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Daily Telegraph (Napier), Issue 7977, 1 February 1897, Page 2

To capital 1500 shares £10 paid, £15,000 ; 500 chares £9 paid, £4500 ; 2000 shares £l paid, £2OUO; reserve fund (invested in plant), £7750 ; mortgage aooount, £8000; calls paid in advance, £323 ; bills payable, £200; sundry creditors, £906 8s 3d; income tax, £164 14s ; accrued interest on loans, £320 14b 6d ; Union Bink, £3784 15s 4d ; profit and lose aooount, £2109 5s 2d : total. £45,048 17s 3d. By land, Napier and Hastings, £1371 Ila 5d ; plant and buildings, Napier and Hastings, £39,581 9s: office furniture, £6j; stoves in stoofc, £519 6s 2d ; gas fittings ia stock, £600 18s 10d; coal, £383 ss; prepayment acoount, £1,339 7s 6d ; goods ia transit, £151 0s 6d; oatstandinar accounts. £1041 18s 10d; total, £45,048 17s 3d. EEOffIT A3JD LOSS AOOOUNT. To dividend 31st December, 1895, £97fiditto 30th June, 1896, £987 10a; reserve fund, ±1000; plant aooount depreciation, £760; coal used, £3182 19a 8d; wages and salary, £3854 6s 2d ; income tax, £154 14s; interest, £696 Iβ 9d; auditors, £5 5 8 ; annual license, £25 ; bad debts, £4 12s 9d • general expeaeee, including rent, rates, w! and T. rotorts, directors' fees, eto., eto * £845 13s 7d; balance, £2109 5s 2d • total! £14,590 8s Id. ' Sy balance 31et Decembor, 1895, £2189 Sβ Id; gas iiales £10,447 14s 2d; coke, tar. etc., £1950 Oβ id; transfer fees, £3; bad debt recovered, 5s 6d; totai, £14,590 8s Id. In moving the adoption of the ropott and balance-theet, the chairman said:—"l may state that the business continues to increase at a fair rats. The inoreased consumption of gas duriog the past year was about 2,U00,000 feet, principally for cooking purposes. The use cf prepayment metera ia extending, there being now over 200 of these metera in ute. The new gas-hoMer mentioned in last year's report has been completed, and brought into service. The inoreased storage will now place the company iv a position to meet all demands for gas for many years to coma. Other improvements have been carried out in the direotion of increasing the ooal storage, and otherwise keeping the plant in good repair and up-to-date. The board do not anticipate any farther heavy expenditure on plank or buildings for many years to come."

Mr Ooleman eeconded the motion. Hβ thought the shareholders were to ba congratulated on the continued good management by the direotors and the manager Tho non-success of some of the gas companies in tho oolony was doe almost entirely to the lack of the services of a competent manager. Tor that reason the shareholders of the Napier Gas Company had good cause to be satisfied. The rpport and balance-sheet wereadopted without dißoußsion. SHE NBW SABHOLDEII. In referenoe to the erection of the new gasholder, Mr Edvrarle, tho manager, stated that the prinoiple was an entirely now one in this ooloty, doing away with tho necessity for heavy standards, and thus effeoting a very large saving in tho expense of erecting it. The holder had undergone a severe test in Saturday's storm but although over 50ft high, it was not injured in the slightest degree. Mr Knowles considered that Mr Edwards was entitled to the thanks of theeharehelders for tho very great judgment he had exeroieed ia tho selection of the gasholder and the erection of it. He moved that a vote of thanks be passed accordingly. Mr Miller seconded the motion, and ift was carried unanimously. OXHBB BUSINESS. Messrs J. Close and B. D. Bweeteppla were re-oleoted to the directorate. Messrs Banner and Irvine were reappointed auditors. Power was given to the direotors to declare an interim dividend. The usual compliment to the chair terminated tho proceedings.