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CANTERBURY GAS, COAL, AND COKE COMPANY.

! The ordinary general meeting of thi 3 pany was to have been hold laat eron' the offices of Mr Luck. The only holders present wero Messrs I. Luck ( man), C. R. Blakiston, G. Gould, G l' ur W. H. Lane, John Anderson, D 0 And *'' A. Adley, W. Walker. There not Bcient to form a quorum, the meeting adjournod until to-day at half-past eoren The following is the report furnished by it' directors :— 1. In laying before the eh nrehold-rs n, result of tho working of the coinpuny'g K. ' ness, tha directors decire to state that f 0 »k" convenience of the secretary's depart they have ordered that the year's accoSJ shall for the future close on the 3Uf(K f December instead as heretofore at tho Jα of February. On this ooeasion, thewfoU the accounts extend over ten tnontv' only. In future years they will embrace t\ operations of the whole twelve months of tv year. 8 2. The working of tho company h nß b Mn highly satisfactory ; the results anticipated in the last annual report have been realised t great extent The increase in tho number of consumers, and in tho quantity o f gas dij. tributed, as shown in the following table is very encouraging :— ' The number of consumers on Di'cembpr 31. 1866, was 166 ; on March 1,1866 123. Increase in number of con. Burners, 43 or 34.9G per cent. The number of burners on December 31 1866, was 1392; on March 1, iggQ , 900. Increase i.i number of burners' 492 or 5±.66 per cent. ' The maximum quantity of gns distributed in one week in 1866 was 94,900 I'ubio feet; in 1865, 63,700 cubio foot. I n . crease in favor of 1866, 81,200 or 4899 per cent. The minimum quantity of gaa distributed in one week in 1866 was 43,300 oubio feet; in 1865, 33,600 cubic foet. l n . crease in favor of 1866, 9700 or 28,80 per cent. The average weekly distribution of gas for four weeks in June, 1866, wae 90,375 cubic feet; for four weeks in June 1865, 53 500 cubic feet. Weekly in! crease in favor of June, 1866, 36,875 or 68-92 per cent. The average weekly distribution of gas for four weeks in December, 1866, was 47,850 cubic feet 3 for four weeks in December, 18R5, 86,625 cubic feot. In. crease in favor of Decombor, 1866» 11,225 or 30 64 per cent. , : 3. Since the last annual meeting, and up to the 3let December last, gae had been laid on to the Chrietchurch Club, tho Government build* ings, threo of the banking establishments, forty-two places of business, and to five addi« tionul public lampa ; and this with but a comparatively small increase of main-pipes. 4. The accounts for the ten months ending 31st December, 1866, are herewith laid before the shareholders. Ie will be seen that the profits amount to the sum of £1065 8s 6d ; but this sum has been charged with an amount of £391 16s Id for depreciation in the value of land and plant, and which amount had bees previously debited in error to capital account. The amount therefore available for dividend is £673 12s sd. It is for the shareholders to decide how this sum shall be appropriatedj but the directors are unanimous in resoai" mending that a dividend at the rate of 8i per cent, per annum should be 956 £10 shares allotted at the end of last year. This would absorb the sum of £657 sa, leaving the balance of £16 7b 5d to be carried to a reserve fund. 5. The directors claim the attention of the shareholders to the fact that the dividend declared at the general annual mooting' in March last was 7i per cent for fourteen moatlrt from January let, 18G5j to February 28tb, 1866, being at the rate of 642 per cent, pot annum,- while they now propose to pay a dividend at the rate of B£per cent, per,annum; and this, notwithstanding the deduction from the profit of the ten months of £391 16» Id, is in excess of the former dividend of l"83;p«E cent per annum. 6. The arrangements which exist between the company and the contractor for the supply of, and for fixing the internal gas fittinge, will expire on the let December next. Arrange , menrs are in progress which, it is hoped, will secure to consumers a fair competition. The licensees will be placed under proper reftiila* tions to ensure an effeotual performance of the responsible duties appertaining to the business of fitting up gas-consuming apparatus <m pri' vate property. 7. Since the last general meeting the directors have received and accepted the reeigr nation of Mr Stevens aa secretary, and haw appointed Mr C. W Bishop in his etead, end have at the eame time removed the office*., of the company to temporary offices in Cathedral square ; they have also to inform the shareholders that very convenient and substantial buildings have been erected at the worts to? tho etowuge of large quantities of coal, cofcf, &c. The time of collecting the moneys due to the company has been altered from erery second month to every month with advantageous results. 8. It will be the duty of the shareholders, at the general meeting to be held on the 1« March, to elect from amongst their number four gentlemen tp act as directors—three of them to serve for three years, in the room, o ' Messrs Macpherson, Hey wood, and luck (wM retire by rotation), and another to serte for one year; it being desirable that the number of directors should be increased to nine, in order to secure an uninterrupted rotation ffl their retirement from the direction. 9. The directors would not do jueberw the able management of Air Wm. Walker d» they omit on this occasion to record tneir sense of his faithfulness iv the discharge <s his several duties. Tho confidence they »" reposed in him from the commencemfi",® 1 the works has suffered no diminution, ? " 10. In looking to the future, the.*«<*»• believe that a progressive improvement; in *J affairs of the company may sufely be anticipated. The expected opening of munication with the shipping, it tend to reduce the cost of materiel* usea w the manufacture and distribution of ga»i &» prove otherwise beneficial to tho interests 0 the company. For the directors, Isaac "Lvck, Cnairman. Christchuroh, N.Z., February 19,1887.'

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https://paperspast.natlib.govt.nz/newspapers/CHP18670302.2.14

Bibliographic details

CANTERBURY GAS, COAL, AND COKE COMPANY., Press, Volume XI, Issue 1347, 2 March 1867

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CANTERBURY GAS, COAL, AND COKE COMPANY. Press, Volume XI, Issue 1347, 2 March 1867

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