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ASHBURTON GAS COMPANY.

The annual meeting , |Sf ’the above wa 8 held at the Library Hall at three o’clock this afternoon, Mr Thomas Bullock in the chair.

ANNUAL REPORT AW) balance sheet. The annual report was as follows : “ In submitting their report, the Directors congratulate the shareholders on the result of the operations of the Company for the past year, whereby a much larger profit has been earned than in the previous year. The balance-sheet, appended.thereto, shows a net" profit of L 845 12s 7d, which the Directors recommend to be ap-,-propriated as follows, viz. :—A dividend at the rate of LS,per, centum per annum on the paid up capital of the Company, which will absorb L 607 8s 9d ; the sum of LSO in liquidation of preliminary ex-: penses ; Ll5O to form the nucleus Of a reserve fund ; and the balance of Ll3B 3s lOd to bo carried forward. MesarsOrr, Mayo, and Shearman are the retiring Directors, .but are eligible for re-election. It will be necessary to elect another Director in the place of Mr. E. G. Wright, l who has retired. The shareholders will also be called upon to elect two auditors, as Messrs Jameson and Zouch’s term of office expires. These gentlemen, however, are eligible for re-election — Thomas Bullock, Chairman of Directors.” The following is an abstract of accounts of the Company for the year ending 30th September, 1881 :—Liabilities: Capital (less uncalled arrears and shares forfeited), L 6,343 Os Od ; debts due by company, L 748 Ss 9d ; Union Bank of Australia, 1/434 17s 3d ; profit and loss, L 845 12s 7d ; total, L8,38113s 7d. Assets: Freehold property, plant, buildings, meters, office furniture, debts due to Company, coal, tar, coke, etc., L 8,371 13s 7d. The profit and loss account after paying' for coals, lime, wages and salaries, interest, office expenses and petty cash, printing and advertising, rates and taxes, and bad debts, shows a balance of L 845 12s 7d.

In moving the adoption of the report the chairman said he thought that it must be considered very satisfactory. The Company might have paid ten per cent, this year, but thought that in view of a reserve fund, eight per cent, would be sufficient and satisfactory. He might mention that it had been suggested by some of the shareholdeca that the interim dividend should be payable half-yearly in future instead of yearly, and ho thought that to this there could be no objection.

Mr H. Friedlander said he was not particularly satisfied with the report just read. It was a most meagre and paltry one, and one, moreover, which should not be taken for granted. He thought that for such a Company as their own that a more explicit report of the past year’s proceedings should have been presented. It did not afford to the public all the requisite information. He did not want to be too hard, and would therefore say no more. The Chairman : Be as hard as you like, sir. It is a public company. Mr Friedlander said nothing further.

The Chairman said he was sorry to see that there was only one shareholder present who did not think the balance-sheet satisfactory. * Mr|Grisp thought Mr Friedlander’s remarks quite justifiable. Mr E. G. Wright remarked that he had come rather late, and had not heard all the objections raised, but he thought the result shown was most satisfactory. He would have advocated a dividend this year of ten per cent. The company was only in the second year of its existence, and he did not know of: any company elsewhere which was so prosperous so early. Seeing the results were so satisfactory he would not cavil at the minor details.

- Tlift Olmimiftn- —vary—goi-ry 1 indctt'A that one shareholder should be dissatisfied with the report. They could, as Mr Wright had said, have declared a dividend of ten per cent.'' But he thought they had better form a good reserve fund, and give a dividend of weight per cent. Unforeseen circumstances might arise which would make a reserve fund useful. The electric light, for instance, might be introduced perhaps. [Laughter.] The report and Balance sheet were adopted. ELECTION OF OFFICERS. Messrs Mayo and Orr, the retiring Directors, were re-elected in that capacity, and Messrs Douglas and Wright were also appointed Directors for the ensuing year. Messrs Zouch and Jameson were reelected auditors for the twelve-months to come. Mr H. Friedlander proposed, and Mr Crisp seconded, a vote of thanks to the Directors for the manner in which they had carried out their labors during the past twelve months. The Chairman said that he was more pleased that Mr Friedlander should have proposed such a vote than that any other gentleman in the room should have done so. Next year he hoped the Directors would bring up a better report and balance-sheet—-if possible. Votes of thanks were then passed to the Chairman for his able services during the past year ; to Mr Joseph Ward, the Secretary; and to Mr Causey, the manager of the works. These gentlemen having briefly responded, the proceedings terminated with votes of thanks to the Chairman for presiding. . !

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Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AG18811212.2.16

Bibliographic details

ASHBURTON GAS COMPANY., Ashburton Guardian, Volume III, Issue 506, 12 December 1881

Word Count
857

ASHBURTON GAS COMPANY. Ashburton Guardian, Volume III, Issue 506, 12 December 1881

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