REEFTON ELECTRIC LIGHT CO

Greymouth Evening Star, 22 May 1906, Page 1

REEFTON ELECTRIC LIGHT CO

In the course of their annual report, the J directors say : 1 _ "The Directors have to state that during the past year the electric lighting under Mr Wilby's management has been running regularly and continuously on all the circuits in town. "In accordance with the resolution of the shareholders, passed at their last annual meeting, requesting that somo means be adopted to increase the motive power ! at the Company's works, the directors thoroughly considered the matter, and, I under Mr Wilby's advice, decided to conj ucct the present water power of 50 h.p. ! by adding steam power, and they have now to report the purchase, last February, of the steam engine 25 h.p. and | boiler 40 h.p. of the Montezuma dredge, near Hokitika, for £6OO, half cash, and balance by bills extending over twelve months. This steam plant has been removed, and is now in course of erection on the Company's electrical machine site. The necessary gearing and alterations to machine house, including cost of purchase, it is estimated will he under £IOOO, and will, with the water power, provide 150 h.p., enabling the Company to extend I its business, and increase the brilliancy of the light now installed. It is anticipated that the steam and water power combined, will lie running at the end of this month. A dividend. No. 8, of five per tent, was declared during the year, and out of profit obtained (his year £3OO in cash was paid towards the purchase of the steam plant, equal to 12£ per cent. There has also been written off for depreciation on race and electrical plant the sum of £IBO, ecpial to 7j per cent. The directors have to report that they have fnrjanged with the Company's Bankers (the Hank of New Zealand) for an overdraft of £250, secured on the joint and several promissory note of the directors."