrumotion of gas far lighting purposes had been 382, 300 feet aa compared with the figures for 1891, and for cooking and heating 864. BUO feet. The directors bad also made a reduction in the cost of gas from lls 3d all round to 10s for lighting purposes (with a still further reduction where large quantities were used) and 5s lOd for cooking and heating purposes. During the year the directors had been very busy with certain infernal matters width were of much importance to shareholders, and had now got the finances, etc, into a clear anti workable condition. Speaking for himself he was quite sure that a still farther reduction ! in the cost of gas for lighting purposes would pay the company, and as to that for cooking purposes, thay took credit that the price charced was the lowest in the colony. Ho . was astonished that more people did not go in for ga*i for cooking In his own house he did not use coal at all; he used the gas for every purpose; and did not find it any more expensive thou coal. Mr John J tckson then moved, and Mr A j Hart seconded, that the directors’ report and j balance-sheet bo adopted, j In reply to shareholders the chairman said j that new purifiers had been put in, the retort house bad been raised, the mains had been extended, etc, the amount shown in the balance-sheet being all spent on reproductive works Previously their purifiers bad been too small, and on a Saturday night, when the drain was large, they sent gas into the mains that had never been purified at al). They found this would not do, so the new purifiers hod been put in. They were sufficient to deal with 20,000 000 feet, but the demand so far hud only called for 8,000,000 p issing through. The whole of the works ware now in beautiful order; were in fuct never so good as they were at present. No oxoiptionul reductions had been made in “ writing off," each item having bf-en carefully cheeked. The motion for a toption was then put and / carried unanimously. On the motion of Mr J 8. Gibson, seconded hy Mr J. Jackson, Messrs H- -J. T.oCren, F. I-eGren, and J. Shepherd were elected directors for the ensuing year (the Messrs LeOren being re sleeted, and Mr Shepherd filling the vacancy caused by Mr D. M. Ross’s retirement). It was resolved, on the motion of Mr Jackson, seconded by Mr Hart, that £IOO be voted for directors’ fees for the ytar. I There were two candidates for the office of j auditor. Mr Oargill being chossn, and hia remuneration fixed at £8 per annum. On the motion of Mr Jackson a very hearty vote of thanks was passed to the directors and the company’s staff, and the chairman having briefly acknowledged the compliment, the meeting came to a pleasant close by each shareholder being handed his “ dividend warrant.”