PORT CHALMERS GAS
The annual meeting of the shareholders of the Port Chalmers Gas Company was held yesterday afternoon in the Sailors’ Rest. About twenty shareholders were present. Mr J. Morgan (chairman) read the following report and moved its adoption “ Your directors submit the ninth balancesheet, for eleven months only, to 31st August, 1897. The profit and loss account, after providing for depreciation on meters, shows a balance of £2lO 17s 4d. Your directors recommend that £IBO be written off as depreciation on plant, and the balance carried forward to next year’s operations. The price of gas has been reduced 20 per cent, during the year. This, combined with the short period now dealt with, explains the reduced profits. Messrs J. Campbell ami Hodge are retiring directors, but are eligible for re-election.”
Mr John Mill seconded the motion, and in doing so referred to the negotiations which had taken place between the directors and the Borough Council with reference to the purchase of the works, 'which he considered should become the property of the Corporation. Notwithstanding that the shareholders had received no dividend this year, he believed the eompanv would do well in the future. The Chairman stated that it was open for the Corporation to make a fair offer for the works, although the shareholders were not anxious to sell. No dividend had been recommended, bub the works had earned 5 per cent, during the eleven months, £IOO of which had been spent in laying down mains, and as the price of gas had been reduced there were more consumers. Mr Watson also referred to the success of the works, which, he felt sure, would pay the shareholders handsomely, although if they were the property of the Corporation the expenses would be lessened fully £IOO per annum. The report and balance-sheet were unanimously adopted.
Messrs Campbell and Hodge were re. elected directors.
Permanent link to this item
PORT CHALMERS GAS, Evening Star, Issue 10427, 23 September 1897