CHRISTCHURCH GAS COMPANY.

Lyttelton Times, Volume XXV, Issue 1636, 14 March 1866, Page 1 (Supplement)

CHRISTCHURCH GAS COMPANY.

A meeting of the shareholders of this company was held on the Ist inst., at the Town Hall, at 7.30 p.m. Mr. Luck occupied the chair, and read the following report:— The directors have to congratulate tho shareholders on a steady increase in the number of consumers of gas during the past year. The number of consumers on the Ist day of March last year was 3'>, using 300 burners, and consuming for the week ending 25th February, 1865, 27,500 cubic feet of gw. The present number of consumers is 123, using 900 burners, and consuming for the week ending 21th February last, 49,800 cubic feet of gas, being an increase ot 22,300 feet on the consumption of the corresponding week of last year. ' The accounts for the past year are now laid before you, by which it will be 3een that the operations of the company have resulted in a nntt profit of £7 ±5 16s. It will be for the shareholders now present to decide on the manner of appropriating this sum; but the directors recommend that a dividend of per cent, should be declared on tho 957 ten pound shares, held by the constituents of the company. This will amount to the sum of £717 los., leaving a balance of £28 Is. to be carried to a reserve fund. It is with the deepest regret that the directors have to report the loss, by death, of one of their most active members, in the person of Grosvenor Miles, Esq., and they desire to take this opportunity of bearing testimony to the great servieos the company has received from his co-operation. The shareholders are now called upon to elect from their number four gentlemen, in the room of Mr. Miles, deceased, and Messrs. Harinan, Gould, and Turner, who retire by rotation. But such retiring directors are eligible for re-election. One of the prominent causes of the success of the company lies in the skilful and unwearied attention sliown by the manager, Mr. William Walker, to the economical working of the undertaking. And the directors have great pleasure in according to that officer great praise for the manner in which he hi- constantly discharged the important duties entrusted to his care. It is confidently expected that the operations of the company during- the year just commenced, will .result in a much more satisfactory return to the shareholders, in tho declaration of a considerably increased dividend. The financial statement was read by the Secretary ; it showed a net profit in favour of the company of £745 16s. The next business before the meeting was the election of four directors in the place of Mr. G. Mi'es, deceased, and of Messrs. Harman, Gould, and Turner, who retire by rotation. The latter were, however, eligible for re-election. Mr. Harman declined to offer himself as a candidate. Messrs. Gould, J. M. Heywood, Dean, and Lane were declared to be duly elected. The Chairman remarked that the Directors had arrived at the conclusion that the declaration of a dividend would serve to convince the publh iliat the company had a real bona fide existence, and induce them to come forward and take an interest in the undertaking. Mr. Lane proposed. Captain Dean seconded, a resolution to the effect, " That the recommendation of the directors that a dividend of 7i per cent, should be declared, be carried out." The motion was carried. Messrs. 11. JO. Alport, ai)d J. E. Graham were appointed auditors of the books and accounts of the company. A vote of thanks to the retiring directors and to the chairman, terminated the proceedings of the meeting.