GAS COMPANY.

Press, Volume XLVIII, Issue 7780, 6 February 1891, Page 6

G AS COMPANY.

ANNUAL GENERAL MEETING.

The annual general meeting of the shareholders on the above Company was held at the office, Gloucester street, at 4 p.m. yesterday. The chair was occupied by Mr E. G. Wright, Chairman of Directors, and there was a fair attendance, the Directors present being Messrs J. Gould. G. G. Stead, W. P. Cowlishaw, John Anderson, and F. Graham. The annual report of the Directors, which was taken as read, was as under: — " Tour Directors have much pleasure in reporting that the business of the Company has made satisfactory progress during the past year. Tbe balance-sheet shows the revenue for the year at £27,916 14s 3d, as against £27.478 10s Bd, for the preceding year. Tbe length of main laid to date is 59 miles; the number of public lamps is 554; and the number of cooking stoves iv use is 261, being an increase of 175 for the twelve mouths. The opening of a showroom in Colombo street has been the means of bringing prominently before the public the advantages to be derived from the use of gas for cooking, heating, and industrial purposes, and will permanently benefit the Company. The balance to the credit of profit and loss account for the year, including the balance brought forward, amounts to £10,569 14s 4d. Ia July au interim dividend of 5 per cent, was declared which absorbed £5000. Your Directors re.com-

mend the payment of a further dividend of 5 per cent., making 10 per cent, for the year, leaving a balance of £569 14s 4d to

be carried forward. During the year the agitation iv the labor market caused your Directors considerable troubleand anxiety, as well as direct monetary loss; they were, however, enabled to maintain an

uninterrupted supply of gas of full standard quality. Messrs Wright, Lane, and Graham, retire by rotation, but otter themselves for re-election."

Tbe accounts for the year, which were also taken as read, were as follows:— Keveuue account. —Dr.—To materials for the manufacture aud purification (of gas aud reuewal of plant, &c, £8354 17s ad ; wages for manufacture and distribution of gas and stoves, salaries, Director*' and auuitors' fees, &c, £0325 13s 8J ; property tax, insurance, license fee, rent, advertising, printing, stationery, interest, and miscellaneous accounts, £1737 3s lid; bad debts marked oil*, £145 2s; insurance and depreciation fuud, £1000; balance, £10,353 17s: total, £27,916 14s 3d. Cr.—By sale of gas, coke, tar, &c, £-7,916 14s 3d; total, £27,916 14s 3d. .balance-sheet to 31st December—Dr. — i'o capital £120,000, less amount not called up £20,000, £100,000; sundry creditors, £6121 Ills Id ; balance, £500 14s 4d; total, £106,201 4s sd. Cr.—By freehold property aud buildiugs, £13,160 18s 2d; working plant, main.-* and meters £85,222 16s Od, less depreciation accouut £16,301, £71,921 16s 6d ; office furuiture, £139 2s ; iuvestuieuts, £12.777 os 80 ; debts due to the Company, £4-109 la 2a ; stock ou handcoal, etc,, £1.63 4s Id; do, stoves, etc., £1033 19.s 7d; cash in Bauk, £dus 17s 3d ; total, £106,201 4s ou. Front aud loss account —Dr. —i'o dividend to3oth June £5000, dividend to 31st Decemoer £5000, £iv,000; balance to new account, £560 14s 4d ; total, £10,569 14s 4d. Cr. —By baiauce brought, forward, £210 5s 10J ; bad aebts recovered, £5 lis 6d; amount from revenue accouut, £10,353 17s; total, £10,500 14s 4d.

The Chairman—l'he duty of moving the adoption of the report and balance sheet devolves upon mc, aud iv doing so I will draw your attention to one or two matters iv connectiou with the working of the Company during the past year, lv the lirsi/ piace, we have had to face the labor trouoles, whicn, as you know, caused serious loss to the various public Companies throughout the colony. In our case, I am happy to say, we have not been affected so greatly, our loss having been divided with our coal contractor. The Auc-laud Company had a loss of X2OQQ owing to the great rise iv the price of coal. The Wellington Company has said that the iucreased price of coal has affected them seriously, enough they do not give the ngures. • As to tne -uuediu Corporation, it is not Known what tneir loss has been—though it must have beeu coasideraole —owing co the gas works being in the bauds of the Corporation. Your Directors had the to see that trouble was brewing aud therefore went iuto the opeu market and bought coal before the prices were seriously raised. We did not secure a very large supply, but sufficient to euaole tne Directors to tide over the difficulty aud carry on the works ol the Company without involving the shareholders in any serious loss. Then we had our owu lauor troubles. During tho year divers efforts have been made to stir up atrife between tue men employed by the Company and the Directors but, with oue or two exceptions, the men iv our employ were well disposed towards us, were open to reasonable arguments, aud the difficulties which at oue time threatened us, 1 am glad to say, were happily smoothed over. Now lam happy to be able to tell the shareholders tilings are wor-iug smoothly. All the meu iv our employ are thoroughly satisfied, aud no difficulty iv that directiou need be apprehended. Tnere is oue other matter to wnich 1 desire to refer as affecting the Company at tnis time iv a favorable directiou. 1 refer to the opeuing of a shop iv Colombo street for the «alo of gas stoves, &c. The Director* recognising that the ordinary methods of advertising appeared to be not sufficient to briug the advantages of gas stoves, &c, uuuer the notice of ihe puoiic, resolved to take a shop for the sale of them, so as to bring practically before the public and consumers generally the good results arising from the using of gas stoves for coo-iug and heating. lam glad to say that tbe experiment has turned out very successful. Since April last 175 coo-iug stoves have been sold or hired, and 147 heating stoves have beeu sold outright since the above date. This has added appreciably to the quautity of gas sold. The positiou of affairs may be briefly summarised thus. Last year we carbonised 10 per cent, more coal thau iv 1839; there is 10 par cent, more meters iv use, and we have sold 9 per cent, more gas thau during the preceding year. It may be urged thac the increaseof gas sold is uot iv relative proportion to the amount of coal carbonised, but I may point out that during the strike we were ooliged to use inferior coal. We could not get Greymouth or Westport coal, aud we bad therefore to use inferior Newcastle. This will account for the disproportion between the amount of coal carte vised and the amount of gas sold. I tuuik the shareholders will feel some satisfaction in knowing that the Directors were able during the period I have referred to to carry on tbe works without interruption to the supply to the public. We were very near it at one time, as it looked very much like as if we should have to close the works. However, I am happy to say that the precautions taken by the Directors prevented this. With this brief explanation I beg to move the adoption ot tha report and accounts.

Mr A. W. Money—l feel great pleasure in seconding the motion. After all the troubles we have gone through I feel that the Directors of the Company having managed to conduct the affairs during the past year in so satisfactory a manner is a source of great gratification to the shareholders.

Mr Tait said that he wished to say that the report was very satisfactory as a whole, but he thought the items of the expeuditure ou materials and manufacture of gas should be given more iv detail, especially as there was an increase on last year. This might possibly be accounted for by the fact that the strike had caused some extra cost.

The Chairman said that the custom had been to make their accounts as brief as possible, buc any information which Mr Tait or any other shareholder required would be given either by himself or the Secretary. Mr Tait must also remember that the wages of the men in charge of the shop for sate of stoves and the Wages of the men engaged in the manufacture of their stoves, which they now made themselves, were all included in the item referred to by him. Mr Stead pointed out that they had sold 9 per cent, more gas than last year, owing to opening the shop referred to. It might be asked why, as they made more gas, their returns were not better. Well, they must remember that they had had to make large concessions in the way of reductions and doing away with meter rents. Had it not been for the shop causing an increase in the sale of gas che dividend might have been smaller this year than last. The motion was then put and carried Mr Carrick moved—** That the Directors be authorised to pay a dividend according to the recommendations of the report.' Mr Cowlishaw seconded the motion, which was carried.

Mr Meeson moved—"That Messrs Wright, Graham and Lowe, be re-elected as Directors of the Company." He thought they ought to congratulate themselves on the foresight, prudence, and zeal dis-

played by their Directors, and he was glad to find them coming forward for reelection.

Mr T. Moixet seconded the motion, which was carried.

The Chairman thanked the shareholders on behalf of his brother Directors and himself for their renewed confidence. They had had the conduct of the affairs of the Company in their hands for sometime, and he trusted their efforts would always, as on the present occasion, be appreciated by the shareholders. Messrs Henderson and Harley were reelected as auditors.

On the motion of Mr Money, a hearty vote of thanks was carried unanimously to the Directors of the staff.

Mr R. C. Bishop replied on behalf oi the staff.

Mr J. Gould said he thought the shareholders could congratulate themselves on having such an excellent staff of workmen in all departments of the Company. When they lost their late Manager, Mr Marriott, they might have been placed iv a position of difficulty had they not had loyal and zealous men in their employ, well satisfied with their positious and loyal to tbe Company. In connection with the late troubles he might say that their men bad stuck to them most loyally, and matters had goue much more smoothly than could have been expected. He felt sure the shareholders would appreciate the loyal way in which their workmen had stuck to the Company. This was all the business, and the meeting terminated.

At a meeting of Directors held subsequently Mr E. G. Wright was re-elected as Chairman of the Board.