LYTTELTON GAS, COAL, AND COKE COMPANY.

Press, Volume XXX, Issue 4098, 14 September 1878, Page 5

LYTTELTON GAS, COAL, AND COKE COMPANY.

The armiml general meeting of the shareholders of the above company was held at Parsons' Boyal Hotel, Ljttelton, yesterday afternoon. Mr H. N. Raider, the chairman of directors, occupied the chair. The following report of the directors was then read:—

The directors have to report that during the past year the business of the company has steadily progressed. The consumption or gas having increased from 2,229,015 feet for the year ending August, 1877, to 2,389,710 for the present year, exclusive of public lamps, the nett proceeds for gas being £2003 7e 9d as against £1793 6s lOd for last year. The mains of the company have been extended where the directors considered warranted, and they have every reason to believe that the consumption for the ensuing, year will show a steady increase.

Since the last annual meeting the directors have accepted the resignation of Mr A. Ashton, the late manager, and after advertising selected Mr Arnold out of fourteen.applicants for the poet, as his testimonials seemed the most satisfactory, and they have every reason to be satisfied with their choice. The balancesheet for the year shows a balance of £835 lOj, which the directors propose to dispose of as follows, viz. —that £SCO should be placed to the credit of the reserve fund, and the balance carried over. Out of that balance they propose to erect a manager's house, which is greatly wanted. This would not only effect a saving of the rent the company now have to pay, but will enable the manager to have the public . lights extinguished by one of his own men, thus effecting a further saving of about £20 per annum. The directors considered the advisability of declaring a dividend, but have come to the conclusion that the course proposed will bo the best for the future interests of the shareholders; should any accident occur to any part of the vrorks there will then be a fund to fall back upon without creating more cipital. And if tlie shareholders are willing to adopt these suggestions, the directors see no reason why the Company should not only pay a regular dividend in future, but also be able to strengthen the reserve fund from year to year. The retiring directors are Messrs Rouse, Peacock and Allwright, who are eligible for reelection. Two auditors will also have to be appointed. Mr H. N. Nalder proposed, and Mr George Lewis seconded, that the report aa read be adopted.

: Mr H. R. Webb called attention to the fact that gas could be economically used both for cooking and warming. He said he thought if this were more widely known, and the price of gas for those purposes could be lowered, many people would use it. ■ The Chairman said the balance sheet was a most satisfactory one. Not only had they cleared off liabilities amounting to over £800, but showed a balance besides of £835 10s. He .saw nothing,, now a reserve fund had been created, to prevent an annual dividend of 10 per cent, being paid. The balance-sheet as read was unanimously adopted. Messrs J. S. Willcox and W. Ward were appointed auditors. ; Messrs Bouse, Peacock, and Allwright were N-elected directors. It was resolved the next annual meeting should be held on September 12th, 1879. Mr Gh Lewis moved, and •Mr Ityfe seconded, a vote of thanks to the retiring directors. An unanimous vote of thanks wee passed to Mr W. IL Lance, the , secretary, for the indefatigable manner in which he had carried on the work for the past year.

At a meeting of directors, held immediately afterwards, Mr H. N. Nalder was unanimously re-appointed chairman of directors for the ensuing year.