CHRISTCHURCH GAS COMPANY. ANNUAL MEETING.

Evening Post, Volume LXXV, Issue 31, 6 February 1908, Page 2

CHRISTCHURCH GAS COMPANY. ANNUAL MEETING.

[BT TELEGRAPH. — I'EESS ASSOCIATION ] CHRISTCHURCH, sth February. The forty-fourth annual general meeting of shareholders of the Christchurch Gas Company was held to-day at theCompany's offices, Worcester-street. The directors, in their report, stated that the le&ult of tho year's, operations bore testimony to the progressive policy determined upon by thorn a few years ago. "During tha period refeTred to," continued ihe report, "it was decided to develop the manufacturing branches of the business, and also to erect neAv -workshops, showroom, and offices. In purBUtoce of this policy, extensive machinery and plant haA'o also- been imported, and are now in operation, for the manufactuTe of ammonia, water gas, and fire bricks. The new retort-house, now under construction, is designed to meet tlie increasing demand for gas with economy of production. These Avorks have entailed a heavy outlay, necessitating the issue, of £25,000 of debentures, the calling op of £40,000 additional capital, and the absorption of large cash reserves. Tha figures of the balance-sheet amply justify the- policy of the company, as, in view of the increasing cost of coal and labour, it is doubtful if (he old rate of dividend could have been maintained but for the revenue derived from the now branches of businesß referred to." The directors recommend the payment of a dividend of 5 per cent., making, with the interim dividend of' 5 per cent, patd in July last, 10 per cent for the year, and, after providing for reasonable additions to the reserve and renewal funds, to carry forward the balance of £3917 lls Id. The report and balance-sheet Avere adopted, and the retiring directors Avere re-elected.