NAPIER GAS COMPANY.

Hawke's Bay Herald, Volume XXI, Issue 5340, 26 March 1879, Page 3

NAPIER GAS COMPANY.

A meeting of the shareholders of the Gas Company was held yesterday at the Criterion Hotel : 15 shareholders were present, Mr J. Close in the chair.

The following report and balance-sheet were read by the secretary, Mr J. B. Fielder : —

The Directors, in submitting the Fifth Annual Accounts of the Company to Share* holders, have much pleasure in testifying to the' increase in its business during the past year,

As will be observed from the Accounts, a profit of £1,285 15s 2d has resulted from the operations of the Company during the past year. Debts owing from the commencement of business to the end of last bear amounting to £106 8s 5d have been struck off as bad, thereby reducing the profit to £1, 179 6s 9d, which amount, with the balance from the last account, shows a total to credit of Profit and Los? Account of £1,323 10s lOd.

A large increase in the revenue has been derived from the consumption of gas. This has resulted from the extension of the mains as stated as last report. Forty-nine new services have been laid on during the year. Since the close of the last financial year the mains have been extended along Brewster Street, Shakespeare Terrace (off Cameron Eoad), and from Emerson Street to the Railway Station, of the total length of twenty-four chains. Should sufficient consmners be obtained, they will be extended along Shakespeare Terrace and Roslyn Road.

The new Tank, and holder of the capacity of 19,000 feet has been erected at a cost of £1,360, and is now in use.

Owing to the large overdraft at the Bank your Directors do not feel themselves justified in recommending the payment of a dividend. If such a course was deemed advisable, it would be necessary to make a further call, which at present they do not think would meet with the approval of a majority of the Shareholders. The income of the present year will reduce the overdraft ; and, as no extraordinary expenditure will be required on the works, it is probable that a Dividend will be declared at the next Annual

Meeting. Owing to the resignation, through pressure of private business, of Mr Alexander Kennedy of- his position as Secretary of the Company, the Directors have appointed Mr J. B. Fielder to that office.

It was found necessary to make a change in the Managership of the Company, and the services of Mr Charles H. Edwards, late of the Sydney Gasworks, have been secured, which change, it is hoped, will prove advantageous to the interest of the Company. A. Wardrop, Esq., has been elected a Director in place of Jamss Watt, Esq., resigned. Messrs Newton and Rhodes are the Retiring Directors, who are eligible, and offer themselves for re-election. John Closr (Chairman of Directors.) Napier, March 18th, 1879. STATEMENT OF ACCOUNTS OF THE NAPIER GAS COMPANY, LIMITED. For the Fifth Year Ending- 319t January, 1879. BALANCB SHEET. Dr. £ s d To Capital (on 14G4 shares, £8 paid) - 11,712 0 0 Bills payable 435 15 0 Liabilities 217 5 2 National Bank (overdraft) - - 2,144 10 9 Profit and Loss Account ... i ( 323 10 10 Total -£15,833 1 9 Cr. £sd £ a d By Land 320 0 0 Legal charges fordeed - 3 8 0 323 8 0 Plant including Mains, Meters, Holders, Buildings, Tools, and Materials in stock* - - 14,047 12 3 Calls overdue - 15 0 0 Office Furniture - - 45 10 0 Debts due to Company— For Gas - - - 01 17 0 For Products, Services, &c. - - - - 53 15 0 115 12 0 Cash in hand - - - 0 10 Coal and Lime in Stock - CBS 12 0 Total - - - £15,833 1 9 * Including £1360 cost of new holder, £522 transferred from Fitting Account to Plant Account, and c6st of piping laid down as per Report. PROFIT AND LOSS ACCOUNT. Dr. £ s d To Cost of Coal and Lime - 2393 C 8 Wages 857 18 10 Secretary's Salary - - - 183 0 8 Auditor's Fee - - - - 5 5 0 Insurance - - - 22 4 6 Interest 118 14 7 Stamp duty on License- - V - 710 0 Rent of Section No. 569, (one year)- 10 0 0 Miscellaneous : including Printing, Stationery, Advertising, Rates, &c. 203 6 7 Debts owing from commencement of Company, now written off as bad - 106 8 8 Balance profit - 1323 10 o Total .... £5231 12 1 Cr. £ s d By Balance 31st January, 1878 - - 144 311 Gas rates and Meter Rents - - 4124 13 5 Residual Products - - - 276 410 Sundries - - - - 0 17 11 Stock of Coal and Lime - - 685 12 0 Total - - - - £5231 12 1 • J. B. Fielder (Secretary). 1 certify that I have examined the Books and Accountß of this Company, and certify that these Accounts exhibit a full and correct Statement of the affairs of the Company. — Wit Smith (Auditor). Napier, March 15th, 1879. The report and balance-sheet were adopted. A resolution for making a further call of £2 per share, £1 payable next month and £1 payable in October next, was put and lost. Messrs Newton and Rhodes the retiridg directors, were re-elected. After some discussion as to the declaration of a dividend, it was resolved that the next balance-sheet be made up to the 30th June next, and that the general meeting of shareholders be held as soon as possible after that date. Mr W. Smith was re-elected auditor. A vote of thanks to the directors brought the meeting to a close.

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